Nationwide to charge!!

Page 38 of Daily Mail today, Nationwide are charging to use credit and debit cards from this summer.

Not good news for Nationwide card users.

Nationwide to charge!!

6th June for debit card

Early May for mastercard.

After this hol, my account will be closing......when they ask why i shall tell them.....

Nationwide to charge!!

Yep, me too!!!

can%26#39;t remember how many times i recommended this account to users of this site. got to say, i no longer recommend it!!!

hope this action backfires on the nationwide.

BOB

Please remember to mention, as Dagenhamkal pointed out on an earlier post,

';you were hoiked in and now they ecxpect YOU to contribute to the champagne at the shareholders meetings!';

Yeah, Glug, Glug, Glug.

And LondonGoa girl, emailed them specifically back in January, about these charges, and Nationwide were vague in their reply.

Like the advert says, ';you would%26#39;nt expect to go on holiday %26amp; not leave a tip ! Would you ?

Anyway as said previously, it%26#39;s £1 for every hundred pounds. It may be worth the 1% if you are getting a better rate.

Well the charges will still be lower than other accounts out there, where you%26#39;ll find charges as high as 2.75%....Nationwide are to charge 1% on these transactions I believe.

So they will still have a competitive edge over other financial institutions.

So what is best? a lot of places in Goa don%26#39;t charge a percentage to change your pounds or dollars.

difficult one this is!!!

BOB

It may still be worth keeping it then....?

They may not charge a percentage, but you do generally get a lower rate. I suspect when interest rates were higher, Nationwide was able to absorb the visa costs of changing money. Since the Bank of England in its wisdom has put the base rate down to half a per cent, that doesn%26#39;t leave much room for manoeuvre for anyone, does it? Next time I have any money spare to save, I think I%26#39;ll just buy premium bonds.

It may be worth keeping it.....

They are to charge 1% on such transactions. So if, for example, you withdraw 1000 rupees at a (bank rate) of 72rps to the £ then £13.89 will be the sterling amount but with 1% added it%26#39;ll be £14.03. So it%26#39;ll be like 71.27 rupees to the £. And as we know the card gives us around 1-2 rupees more per £ than exchange shops around Goa.

Of course the saving benefit will be reduced by this charge but it could still be a rupee better, maybe less, it all depends on the prevailing rates and differences.

However, with some other accounts you%26#39;ll pay much more and often get lower rates too.

I think it%26#39;ll be a good back up with TC and%26#39;or cash IMHO.....

Here%26#39;s all the info, direct from the Nationwide%26#39;s website:

thenationwide.com/current_account/foreigntra…

It%26#39;s annoying that they are still clearly advertising their Flex account as commission free when used abroad though...naughty.

Mike.