Wilf Posted September 30, 2010 Share Posted September 30, 2010 Before a trip I have always purchased some euros from the local travel agent and have always got a good rate with no commission. I have always used my Nat West debit card but in June of this year Nat West changed the card from Maestro to Visa. When the card was Maestro any transaction to purchase currency at any UK bureau de change or travel agents was free; BUT NOT ANYMORE. With the new Visa card there is a 1.5 % cash advance charge at all UK outlets except branches of Nat West. So beware be careful how you pay for your euros. If you get a cash advance anywhere other than the UK you can understand the charge for there is some work involved in the Euro Sterling conversation and apply the rate at that time. But to apply a charge on a Point of Sale transaction; albeit for Euros appears to me to be morally wrong. Is this yet another RIP OFF charge that the banks are making to feed their fat cats? Wilf Link to comment Share on other sites More sharing options...
Guest JudgeMental Posted September 30, 2010 Share Posted September 30, 2010 I never use the nat west mastercard abroad as rate rubbish, they seem to pay tourist rate, whereas the likes of Nationwide pay a commercial rate, which can be significantly better. I have argued this with them and got nowhere :-S Link to comment Share on other sites More sharing options...
Wilf Posted September 30, 2010 Author Share Posted September 30, 2010 Hello JudgeMental You miss the point me thinks! The Nat West mastercard is a credit card; and I like you use my Nationwide credit card for transactions abroad. The card I talk about here is a debit card; the card you get with your current account and these are transactions made here in the UK Wilf Link to comment Share on other sites More sharing options...
Guest JudgeMental Posted September 30, 2010 Share Posted September 30, 2010 You thinks do you! That your judgeliness does not know the difference between a credit and debit card....Be afraid Sir, be very afraid Any opportunity of dissing the dastardly robbing Nat west and I will take it :-S Link to comment Share on other sites More sharing options...
John J Thompson Posted September 30, 2010 Share Posted September 30, 2010 Royal Bank of Scotland (RBS) are part of the same bank group as Nat West. They have also changed their DEBIT card to Visa. As a result of this post I have just checked our account as we often draw cash from ATMs. We have had no charges made on the withdrawls on the RBS card at any outlet we have used since the new card was issued. Haven't used it to get Euros yet. We will be doing that in November, so I will keep an eye on that transaction. EU ruling. RBS branches in England and Nat West branches in Scotland are being sold off compulsorily to Santander. The bank has not told its customers yet just said that they do not need to anything about it. John Link to comment Share on other sites More sharing options...
catinou Posted September 30, 2010 Share Posted September 30, 2010 Lloyds TSB and Alliance & Leicester both charge for buying euros on a debit card in the UK - although to be fair, Lloyds won't charge if you buy currency from them! Their rate is pretty poor though.... :-S Link to comment Share on other sites More sharing options...
Wilf Posted September 30, 2010 Author Share Posted September 30, 2010 I have just extracted the below from the Guide to Fees and Interest on the Nat West web site. I am quite shocked to read the section about UK cash withdrawals in sterling using a Visa debit card at any other outlet displaying the Visa logo attracts a 1.5% charge. Does this then mean that if I have cash back at Tesco when I purchase the groceries I will be charged an extra 1.5% on that cash back? ++++++++++++++++++++++++++++++++++++++++++++++++++++ Exchange Rate Transaction Fee Any transaction in a foreign currency is converted into sterling at our prevailing exchange rate and a transaction fee of 2.75% is subsequently applied for debit card transactions. This fee is known as the Exchange Rate Transaction Fee (ERTF). Debit Card Charges (foreign currency or sterling) Transaction type Charges Transactions in the UK (this includes the Channel Islands, Isle of Man and Gibraltar) Cash withdrawals in sterling: • at a UK cash machine (ATM) No charge* • in any NatWest branch No charge • using your Visa Debit card in any other bank, travel agent, bureau de change or other outlet displaying the Visa logo 1.5% (minimum £2, maximum £4.50) Exchange Rate Transaction Fee Any transaction in a foreign currency is converted into sterling at our prevailing exchange rate and a transaction fee of 2.75% is subsequently applied for debit card transactions. This fee is known as the Exchange Rate Transaction Fee (ERTF). Purchase of foreign currency or traveller’s cheques using a Visa Debit card**: • in any NatWest branch No charge • in any other bank, travel agent, bureau de change or other outlet displaying the Visa logo 1.5% (minimum £2, maximum £4.50) Foreign currency withdrawal from cash machines 2% (minimum £2, maximum £5) Transactions abroad Cash withdrawals 2% (minimum £2,maximum £5) Purchase of currency or traveller’s cheques using a Visa Debit card 2% (minimum £2, maximum £5) Point of sale transactions £1.25 per transaction Where a charge in the table above is stated as a percentage, this is a percentage of the sterling transaction amount. *We will not charge you for using your card at an ATM in the UK but other companies may charge a fee. You will be advised on screen about any charges before you withdraw cash. **Standard commission rates apply ++++++++++++++++++++++++++++++++++++++++++++++++++++ Link to comment Share on other sites More sharing options...
John J Thompson Posted September 30, 2010 Share Posted September 30, 2010 Just read the RBS terms and they are the same. We have not incurred any charges for cash-back or ATM withdrawls in the UK. John Link to comment Share on other sites More sharing options...
tonyishuk Posted September 30, 2010 Share Posted September 30, 2010 I was advised by Natwest that any euro transaction could be liable for charges on their debit card even buying euros froms M&S, Post office or Sainsburys. Told me to take out cash and buy at the cheapest !! (Was Marks n Spencer at that time) Rgds Link to comment Share on other sites More sharing options...
flicka Posted September 30, 2010 Share Posted September 30, 2010 catinou - 2010-09-30 1:14 PM Lloyds TSB and Alliance & Leicester both charge for buying euros on a debit card in the UK - although to be fair, Lloyds won't charge if you buy currency from them! Their rate is pretty poor though.... :-S There would be a massive outcry if they did. The same for any other Bank, when using your DEBIT Card, issued by that Bank. All you are doing is converting YOUR OWN money. They will still take their fees for the Foreign Currency Exchange, which may be as a commission or hidden in a lower than market rate. Link to comment Share on other sites More sharing options...
Techno100 Posted October 1, 2010 Share Posted October 1, 2010 Nat West has almost the lowest exchange rate so I never use my card. I have taken a Caxton euro card out and have been very satisfied with it. COMPARE Link to comment Share on other sites More sharing options...
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