Nationwide - hope yet

[Guest JudgeMental]

so if German dealer dont mind CC........ with my Gold NW card what will it cost me to give him 8000 euro plse

 

I think I will use Moneycorp, as rate good and charge only £15 (I used them when I bought the Eura)

[Brian Kirby]

JudgeMental - 2010-12-05 4:22 PM so if German dealer dont mind CC........ with my Gold NW card what will it cost me to give him 8000 euro plse I think I will use Moneycorp, as rate good and charge only £15 (I used them when I bought the Eura)

If you pay the dealer direct with the credit card you will get the standard Visa commercial conversion rate (as here http://tinyurl.com/pljvj) with no fees/charges.  The fees/charges only apply to cash withdrawals with debit card.  If you draw cash on your credit card (but why would you?) you will pay interest from the date of the withdrawal until the balance is cleared.  If the full outstanding balance is not cleared at the next statement, check the order in which part clearances are credited.  There's tricks in them thar conditions!

Dealer should be able to say if he'll accept card payment.  Would be wise to pre-warn card co of impending large transaction from Schmitt and co, in case they block the transaction or the card suspecting fraud.  Don't forget to check credit limit: can be generally be increased short term if required.

You may find straight electronic transfer between accounts is possible, but would need to talk to your bank etc to see if they can/will make it work.  I have heard of instant transfers to recipients bank being made with telephone authorisation, but have no knowledge/experience of these.

You may find payment with debit card cheaper, even with fees etc, compared to electronic transfer fees and possibly less favourable exchange rates.

Further thought: can you use internet banking to make the transfer direct from your account to the dealer's account if he gives you his account details?  You might be able to do this from your own laptop in his office, if he gives you network access, so no details are left on his computer.

[Pat]

A slight aside but just a thought, does anyone know if you can get 'cash back' when abroad and using a creditcard at a supermarket or any shop for that matter as you can here?

 

Regards Pat

[Derek Uzzell]

Pat - 2010-12-05 10:20 PM

 

A slight aside but just a thought, does anyone know if you can get 'cash back' when abroad and using a creditcard at a supermarket or any shop for that matter as you can here?

 

Regards Pat

 

The answer to your question - to all intents and purposes - seems to be "No".

 

See

 

http://www.outandaboutlive.co.uk/forums/forums/thread-view.asp?tid=21663&posts=16

[Hopesy]

Very interesting reading (no pun intended). I appreciate Judge has a different set of circumstances but what is the best value for a usual holiday of a few weeks in the van in europe? I'm somewhat confused now. I have a high street bank a/c with debit card, i have a NW debit and credit card and used to put money into the a/c before going on holiday. I also have the tesco platinum card but don't use this abroad anyway. Although i don't suppose it matters too much on the shorter holiday we're planning a much longer spell abroad next year.

I am somewhat of thicky when it comes to financial matters and will need to look into this a bit more but some general pointers from you experts would be nice. *-)

[BGD]

Just a quick thought guys -

 

 

Whilst publishing facts/information in posts on this (or similar financial) threads is excellent; could I urge a degree of caution about going any further and actually offering advice/recommending a specific provider.

 

Most might think it nuts I know, but this forum is part of "the public domain" and it could lay one open to legal action from anyone who took that financial advice and then lost money as a result.

 

A remote possibility of course, but still perhaps better always to stick to posting information and avoid what could be construed as financial advice?

 

 

 

[Mel B]

JudgeMental - 2010-12-05 4:22 PM

 

so if German dealer dont mind CC........ with my Gold NW card what will it cost me to give him 8000 euro plse

 

I think I will use Moneycorp, as rate good and charge only £15 (I used them when I bought the Eura)

 

I would be surprised if the dealer would access the deposit of 8000 euros on a credit card as they will pay charges for the priviledge. :-S

[fjmike]

from having a poke round various websites Derek is correct about Visa exchange rates. So I think I will be off to the Peterbourough and Norwich come January. The one thing that does puzzle me is aprt from greed why didn't Nationwide do what N&P are going to do, so much fairer and they keep their account holders who use it for a main account

[lennyhb]

Yes but in a Lloyds TSB account you get 4% interest up to a max of 7k in the account with N&P you have to keep 5k in the account and get 0% interest.

 

4% on 7k = £280 less tax gives net £224 there's no way my NW overseas transactions are going to cost anything like £224.

 

 

 

 

[fjmike]

lennyhb - 2010-12-06 8:34 PM

 

in the account with N&P you have to keep 5k in the account and get 0% interest.

 

 

I may have read it wrong but the way I understood it ,N&P required £500 a month to be paid in to avoid the £5 a month fee. But I could be wrong

[lennyhb]

There are 2 options one requires £500 a month to be paid in, the other a min balance of 5k.

A Gold account & a Gold Lite both accounts pay zero interest so not a very good deal with say 3 trips abroad my NW charges unlikely to exceed 25 quid.

 

 

[Derek Uzzell]

lennyhb - 2010-12-06 8:34 PM

 

Yes but in a Lloyds TSB account you get 4% interest up to a max of 7k in the account with N&P you have to keep 5k in the account and get 0% interest.

 

4% on 7k = £280 less tax gives net £224 there's no way my NW overseas transactions are going to cost anything like £224.

 

This is a graphic illustration of why it's impossible to give simple black-or-white advice on the 'best' and/or 'cheapest' way of obtaining cash abroad.

 

It is relatively straightforward to compare credit-card with credit-card, debit-card with debit-card, pre-paid card with pre-paid card, or even credit-card with debit-card or prepaid-card. But, as soon as you add 'strategy' to the mix - as lennyhb has done - then forget it.

 

Use of Nationwide's FlexAccount for obtaining 'foreign' cash was often strategic. People had, as their main bank account, a non-Nationwide account that paid a good rate of interest but penalised use of the related debit-card for obtaining cash abroad. FlexAccount paid no interest but obtaining cash abroad via the related debit-card was free of charges. The 'ploy' was to retain a minimum balance in the FlexAccount, moving funds from the interest-paying account into the FlexAccount only when they were to be withdrawn abroad as cash in the near future.

 

As leenyhb points out, as long as you can obtain sufficient interest on the funds in your main bank account to offset the current FlexAccount cash-withdrawal charges, this strategy will remain an attractive option.

 

If you are prepared to switch between bank-account providers at the drop of a hat and/or play ping-pong with account terms and conditions, I'm sure you could devise a financially beneficial bespoke strategy to fit your particular requirements exactly. Me, I value simplicity and (as I've said before) I intend to continue with the FlexAccount approach I've outlined above. However, I shall be using my charge-free credit-card more than in the past to minimise the number of cash withdrawals I make from foreign ATMs.

[lennyhb]

I think you have summed it well Derek, like you from now on instead of of using NW DC for fuel & hypermarket shops I'll be using my NW CC.

 

 

[Guest JudgeMental]

lennyhb - 2010-12-07 4:21 PM

 

I think you have summed it well Derek, like you from now on instead of of using NW DC for fuel & hypermarket shops I'll be using my NW CC.

 

 

I use the NW CC for fuel anyway, so from now will use it for shopping as well

 

for clarity: *-) This will incur no charge as long as balance paid oft...correct?

 

what account pays interest? as at the nmoment my wifes salary goes into the flexi..maybe we should change this?:-S

 

so all monies now withdrawn in euroland on the NW debit card, are charged £1 plus 2% is that right?

 

[Derek Uzzell]

JudgeMental - 2010-12-07 5:20 PM

 

1. I use the NW CC for fuel anyway, so from now will use it for shopping as well

 

2. for clarity: *-) This will incur no charge as long as balance paid oft...correct?

 

3. what account pays interest? as at the nmoment my wifes salary goes into the flexi..maybe we should change this?:-S

 

4. so all monies now withdrawn in euroland on the NW debit card, are charged £1 plus 2% is that right?

 

2. Depends what you mean by "no charges". There are no 'fees' for cash withdrawals, but interest will be charged from the date of a withdrawal until that withdrawal 'debt' is fully paid off. For a Clarity crediit-card the interest ranges from 12.9% APR variable to 21.9% APR variable, so you'd need to confirm the interest-APR that applies to your particular card. Obviously, if you withdraw cash just after a monthly credit-card statement is produced for you, then you'll pay much more interest compared with withdrawing the cash just before the credit-card statement amount is produced.

 

3. There are plenty of accounts that pay interest, but many of them will be 'savings' not 'current' accounts. See

 

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

 

4. All transactions outside the UK using a Nationwide FlexAccount VISA debiit-card now attract a commission-charge of 2% of the transaction amount. If you use the card to withdraw cash abroad, you'll be charged an additional £1 per withdrawal as well as the initial 2% commission-charge.

 

http://www.nationwide.co.uk/pdf/current_account/annualsummary.pdf

 

(Wassa-matter you - ain't you gotta GOOGLE onna your computer???)

[carolh]

 

so all monies now withdrawn in euroland on the NW debit card, are charged £1 plus 2% is that right?

yes that's right I went in to my branch this morning just to clarify the charges

 

But I have been looking at Pre-paid cards and Caxtonfx and Breadfx look good. Charles and I work in France for the summer and yes its ok using the NW CC, but it doesn't put cash in my purse, so I think this is the way to go for us.

 

[smifee]

A friend has 3 current accounts all of them require a minimum deposit each month and pay 5 pounds per month for having the account.

 

He has his pension paid into account 1. Tranfers the minimum deposit into account 2. Tranfers it from account 2 to account 3 and back to account 1.

 

Al done on the internet and he gets 15 pounds a month for doing it (lol)

[chas]

carolh - 2010-12-09 6:59 PM

 

 

 

 

But I have been looking at Pre-paid cards and Caxtonfx and Breadfx look good. Charles and I work in France for the summer and yes its ok using the NW CC, but it doesn't put cash in my purse, so I think this is the way to go for us.

 

 

I am quite happy using Caxtonfx, run by Newcastle building society. no charges and one can select the time when to load the card for the best exchange rate, which will determine the amount of Euros loaded. Used it in Spain a month ago and the ATM provider did not make any charges either.

 

Nationwide as mentioned in the past, need to start thinking more of thier past loyal customers, instead of offering rubbish travel insurance as an indusment.

[fjmike]

Just had a reply from a message that I sent to Nationwide :

"I was extremely dissapointed when Nationwide started charging for using my debit card in Europe and was insulted with the joke of travel insurance. Now that Norwich and Peterborough are to offer free european use to account holders who use the account as a main account will Nationwide follow their example?."

 

Nationwides reply:

Dear **********,

Thank you for your message.

 

There are no plans to change Nationwide's policy with regard to overseas transactions at this time.

Regards,

Andrew Spencer

Customer Consultant

http://www.nationwide.co.uk

Nationwide

 

 

 

[Wills Wagon]

Don't rubbish the NW travel insurance. My annual travel insurance for Europe cost me £185 last year as we are both now 66 but the NW is free to account holders with very similar restrictions. Even though my wife has high blood pressure and diabetes type 2 she was accepted with no charge, they write to confirm that we are accepted so no problem. Unless they change terms and conditions we will be covered until we are 70. When we get to that ripe old age we will seek cover elsewhere. We will have saved £555 - puts the costs of changing money into perspective. NW are still competive with other banks on charges and exchange rates!

[Derek Uzzell]

Wills Wagon - 2010-12-20 7:48 PM

 

Don't rubbish the NW travel insurance. My annual travel insurance for Europe cost me £185 last year as we are both now 66 but the NW is free to account holders with very similar restrictions. Even though my wife has high blood pressure and diabetes type 2 she was accepted with no charge, they write to confirm that we are accepted so no problem. Unless they change terms and conditions we will be covered until we are 70. When we get to that ripe old age we will seek cover elsewhere. We will have saved £555 - puts the costs of changing money into perspective. NW are still competive with other banks on charges and exchange rates!

 

I guess it's possible that your policy has an age-70 limit due to your wife's medical conditions, but 70 is not the 'normal' limit. Might be worth you checking your Travel Cover documentation as I think it's likely your cover can last until you hit 75.