Withdrawing Cash Abroad - New Ripoff?

The Nationwide charge nothing for withdrawing money from foreign ATMs and use the mid-market exchange rate, which is typically at least 5% better than the rates used by the other banks. Using a Nationwide debit card in a foreign ATM is by far the best way of obtaining foreign currency.

Mike.

It's just a complete and utter pain in the arse dealing with the Nationwide the rest of the time. I found. If you're lucky, it's just my local branch.

Really? I always found Manchester Piccadilly Branch very helpful. My friend prefered the one near the Royal Exchange but I think he enjoyed queuing for a hobby. :)

Steven wrote: >

I've been with Nationwide for over a year and am very happy with them. Their interest rate is only 1% if you pay in between £500 and £1000 - if you pay in over £1000 it's 4%, making them look a lot more attractive...

I'm pretty sure that the other banks with decent rates also require a large amount paid in per month as well.

John.

I opened a Nationwide Flex account - along with one of their credit cards - principally for use abroad, and they do exactly what they "say on the tin". I do everything on line, and never visit a branch - so can't comment on that experience.

I've also opened an e-Saver account which pays a much better rate of interest than a Flex account which doesn't get regular large cash injections. I see no reason why - if you have internet access abroad - you shouldn't be able to log on and transfer money from the e-Saver to the Flex account immediately before withdrawing cash. I couldn't get a definitive answer from NW just before my trip to New Zealand as to whether this would work, so I didn't rely on it, but simply left the money on the Flex account at a lower rate of interest. They were warning about security issues if I used an internet cafe for the purpose. Presumably when they give us all their little code generator machines, that will eliminate any such concerns?

restrictions

You'll probably also find that the markup the exchange rate by 2.75% or so. Most banks do.

charges,

I think such a low limit is unusual. Often the country limits are the restricting factor - but not as low as 50.

Nationwide is something like 4%, if you put in 1000 a month.

Or as I do, have a Nationwide flex account used just for holiday spends. If you put in 1000 for a 2 week holiday in you'll likely lose only about 1 in interest even if you're getting 5% at A&L and Nationwide pay nothing.

Compare that to paying probably 57.50 in charges for withdrawing the

1000 using A&L!!

I have to agree with the other posters. The Nationwide Flex Account (and associated e-Savings) is excellent. If you're uncertain I don't think Nationwide has any problem if you use it as a second current account just for your travels but you'll probably find you will move everything over.

There is no charge at all, no withdrawal fee or loading of the conversion rate so you get the excellent Visa wholesale rates. You would never get that anywhere else.

You can draw the equivalent of GBP 300 cash a day.

I can confirm that transfers from the e-Savings to the Flex account are instant if you want to keep you money earning the higher interest until the last minute. I recently transferred a largish sum to my Flex account and then made a debit card transaction to spend it five minutes later and it was accepted.

I use the internet banking but it is also nice to have branches available. I prefer to pay a cheque in at a branch than post it and there is someone to talk to if you need it. Service is friendly and helpful.

I don't work for them or anything, just a happy customer.

This works fine. Online transfers from eSavings to a Flex account are instant, so when the ATM's bank queries the Nationwide, the cash is there, cleared and available for immediate withdrawal.

Mike.

Agreed. However there's another reason for wanting to choose a building society rather than a bank. You are a member, so they can't suddenly decide that withdrawing cash from an overseas ATM with a credit card constitutes "unacceptable additional risk" and cancel your credit card as a result. (Although you would be mad to use a Nationwide credit card rather than a debit card anyway for several reasons.)

As for credit balances, the Flexaccount pays over 4% on credit balances (up to £2000). Unless they've sneakily reduced it while I wasn't looking. ;-)

Thanks for all the responses. I'm switching my current account to Nationwide. I already have my mortgage with them and like the idea that they consider honesty a selling point and although I think the interest rate means I'll be out of pocket slightly, I'd rather be dealing with a company where the charges are clear up front than a company that will jump at an opportunity to make my life awkward. I'm still waiting (though not holding my breath) for my refund for the incorrect advice I got from A&L. And it'll be nice to be subject to the same rules as all the other people I'm travelling with.

I assume you're referring only to cash advances there. A Nationwide credit card is still best for making purchases overseas because of their excellent exchange rates.

Chris

Have you actually tried it from an overseas location? Whereas it should, in theory, work from anywhere in the world, NW *could* if they wished block online access from any computer not using a UK-based IP address. I couldn't get a definitive from NW on this point.

Their advice about not using internet cafes seemed to be connected with not clearing the browser properly, allowing subsequent users to attempt to logon to your account. Although they wouldn't succeed without your security details, the account *could* get blocked after a number of unsuccessful attempts - then *you* wouldn't be able to logon again.

I occasionally visit a branch to pay in a cheque if I'm passing one rather than sending by post. Not that that's a complicated thing to do at a branch, but have no problems with the service.

The catch with the e-savings accounts is you don't get any interest for any month you take money out, so it's not the sort of account to pay money into for short periods only.

John.

I'd always use my Nationwide CC over my (Nationwide) debit card for anything other than cash advances overseas if only for the protection. AFAIK the exchange rates are no different between their credit and debit cards.

John.

Eh? Since when? Can't see that in their T&C's.

Use Nationwide for foreign transactions, and possibly keep another account for everything else?

50 pounds sounds ridiculously low. I've never had a problem taking as much as I wanted from ATMs overseas and I'm with Lloyds TSB.

Well I did once and it was a nightmare! Me and my wife were in Dublin and we only had our debit cards with us. Neither of our cards would work in any of the ATMs we tried and it was Christmas and all the banks were shut. I phoned Lloyds TSB and they said they didn't know why there was a problem and we could get cash out by going into the bank. I think it was three or four days before the banks would open though!

Imagine eating a meal in a restaurant and being terrified that the card won't be accepted and knowing you didn't have enough cash!

Yes, I have, and it works fine.

Mike.

I have no problems in Thailand - I do the internet transfer after using the ATM.

Nationwide won't allow you to make any withdrawal that goes over your overdraft limit. But if your overdraft limit is at least 300 you can withdraw the maximum amount and then do the internet transfer before 4.30pm UK time and get no charges.

Convenient

-- Mark BR