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Bureau de Change

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Sandra W:
From various of this mornings national dailies.

Millions of consumers are being wooed by the promise of cheaper overdrafts, free perks and better service following the outbreak of a summer banking
war.

Britain’s biggest building society Nationwide plans a full-scale onslaught to steal customers from the tarnished high street banks.

Last night it announced plans to slash overdraft charges and offer free travel insurance.

But in a shock move, it has abandoned its unique policy of offering free debit card transactions overseas.

From November customers will be charged 2 per cent for every cash withdrawal and all spending.

Waspman:
This applies to Nationwide “Flex Account” customers only and come into force on 1st November 2010.  It introduces a 2% loading for European currency (it was 0%) and 2% for worldwide currency (it was 1%), so a spending of £100 will cost you £102.

Currently, using ATMs (and using a Nationwide credit card) in Europe costs nothing, from November it will cost £1 per cash withdrawal (plus the above loading fee).  On top of this, you'll be charged around 2% per month interest on cash withdrawals even if you repay the card in full, and a 2.5% fee each time you use an ATM.
 
Anyone who has its (Nationwide) debit card purely for taking on holiday needs to ditch and switch and get a cheaper debit card for holiday use.


NOTE THIS DOES NOT AFFECT THE NATIONWIDE CREDIT CARD WHICH STILL REMAINS AS ONE OF THE BEST FOR USING IN THE EU WITH NO LOADING CHARGES (AT LEAST UNTIL THEY DECIDE TO CHANGE THAT TOO)

So Sezza if you're going next week, you have no problems.

tonyco1:
I have an HSBC Advance Account - Free of any Debit Card charges abroad.
I do pay £12.50 per month, but I get Family Annual Travel Insurance, Car recovery, discounts,
Card Guard and a few other bits - so good value for me.

I used the card in Turkey, worked out as good exchange rate and no charges or commission on it!

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