Nationwide to charge for Euro transactions
in [Europe]
|
From: Martin on 6 Aug 2010 07:15 On 06/08/10 12:28, tim.... wrote: > "Tim C."<spamtrap(a)tele2.at> wrote in message > news:bi5zu8bzd9hf$.okvfakhg55bu$.dlg(a)40tude.net... >> On Fri, 6 Aug 2010 10:07:47 +0100, David Horne wrote in post : >> <news:1jmss2d.13z2dur17fy0g0N%d4g4h4(a)yahoo.co.uk> : >> >>> Tim C.<spamtrap(a)tele2.at> wrote: >>> >>>> On Fri, 06 Aug 2010 10:47:48 +0200, Martin wrote in post : >>>> <news:8c20g9F8pjU2(a)mid.individual.net> : >>>> >>>>> If you are frequently abroad open a bank account in the EU. >>> >>> Depends where you go abroad. Not going to help me with draw dollars or >>> sols! :) >>> >>>> Surely you mean the Eurozone? The UK is in the EU, however hard some try >>>> to >>>> pretend it isn't. :) >>>> >>>> I don't pay anything for ATM withdrawals in any Eurozone country. >>> >>> That's because euro banks can't charge any more than they would for >>> 'home' withdrawals. But that works other ways- some banks in euro >>> countries impose charges on home withdrawals... >> >> Yes some do here as well, but here at least, most don't (as far as I can >> tell from a straw-poll in the office). It depends on the bank and the >> actual account you have. > > Both the "Euro" country bank accounts that I had charged an annual fee for > having a "foreign" ATM card. ABNAMRO charges for their own debit cards. > Free bank transfer was restricted to bank to > bank transfer and withdrawal of cash from your "home" bank (which may be > more than one branch). > > If they don't get you one way they will do it another > > tim > > >
From: Martin on 6 Aug 2010 07:15 On 06/08/10 12:52, Tim C. wrote: > On Fri, 6 Aug 2010 11:28:02 +0100, tim.... wrote in post : > <news:8c26dqFe0hU1(a)mid.individual.net> : > >> If they don't get you one way they will do it another > > Banks never lose :-( Northen Rock did LOL
From: Andy Pandy on 6 Aug 2010 12:40 "David Horne" <d4g4h4(a)yahoo.co.uk> wrote in message news:1jmss5j.16dogh750ib2eN%d4g4h4(a)yahoo.co.uk... > Mike Lane <mike.lane.usenet(a)ntlworld.co.uk> wrote: > >> David Horne wrote on Aug 5, 2010: >> >> > Mike Lane <mike.lane.usenet(a)ntlworld.co.uk> wrote: >> > >> >> David Horne wrote on Aug 5, 2010: >> >> >> >>> Andy Pandy <spam8times(a)wonderful.spam.invalid> wrote: >> >>> >> >>>> Well after (correctly) telling us for years that other banks >> >>>> rip us >> >>>> off with foreign exchange loading fees and foreign cash >> >>>> withdrawal >> >>>> fees, Nationwide are jumping on the bandwagon and imposing a >> >>>> 2% >> >>>> foreign exchange loading plus a �1 cash withdrawal fee on >> >>>> their debit >> >>>> card. A bit cheaper than most banks but not much. >> >>> >> >>> I will miss the ATM card for the flex account- I used it all >> >>> over the >> >>> world for cash >> >> [snip] >> >> >> >> Same here! >> >> What will you use instead? >> > >> > As Andy, probably the Halifax Clarity credit card. But, when >> > travelling >> > on holiday with my partner, I'll get him to withdraw money from >> > his >> > Boston bank account, which only adds Visa's 1%. At least for the >> > time >> > being, with current exchange rates. >> > >> > >> >> I see, thanks. But what an absolute PITA. I find all this swapping >> accounts, >> credit cards and all financial stuff tedious beyond belief. I'd >> almost rather >> pay the extra 1% or whatever Which is exactly how banks get away with ripping customers off on foreign transactions... > Extra 2-3% plus less favourable exchange rates... The exchange rate should be the same (ie the VISA or MasterCard rate) but typically the markup is 2.75% plus an additional fee of something like 1.5-2% for ATM withdrawals/debit card payments. Usually 4-5% in total. No bank is going to get 4-5% of my holiday spending for doing FA! -- Andy
From: Mike Lane on 6 Aug 2010 15:24 David Horne wrote on Aug 5, 2010: > Mike Lane <mike.lane.usenet(a)ntlworld.co.uk> wrote: > >> David Horne wrote on Aug 5, 2010: >> >>> Andy Pandy <spam8times(a)wonderful.spam.invalid> wrote: >>> >>>> Well after (correctly) telling us for years that other banks rip us >>>> off with foreign exchange loading fees and foreign cash withdrawal >>>> fees, Nationwide are jumping on the bandwagon and imposing a 2% >>>> foreign exchange loading plus a �1 cash withdrawal fee on their debit >>>> card. A bit cheaper than most banks but not much. >>> >>> I will miss the ATM card for the flex account- I used it all over the >>> world for cash >> [snip] >> >> Same here! >> What will you use instead? > > As Andy, probably the Halifax Clarity credit card. But, when travelling > on holiday with my partner, I'll get him to withdraw money from his > Boston bank account, which only adds Visa's 1%. At least for the time > being, with current exchange rates. > > OK. How exactly does this work for cash withdrawals, can you tell me? The Halifax site is a little vague about the exact T&Cs. It says: No fee to transfer a balance No cash withdrawal fee No fee to use it anywhere worldwide No annual fee. I'm not sure I quite believe them. What's the catch? Most credit cards charge interest for cash withdrawals from the day you make the withdrawal. Can you preload the card with sufficient cash to cover a trip abroad? -- Mike Lane UK North Yorkshire mike_lane at mac dot com
From: Andy Pandy on 7 Aug 2010 05:15
"Mike Lane" <mike.lane.usenet(a)ntlworld.co.uk> wrote in message news:0001HW.C8821FF20013589CB02919BF(a)news.virginmedia.com... > David Horne wrote on Aug 5, 2010: > >> Mike Lane <mike.lane.usenet(a)ntlworld.co.uk> wrote: >> >>> David Horne wrote on Aug 5, 2010: >>> >>>> Andy Pandy <spam8times(a)wonderful.spam.invalid> wrote: >>>> >>>>> Well after (correctly) telling us for years that other banks rip >>>>> us >>>>> off with foreign exchange loading fees and foreign cash >>>>> withdrawal >>>>> fees, Nationwide are jumping on the bandwagon and imposing a 2% >>>>> foreign exchange loading plus a �1 cash withdrawal fee on their >>>>> debit >>>>> card. A bit cheaper than most banks but not much. >>>> >>>> I will miss the ATM card for the flex account- I used it all over >>>> the >>>> world for cash >>> [snip] >>> >>> Same here! >>> What will you use instead? >> >> As Andy, probably the Halifax Clarity credit card. But, when >> travelling >> on holiday with my partner, I'll get him to withdraw money from his >> Boston bank account, which only adds Visa's 1%. At least for the >> time >> being, with current exchange rates. >> >> > > OK. How exactly does this work for cash withdrawals, can you tell > me? The > Halifax site is a little vague about the exact T&Cs. It says: > No fee to transfer a balance > No cash withdrawal fee > No fee to use it anywhere worldwide > No annual fee. > > I'm not sure I quite believe them. What's the catch? Most credit > cards charge > interest for cash withdrawals from the day you make the withdrawal. > Can you > preload the card with sufficient cash to cover a trip abroad? They charge immediate interest from the withdrawal date, but the rate is only about 1% a month. It looks like you can't pre-load it (it says any credit balance may be returned) so what I'd do is just check the balance when I got back off holiday and pay it all off. So I'd only be paying a week or two's interest, probably under 0.5%. If you use it for purchases as well you'd have to pay the whole lot off when you got back off holiday to avoid further interest on the cash advances (as your payment will be allocated to the interest free purchases first). So if you want the full interest free period on purchases, use another card, eg Nationwide, or get your partner a Clarity and use one for purchases and the other for ATMs. -- Andy |