Carrying on from Financial Management I have researched the Nationwide FlexAccount. It seems that there are no charges in using ATM's globally. Does anyone know whether this applies even in Thailand, Laos etc...?
My Barclays account would charge a standard 2.75% unless I used there global partners such as West Pac or Bank of America. I have also applied for the Nationwide Credit Card which seems to be more user friendly than my current Barclaycard.
Does anyone have experience of using the Nationwide FlexAccount/Credit card whilst travelling? Can anyone confirm that these are the best accounts to use?
Can I also ask whether it is essential to open an Oz bank account when I'm working out there? I have a 1 year working holiday visa so it is crucial to open one out there or can I use my UK account? If so, should I do this before I leave or is it easy to sort when out there? I have been guided to:
http://www.workoz.com/home.php?page_id=8 to open one before I go but this does incur an admin fee.
Any advice would be much appreciated.
Do you get charged the conversion fee with the nationwide account?
I'll get back to you when I find out!
They do not charge a commission. They just convert the money in accordance with the day's exchange rate which fluctuates. In short, no extra charge!
I watched Working Lunch today and one of the subjects was travel money. The Nationwide FlexAccount came up as the best one to have when you are abroad. A good way to handle your money is to keep it in the Nationwide Flexible savings account (which offers a 4% interest rate) and then transfer it via internet banking to the Flexaccount as and when you need it (1.5% interest rate on the flexaccount)
I looked into this and once the Full Flex account is opened I can activate an e-savings account through that! Thanks for the excellent advice!
This is particulary good for me as I'm planning to spend 2 months in the USA using only travellers cheques and then, before I fly to Fiji, I can transfer some of my savings into the Flex Account! Is the interest on the savings paid monthly do you know?
Excellent topic. Yesterday popped to my local Nationwide and opened up a flex account.
The idea of esavings also sounds like a cool idea.
Thanks again to the members of TP
My boyfriend and I have a Nationwide Flex account and it is the best thing we have ever done. We never take travellers cheques with us anymore, we simply use our debit card to get money out at ATM's and we get a far better exchange rate too!
We have just got back from a holiday in Thailand, some exchange places were offering 69 baht to the £ and we consistantly got 74 baht or more, according to the Bank of England exchange rate that day. Like Finesilver says, there are no charges at all! Even if there aren't any ATM's and you have to go to a bank for a cash advance, there are no charges (also no charges if you purchase things abroad on your card).
I recommend that all travellers (or non-travellers) open up a Nationwide flex account, it's the bets bank account we have ever had.
By the way, the interest on the e-savings part of the account is paid yearly, so if you use it for saving up before you go you get a bumper interest payment later in the year!
Good to hear that Donna, i've just opened one myself and i'm off on my travels on saturday, so i'll have my card near me at all times!
definetly sounds the way to go. Think i'll pop into nationwide on my lunch break tomorrow.
I'll just leave my HSBC account heavily overdrawn to rot when i'm away lol