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Nationwide Bank Account

Travel Forums General Talk Nationwide Bank Account

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1. Posted by Taylor84 (Budding Member 49 posts) 7y

Hi all

I have a nationwide bank account which I got for travelling RTW last year for the free withdrawals, I have heard on the grapevine that they are now not offering these free withdrawals, is this true?

Cheers

2. Posted by murphc09 (Budding Member 57 posts) 7y

I've just applied for a n/w debit card.

They're passing the visa fee to customers from the 6th of may which is roughly 1% (they used to pay this for you).

It's still worthwhile having as they don't take commision from the currency exchange, you get it at the flat visa rate which is a VERY good rate i'm lead to believe. Most banks will charge you 2-3% conversion fee and then visa charge 1% for the withdrawl.

So there's a few possitives from having one of these :

1) it's a Visa debit card, visa is excepted all over the world.

2) Visa have very good exchange rates

3) Nationwide don't add additional charges for the conversion where other banks may take 2-3%

I could be wrong though as i've not looked into it all that much

3. Posted by murphc09 (Budding Member 57 posts) 7y

ps -

http://www.corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

here's the link for the visa exchange rate, if you look at the bottom of the link you'll see a box where you can add the commision taken from your bank.

Nationwide

1 pound = 1.40usd (0% commision from N/W)

Banks that charge

1 pound = 1.36 usd (2.75% commision)

4. Posted by Taylor84 (Budding Member 49 posts) 7y

Cheers so still seems like the best deal around, just not as good as it once was.

Is it the flex account your applying for or the credit card?

5. Posted by murphc09 (Budding Member 57 posts) 7y

Yeah, just the flex account for me.

I applied for the credit card but got refused, not sure why as I have a good credit rating but it was my first credit card so that could have been the reason. I wasn't planning on travelling on credit as i have savings so I got one from hsbc which i'll keep for an emergency. I'll use my HSBC accound as my holder, transfer large amounts to my nationwide flex to get good exchange rates and small withdrawl fees.

There's so many different options out there I got confused, But it'll all depend on how you plan to spend your credit/cash. The post office are offering a credit card/debit card with 0% on purchases abroad, so if you plan on using your credit card each night to pay for meals, drinks, etc then that'll possibly be the better option, they didn't mention cash withdrawls so i suspect that's where they'll make their money. It looks like it's a case of Give you something from one hand but take something away with another.

6. Posted by Buzzcock (Full Member 178 posts) 7y

My understanding is that the charge for non-Sterling transactions on both the debit and credit cards now applies outside Europe. Within the Eurozone and presumably for non-Euro currencies within Europe no charge will be levied. It's still a bummer that Nationwide has decided to start charging for the rest of the world. As far as I am aware, Nationwide had the only debit and credit cards available for which no foreign currency transaction charges were levied; and the exchange rates were and still are OK. As well as for travelling, I've used my Nationwide credit card for internet shopping from abroad.

7. Posted by Annie0 (Full Member 128 posts) 7y

Can i just add to this conversation

I have recently applied for nationwide account for the same purpose my travels in October i applied for a credit card for an emergency and i also got declined whats with that as i have no other credit cards and i have a good credit rating to? I am going to contact them about this! It appears that nationwide is the best i had found this out through moneysupermarket.com gives up to date info on credit cards etc.

The things you have to consider!!

does anyone know about national insurance contributions and student loans?? - im planning to leave my job and travel for 6mths have to find out what i do about this Any advice?

:)

8. Posted by Buzzcock (Full Member 178 posts) 7y

Quoting Annie0

I have recently applied for nationwide account for the same purpose my travels in October i applied for a credit card for an emergency and i also got declined whats with that as i have no other credit cards and i have a good credit rating to? I am going to contact them about this! It appears that nationwide is the best i had found this out through moneysupermarket.com gives up to date info on credit cards etc.

It may be precisely because you don't already have a credit card that you don't have a credit rating. This doesn't mean that you have a bad credit rating, just that you don't have one available. As a student have you been paying bills in your name? If not, then again, then you won't have any credit rating against you, good, bad or otherwise.

You'll find that the ideal credit card customers are not those who pay their bills in full every month (like I do), as the credit card companies make no money out of them, but are those with regular monthly payments which allow the credit card companies to make a bit of profit.

9. Posted by Annie0 (Full Member 128 posts) 7y

Thanks Buzzcock

Im no longer a student i have been working for the past 8 years! im going to speak to Nationwide about this though they are losing out on a good customer hahah. Any advice about not making any national insurance contributions??

Any info would be useful

10. Posted by Buzzcock (Full Member 178 posts) 7y

Quoting Annie0

Any advice about not making any national insurance contributions??

Any info would be useful

You'd be as well to speak to HM Revenue & Customs in Newcastle. Assuming all your travels are within one tax year, then you may lose that year in terms of contributions towards the state pension; if across two years you may lose two years towards the state pension.