Calis Beach and Fethiye Turkey Discussion Forum
Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: Colwyn on January 30, 2017, 15:03:46 PM
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If you have an account with Norwich & Peterborough you'll have a letter from them coming through your door. The bank is being submerged under the Yorkshire Building Society and is proposing to close its current accounts by 31st August 2017. If so that is likely to be the end of the zero fee/zero load overseas cash facility. If the accounts are transferred to Yorkshire BS then they will start costing £3.75 to withdraw £100's worth of cash. Bloody Northerners! I don't think there is another debit card that offers as good a deal as N&P does today. I'll have to check out the best credit card alternatives, but the Santander Zero I got a few weeks ago isn't too bad.
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Nice of them to let us know before the media told us !
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Sadly there will be a lot of NnP closures by YBS this year.
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Are there any other banks that offer free foreign ATM withdrawals ?
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Not by debit card. You can do it on some credit cards but then you pay extreme interest (e.g. 29.5%) until it is paid off. You can pay it off online from abroad but it just makes life a little bit more difficult - like the alternative of looking for an ATM which dishes out sterling and then finding a change office/bank. I just want to march up to an ATM, get spending money and then march away with job done and no charges.
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Bad news all round this. Cash abroad was on the Martin Lewis show last week I'm sure he said you can get it on a Halifax clarity card.
I will have to suss it out.
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Halifax clarity card best alternative free overseas withdrawals BUT interest charges from day of withdraw until repaid. I have used it many times and it works fine.
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I thought Halifax Clarity overseas withdrawals were free if paid up fully each month?
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Lotty, ATM withdrawals are treated differently from purchases and you pay interest until you pay off the debt. You can do this online from your current account whilst abroad to minimize these charge - if you can be bothered to do that when you're on holiday - otherwise it is £1.50 a month per £100 of withdrawal.
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Thank you Colwyn, I used it the first time last year but only to pay for things. I took cash with me.
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It is always advisable not to draw cash on a credit card, unless it specifically states that cash withdrawals are free of interest if paid in full on the payment date. It is treated as a loan. I don't know of any credit cards on the market now which have this facility ( once NnP is withdrawn). My personal mantra is to never draw cash on a credit card. Can be a very costly mistake!
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Nationwide Flex account used to offer free STERLING cash withdrawals abroard on a debit card, don't know if they still have this or any equivalent accounts now, might be worth a check on their website.
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I think that facility was withdrawn. I used to have that account with them but don't use it now. My financial habits lead me to think that I would have stopped using it because it was withdrawn, but I may be wrong!
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The drawbacks with sterling withdrawals is that not all places have sterling ATMs and if they do then you have to go to find a change office (not good if you are travelling). For me it would be quicker and more convenient to pay off credit card online next day and also get a better exchange rate than the change office. Perhaps some bank will see the marketing opportunity in offering a replacement service to N&P when it goes to the cold Banking Beyond. Perhaps I'm a cock-eyed optimist having just learned that our stretch of the little River Frome has acquired a resident otter - captured on video and confirmed by a couple of local police officers.
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Just found;
Santander 3 Current Account, you'll get:
fee-free withdrawals from Santander branded cash machines abroad when you use the local currency option.
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I knew they did that for Spain. Do they have machines in Turkey and does it apply?
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Santander have a stake in Garanti Bank. Perhaps they have a reciprocal arrangement ?
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Scrub that :-(
Turkey is not one of the listed countries.
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We've used N&P for over 2 years and take TL out of HSBC ATMs free. Last week we got 4.81 (much better than change offices)
It will be interesting to see what exchange rate our Lloyds account gives after the N&P demise (Lloyds charge 1.5% fee for withdrawals - min £2 max £4.50) or whether we will do better withdrawing sterling and changing it locally.
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Nationwide Flex account used to offer free STERLING cash withdrawals abroard on a debit card, don't know if they still have this or any equivalent accounts now
I have a Flex Account and I still get free Sterling cash withdrawals in Turkey using my Nationwide Visa Debit Card.
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Lotty, ATM withdrawals are treated differently from purchases and you pay interest until you pay off the debt. You can do this online from your current account whilst abroad to minimize these charge - if you can be bothered to do that when you're on holiday - otherwise it is £1.50 a month per £100 of withdrawal.
I also got one of these as the exchange rate was the same as XE "0" commission, Thanks for pointing the above out I just assumed if it was all paid off at the end of the month there were no charges, apparently not for cash withdrawals. Still 1.5% below whatever XE shows is still a very good exchange rate.
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It is always advisable not to draw cash on a credit card, unless it specifically states that cash withdrawals are free of interest if paid in full on the payment date. It is treated as a loan. I don't know of any credit cards on the market now which have this facility ( once NnP is withdrawn). My personal mantra is to never draw cash on a credit card. Can be a very costly mistake!
I have found one: Barclaycard Travel Card. Unfortunately it runs out in August 2018 but I'm used to opening and closing bank accounts so I think I'll get one before N&P disappears to give me another year to find something more permanent - if I live that long!
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Well done, I will have to have a look at that one. Is there a fee with Barclaycard?
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There is no fee. Barclay seem to have a dozen different credit cards so you have to trawl through to find the Platinum Travel Card.
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Nationwide Flex account used to offer free STERLING cash withdrawals abroard on a debit card, don't know if they still have this or any equivalent accounts now
I have a Flex Account and I still get free Sterling cash withdrawals in Turkey using my Nationwide Visa Debit Card.
Yes so do I, but I don't know if you can still get this account as a new customer.