Author Topic: Nationwide Flex Account  (Read 2062 times)

0 Members and 1 Guest are viewing this topic.

Offline trainer

  • Full Member
  • ***
  • Posts: 946
  • Age: 58
  • Location: The BORO
  • Last man standing
Nationwide Flex Account
« on: February 03, 2017, 10:22:51 AM »
As people have been discussing the best cards to use abroad I copied this of the Nationwide web site

Should I pay in sterling when I'm abroad?- select this to hide related content


When using your card abroad, some retailers and ATMs may offer to process your transaction in sterling, rather than local currency. This process is called Dynamic Currency Conversion (DCC).
How does DCC work?
The retailer or ATM should ask you before using DCC
If you say yes, the retailer or ATM will convert your transaction into sterling at an exchange rate of their choosing. This rate could be more expensive than the Visa Exchange Rate used by Nationwide
A commission charge may also be added by the retailer/ATM
The transaction will come to Nationwide in sterling, and so will not be processed as a foreign transaction
Any income from this service will go to the retailer or ATM owner.
Will DCC cost me more than if Nationwide converts my transaction?
This will depend upon what the foreign retailer / ATM is charging both as an exchange rate and as their commission
It's impossible for us to say which will be cheaper for you, but Visa advises, “Unless you know exactly what the prevailing rate of exchange is, and can do the maths, it is usually best to choose local currency” (Spend Terminology section of their travel guide)
Our commission fees (Non-Sterling Transaction and Cash Fees) are all shown within the worked examples on these pages. These fees are designed to be low compared to the market and some of our credit cards (such as Select Credit Card) attract no commission at all.
How to avoid DCC if you wish
Our commission fees (Non-Sterling Transaction and Cash Fees) are all shown within the worked examples on these pages. These fees are designed to be low compared to the market and some of our credit cards (such as Select Credit Card) attract no commission at all
When using an ATM, always read the ATM screen carefully and check that DCC isn't selected by default. Deselect it if it is
Check your receipt afterwards. If a sterling amount is shown, then DCC has been used.
What to do if DCC is used without your permission
Remind the retailer that you didn't want them to use DCC and ask for the receipt to be voided (not refunded, as a different exchange rate can sometimes be payable on refunds). Then start the transaction again. If the retailer refuses to do this you can report it to Nationwide on your return to the UK. We can seek redress for you through the VISA chargeback process
If using an ATM, you can complain to the ATM owner, or report it to Nationwide on your return to the UK. We can seek redress for you through the VISA chargeback process.




Share me

Digg  Facebook  SlashDot  Delicious  Technorati  Twitter  Google  Yahoo
Smf