Nationwide ....... Again

[lizdev]

quote:Originally posted by nichola

quote:Originally posted by tribalelder

So if I continue to do as I do and draw in GBP and change into lira here where I get a better rate than Nationwide would give me anyway it is still only £1 for every £300.

Nichola - where do you get the better exchange rate than Nationwide? I find they give a better exchange rate than I see in Fethiye.

[Ovacikpeedoff]

I know I am going to create a hornets nest but it should be remembered that Nationwide is a British financial institution and not a Turkish financial institution and is not there for the expats who are residents abroad. So anyone living in the UK is not greatly impacted by the change as day to day withdrawals will not attract any fees.The the extra charges incurred withdrawing abroad are partly offset by the free travel insurance. Transactions abroad carry costs from Visa that Nationwide has been absorbing. Look at the multinational banks like HSBC. If you have an account with them in the UK you still will incur fees if you make a withdrawal from HSBC in Fethiye.

Financial institutions do not make a great deal of money on personal current accounts and where it is was being used solely for the purpose of withdrawing cash abroad then they are actually losing money on these accounts.

[lizdev]

I can't see anything about using the Nationwide Credit Card in Europe - there are no loading charges at the minute - will the charges be applied to that as well (not cash trans)- does anyone know?

[Gorgeous_bird]

quote:Originally posted by Ovacikpeedoff

I know I am going to create a hornets nest but it should be remembered that Nationwide is a British financial institution and not a Turkish financial institution and is not there for the expats who are residents abroad. So anyone living in the UK is not greatly impacted by the change as day to day withdrawals will not attract any fees.The the extra charges incurred withdrawing abroad are partly offset by the free travel insurance. Transactions abroad carry costs from Visa that Nationwide has been absorbing. Look at the multinational banks like HSBC. If you have an account with them in the UK you still will incur fees if you make a withdrawal from HSBC in Fethiye.

Financial institutions do not make a great deal of money on personal current accounts and where it is was being used solely for the purpose of withdrawing cash abroad then they are actually losing money on these accounts.

But UK citizens working hard to go on holiday and enjoy fee free cash withdrawls from the bank they have used for 20 some years will loose out - go figure.

[Jacqui Harvey]

quote:Originally posted by lizdev

I can't see anything about using the Nationwide Credit Card in Europe - there are no loading charges at the minute - will the charges be applied to that as well (not cash trans)- does anyone know?

Charges will be changed and applied in November for flexicard.  Take a look at Martin Lewis's website for all other details  

[lizdev]

I have but as we use the Nationwide credit card a lot and enjoy the good exchange rate with no loading, I wonder if they will do the same loading to the credit card as they are intending doing to the flexi card.

[nichola]

Does anyone know if there is any particular reason why this is soddenly the message on the Nationwide web site when you log on. I never received this last year during the crisis. Is there something we should know about?

Important information about compensation arrangements

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor's accounts with the building society, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please click here, ask at your local branch, refer to the FSCS website www.FSCS.org.uk or call 020 7892 7300.

John Crossley
Head of Current Accounts

[nichola]

quote:Originally posted by lizdev

quote:Originally posted by nichola

quote:Originally posted by tribalelder

So if I continue to do as I do and draw in GBP and change into lira here where I get a better rate than Nationwide would give me anyway it is still only £1 for every £300.

Nichola - where do you get the better exchange rate than Nationwide? I find they give a better exchange rate than I see in Fethiye.

I draw in GBP and change my money at the Finansbank and I am 99.9% absolutely certain they give a better rate than if I draw the money directly in liras.

However I am always open to be corrected if I am wrong.

[Ovacikpeedoff]

The reason why this message has started to appear is because the amount covered by the Financial Services compensation scheme has been halved. Compensation schemes were one of the tools used to provide investor confidence in banks during the credit crisis. It was one of the first acts that the coalition government did when they were elected was to cut the amount of compensation.

[nichola]

thank you for this info