Calis Beach and Fethiye Turkey Discussion Forum
Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: Colwyn on July 31, 2010, 12:52:33 PM
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It seems every year we get a story saying Nationwide is going to withdraw its free debit card facility and free shopping with credit card in Europe and Turkey. There might be more substance to the warning this time.
http://www.ft.com/cms/s/2/70421836-9bff-11df-a7a4-00144feab49a.html
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The new deal may be of use if you have your salary paid in to your Flex account.
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Nationwide....Flights....Residence Visas.....Road Tax. What other nasty little Gremlins are going to conspire against us [?]:(
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Perhaps we should all write to Nationwide to say we think this stinks especially as you can only draw £300 a time so its £1 per every £300.
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Although I do not like these charges Nationwide still provides a good deal against competitors. Taking 300 GBP will still only attract a 1GBP levy plus 60p currency levy. Compare that to most other Banks where the charge is 3.90.I do not think writing to Nationwide is going to change a great deal for those people living abroad.
Why Nationwide is doing this is to increase profits. It was not a great year for Nationwide last year. Also it is very reliant on the mortgage market and this is slow in the UK. Low interest rates actually are not good gor financial institutions as they really narrow margins.
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If you read the FT article it says it will charge 2% for foreign currencies plus the fee so you will have to stick another £6 on to get your £300!:(
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Sorry you are right my maths are terrible. You could not tell I was an accountant in a past life. Their charges are still lower than the big banks.
You raised a very interesting point earlier when you talked about banks, residency and flights add to this the cost of living and exchange rates and current interest rates. Recently I was reading an article about France and whether the novelty of living in France has worn off for ex pats. I wonder if Ex pats in Turkey think like those in France. This may be another subject for another day.
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It will be interesting to see the degree of cover offered by their free Multi Trip Travel Insurance.
It's often been said that these free schemes aren't worth the paper they're written on :(
p.s. Flex account is my major account so if the level of cover is acceptable then I will be better off paying the card charges.
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quote:
Originally posted by tribalelder
If you read the FT article it says it will charge 2% for foreign currencies plus the fee so you will have to stick another £6 on to get your £300!:(
The society is set to levy a 2 per cent commission charge on transactions in foreign currencies, plus a £1 fee per currency withdrawal from overseas cashpoints.
Am I right that if you draw it in GBP then it just the £1 per transaction?
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.
I don't like it but I can sort of live with that.
Plus I am going to take every penny out of my account before November.
So see me at the ATM ;)
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good point nichola. i wonder if it will work.....any other money wise folk got any ideas?
i get my salary paid into the nationwide and rely on the cashpoints .. seven quid a hit is quite a sting.
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I am sure it will.
It says the 2% is for foreign currencies transactions and we can draw GBP which is not a foreign currency from any HSBC ATM in Fethiye area.
In Istanbul for example you can only draw money as Euros, USD as well as TL so that would incurr a 2% charge. Plus the £1
We are fortunate to be able to draw in GBP here so the damage should be minimal.
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Watch the money saving expert website for updates he loves the Nationwide flex card. He will certainly offer advice on the best option for us.
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GB..... He has already blogged it and is saying if you don't meet the criteria ....Ditch it! However his blog is a bit ambiguous. "It will introduce a new 2% load for Euro currency and double its load for world wide currency from 1% to 2%"
So in effect it is the same.
We have sterling so obviously don't fit into the Euro box but are we world wide?
We are sterling you may say but if we are not Euro or w.w where does it fit in?
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TE it isn't the "home" country that counts as Europe (or world-wide if you are outside the area); it is the "foreign" country where you are spending. Turkey is a member of the European Visa club (as is Israel).
KK I have been offered several free travel insurance packages. Two problems I experienced were they would not cover extended stays away (say over 45 days) nor will they cover any existing medical conditions. Both of these mean they are no use to me. Given the number of these free offers that are promoted now I have to assume that they are a very cheap option for the banks and insurance companies that are pushing them so enthusiastically. So how good is the service going to be?
OP I agree that the problem of what to do about this is that other banks are, nearly always, even more expensive. I have come across one Halifax card that says it doesn't charge anywhere abroad but haven't researched it yet. So I go along with GB and will hope that MoneySavingExpert comes up with some practical advice.
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Will the insurance apply to British people living abroad or will you need to live in Britain to qualify for cover?
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Nationwide marketing director Chris Rhodes, acting as spokesperson for the changes, has really annoyed me with his pontifications on the issue. He says:
"Of the 1.4 million customers who use the card abroad, two-thirds do not pay their salary or pension into the account".
But you had no rule to say that they should. And now you are not actually proposing that the benefits will be available to those who pay in their salary. You are removing them entirely (you say - perhaps you may change your mind).
"There is no doubt customers cherry-picked FlexAccount for its attractive overseas terms ... They had more than their fair share of rewards for being with the society".
Now I really like this. A director of a High Street bank (let's not take all this "Society" talk too seriously) lectures me on moral philosophy; as if a banker is a leading expert on fairness. Bit rich that isn't it.
It seems a rather strange business decision to me to alienate 1.4 million of your customers by taking away one of the prime benefits of holding a FlexAccount - and the reason why many of us joined Nationwide in the first place. This is especially so since, according to Rhodes, the average cost of the service for customers taking their card overseas is £12 - hardly saving Nationwide a fortune (that looks odd to me but that is what he says). But in the realm of making strange business decisions I do accept that bankers are experts.
Quotes from Guardian.
P.S. Last year the executive directors of Nationwide recived a remuneration increase (salary, bonuses, pension benefits) of 25%. So they are certainly getting their share of rewards. Fair? You judge.
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I am a bit gutted as I do get my pay paid into the flex account and now they are removing the benefit so for me the answer is simple. I will withdraw the money from my account beofre the holiday and change it as and when I need to - A little innvenient but never mind.
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My husband has his pension paid into Nationwide,they also make him wait if his pension is due on 1st of the month and it falls on a weekend or BH he gets it the first working day after,we accepted this because we live here and were not paying any commission on ATM,s maybe time to look around,considering a couple of times he has waited until 4th to draw on his pension,justhink of the interest they are earning,if this happens to all their customers.
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As well as grieving on this site get on to Nwide and tell them.
I have.
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As if that will make a diference, if they wanted to know what we thought they would have asked us. They could have introduced a deadline by which time those who were not having a certain amount paid into the account then the accounts would be closed if they realy wanted to attract customers who would use the account regularly. This is not about us it's about THEM.
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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.
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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.
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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?
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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.
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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 ;)
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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.
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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
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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.
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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.
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thank you for this info
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I worry about Nationwide. I thought they would be good people to have an account with and popped in to open one. Oh dear, times have changed since I've been away. You can't 'pop in' anymore, you have to have an appointment with someone with a fancy title. In an empty branch, you can't see this person - you haven't got an appointment (even though they are sitting there). So, I made an appointment - earliest being 8 days later.
The day before the appointment I got a message saying that due to staff illness, my appointment would have to be cancelled. Could I phone to make a new one. I did that and my new appointment was now 14 days after I first popped in to open an account. At that appointment I was told that I needed to bring a domestic bill with my name on it before they could open an account. I had my passport, driving licence but this was the first time they thought to inform me that a domestic bill with my name on it was something to bring with me to my long standing appointment.
So, another appointment was necessary which was made - for 19 days after I first popped in to open an account. As if things couldn't possibly deteriorate any further, the branch manager called me to say that due to staff illness, my appointment would have to be cancelled. I gave him a brief summary of my month to date with Nationwide and asked him if, genuinely, there was only one person in the entire branch who could physically open a new account. I asked that as branch manager, is it not possible that he could carry out such a task. I asked him whether, in these times of hardship for banks, whether he thought Nationwide's efforts to grab me as a customer were quite good enough in his view. I received many "I can appreciate your frustration" and "I can only apologise" responses, but no, nobody else apart from Miss Sicknote could do this highly specialised banking operation.
Nationwide - to me they create as many hoops as they can for you to jump through, then hide the hoops. :-\
I managed to live without them, as I have done all my life.
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Nicola, I dont believe there has been any change to the FSCS Compensation Scheme's limit of £50,000 - it has been at this level since October 2008. In fact it is likely to be increased to over £80,000 by the end of the year if the UK accepts the recent EU change (to €100,000). I think this is just a routine notice by Nationwide with no suspicious undercurrent.
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In the past there was a suggestion that the limit was per account. 50k for a single account and 100k for a joint account. Also if you had accounts within the same Group then it also applied to the other accounts as well. For example, if you had 50k with Nationwide, 50k with Derbyshire, 50k with Cheshire and 50k with Dunfermline then your cover would be 200k. This is no longer the case your total compensation payment now is limited to 50k for all the above accounts because they are now part of Nationwide.
This change was implemented just after the election.
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I am in no way defending the poor customer service that Nationwide provided and they should have had adequate cover available to account for illness. The law has changed so much in opening accounts that it has gone mad. There is this Know your customer legislation that is in place to avoid money laundering and there are severe fines for non compliance.
Try applying for a mortgage now and you need to bring lunch with because you are in there so long. What is really annoying is that you know what you want but the bank has to go through all these options that half the people do not understand and you then must sign a form to say that you have been given best advice. You can only talk to specific people now who have passed tests and are accredited.
When I worked in a bank I did inspection and if a staff memeber was off ill I actually did account interviews. If I was to do that today I would be fined and jailed.
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OP
The Nationwide notice says "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)". My reading of this is, if there has been a change, it has not been implemented yet and you are still covered up to £100k for a joint account. Is there another way of reading this?
Edit
Ah, I see you were editing your post whist I was composing mine.
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My current Flex Account card expires this month and today I received my replacement. There were no enclosures referring to changes in ATM transactions abroad. If they take place in November then just how long are they intending to leave it [?][:(!]
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I support the Nationwide because they are still one of the few mutual Building Societies left (unless that too has chnged since I left the UK) but your treatment Kieth is beyond belief.
Surely there should be at least two suitably qualified staff in any branch to deal with what can only be described as a routine task new legislation or not.
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Nichola - where do you get the better exchange rate than Nationwide? I find they give a better exchange rate than I see in Fethiye.
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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.
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Thanks Nichola, I will try your way when out in a few weeks. Have also opened a Halifax Clarity card which says it is free to use abroad so will compare.
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quote:
Originally posted by kenkay
My current Flex Account card expires this month and today I received my replacement. There were no enclosures referring to changes in ATM transactions abroad. If they take place in November then just how long are they intending to leave it [?][:(!]
Just got my notification today
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Yeh Liz so did I :)
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Nationwide - For the second time.
I started a topic on the change of use conditions for Flexaccount Cardholders way back in( I think ) April 2010., after receiving this letter from them dated 9th March 2010.
Unfortunately I cannot find this topic. I am sure somebody will be able to direct me to it.
This subject applies to Flexaccount Cash Card holders. Slightly different rules apply to other types of Flexaccount Cards. I cannot comment on these.
I have used bold print where their letter uses it.
Under the header " Important - Changes to your cash card - Please read the enclosed leaflet"
:" we are introducing a new card to make your everyday banking with Nationwide even easier. As a result, we will be issuing a new cash card+ to replace your current card."
Later on, under the heading " Getting the most from your account"
"Use your new cash card+ instead of withdrawing cash to pay for things in shops. You can use your cash card+ at shops in the UK and overseas but please note that your new card cannot be used to withdraw cash overseas.
On the back of this letter under Questions and Answers
6. Can this card be used in Cash Machines?
A. Yes, at any cash machine in the UK. It will not be possible to withdraw money from cash machines abroad. However you will be able to pay for goods and services in the UK and abroad.
At the bottom of the second page
If you have any further questions go to nationwide.co.uk/cardchanges2, call us or visit your branch.
I quote from the letter from Nationwide in part only, otherwise I would be typing all week!
I would be interested to know what has changed since my original Topic post.
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Well for many of us who had a flex cash card account to use for specifically when we are in Calis...as we could draw cash with no charges...that has all gone now...
As Farmer says the flex cash card has been replaced by the cash card+ which does NOT allow you to draw any cash whilst abroad....but does let you pay for purchases on your card which you could not do previously....but thats not the issue is it as we took the flex card to enable us to draw cash....so truly scuppered...
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quote:
Originally posted by june
Well for many of us who had a flex cash card account to use for specifically when we are in Calis...as we could draw cash with no charges...that has all gone now...
Yes and you've ballsed it up for those of us who use the Flex Account as our major account and just happened to enjoy the free card transactions abroad [:(!]
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I think that is a little unfair - just because Nationwide says this is the reason doesn't mean it is.
They're hardley likely to say, "oh we are cancelling the free withdrawal transaction abroad facility cos we want to make more money for nothing off our account holders".
Blaming other people is a great way to deflect attention and avoid taking responsibility.
IMO :)
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Ive drawn all my money out of Nationwide and put it onto a Fairfx card as my own little protest!
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This information applies soley to Flex Account Card Holders who withdraw cash abroad.
This is copied and pasted directly from the Nationwide Internet Site.
Effective 1st November 2010.
"We will introduce a commission charge and a cash withdrawal charge for transactions IN CURRENCIES OTHER THAN STERLING".
Meaning as of 1st November there is no change and still no charge for anyone who withdraws their cash abroad as long as the currency they withdraw is GBP.
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Nic, as of this moment I am waiting confirmation of this point. I read it the same way and emailed them asking them to confirm that Sterling withdrawn abroad would not be charged.I will let this forum know when I receive a reply.
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Nationwide's reply to withdrawing Sterling abroad.
I confirm the charges will apply as the transactions would be completed abroad.
So we can't use that loophole to save the charges...:(
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Natiomwide web site states
Effective 1st November 2010.
"We will introduce a commission charge and a cash withdrawal charge for transactions IN CURRENCIES OTHER THAN STERLING".
Evidence now bears this out; there are no charges for withdrawing cash in GBP, not even £1.
Good news for all us Flex account holders :D
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Great news, but we still have to have some Turkish money when in Turkey because not everyone will take British currency, so, will probably cancel the Nationwide Account and move before we visit again next year.
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Don't know if I am being absolutely thick here, but I cannot recall being given the option of drawing pounds sterling from an ATM in Calis or Fethiye. Am I missing something?[?]
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Certain banks namely HSBC and TEB give the option here in the vicinity of Fethiye of drawing in GBP, Euros or Lira.
So those of us with a Flex account can avoid all charges by drawing in Sterling and getting a better rate changing it at our bank here.
Even the shops here offer a better rate than the exchange rate your bank will give you in the UK or via your cashpoint card overseas if you draw in Turkish lira. So it still makes sense to take your GBP out here and then change them here.
In Istanbul you would have the option of US$ instead of GBP. We have this advantage locally because there are a lot of Brits and HSBC and TEB make GBP a currency available through their ATMs.
Hope this makes sense :)
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:) don't think you're thick Sadler.
We've been able to draw sterling from the cash machine by the water taxis on a few occasions, presumably when the machine is stocked with it. However, sometimes it hasn't give you the option of sterling just lira or euros so maybe that's always been the case when you've wihdrawn your cash.
Maybe [?]
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quote:
Originally posted by marina
:) don't think you're thick Sadler.
We've been able to draw sterling from the cash machine by the water taxis on a few occasions, presumably when the machine is stocked with it. However, sometimes it hasn't give you the option of sterling just lira or euros so maybe that's always been the case when you've wihdrawn your cash.
Maybe [?]
The point is the charge with Nationwide for withdrawing the sterling abroad has been stopped, not the availability of sterling in the machines.
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I realise that was the start of this topic but was answering Sadlers comment about not being given the option of being able to draw sterling at a cash machine in Calis/Fethiye!
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Precisely, we do have a Nationwide Flex account, but have no recollection of being given the option of drawing anything other than Turkish lire from the ATMs we have used; so much so, that on our last visit, we took cash with us and changed it up at the jewellers in Calis, risking burglary at the apartment.
Our thanks to Nichola and Marina for understanding our query and giving very informative answers and - Gorgeous Bird it is so many aggressive posts like yours which put others off from submitting to this very informative forum!!:(
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Pah aggressive do me a favour!
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Apology accepted[?]
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Accepted thanks
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Has anyone actually drawn GBP in Fethiye since 1st Nov and checked that it was at NO CHARGE on a statement?
I asked the Nationwide if this was possible, in Oct this year, as per my previous post and the reply was...No, ANY transactions abroad would be charged whatever the currency drawn.
So back to my first question has anyone withdrawn GBP in Turkey since 1st Nov 2010 and not been charged on their statement?
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Yes, I have :D
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Ta will try that then.:D
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quote:
Originally posted by sadler
Precisely, we do have a Nationwide Flex account, but have no recollection of being given the option of drawing anything other than Turkish lire from the ATMs we have used; so much so, that on our last visit, we took cash with us and changed it up at the jewellers in Calis, risking burglary at the apartment.
Our thanks to Nichola and Marina for understanding our query and giving very informative answers and - Gorgeous Bird it is so many aggressive posts like yours which put others off from submitting to this very informative forum!!:(
No problem Sadler - glad to be some help! ;)
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just pulled out from Nationwide childrens Account and put nearly all their cash into P bonds as interest rate under 1% and inflation rate 3 -3.5% go figure. crazy situation even turks manage interest rate at near a dam inflation rate.before long all banks will charge for current accounts with 24 months I reckon.
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Getting back to the topic of France, I've just visited friends there. Apart from being very disillusioned with builders (gone bankrupt, don't finish houses) usual story, the cost of living has risen enormously, bank charges unrealistic (and opening an account is a nightmare apparently go overdrawn everything shuts down for 3 months and you can't access your money) so some people are not happy there.
Makes you wonder, where can you go for stressfree, reasonable living??
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I opened a bank account really easily in France. Just popped into Credit Mutuel and made an appointment at the service desk, met with a young lady who spoke reasonable English and it took about half an hour to sort out. I presented a statement of my British bank account and passport. Banks and shops do shut down a lot more than in Britain.Lunch means about two hours closure for a start and no Sunday opening for lots of businesses.There are ATMs.The young lady who dealt with me said that she had a British client base of about 200 people and the area is very rural, not a tourist spot.
One Brit I met would trot along to the bank and take his laptop with him and use google translate at the desk to sort out his business.The young ladies at the counter really appreciated his use of French!!:D
In France to write a cheque which will bounce is illegal so they are strict.
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Did you not have to produce a utility bill, Daffodil?
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No, we were opening the account to pay the electricity and satellite tv bill.I showed them the rental agreement on the cottage.
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quote:
Originally posted by Firo
Has anyone actually drawn GBP in Fethiye since 1st Nov and checked that it was at NO CHARGE on a statement?
I asked the Nationwide if this was possible, in Oct this year, as per my previous post and the reply was...No, ANY transactions abroad would be charged whatever the currency drawn.
So back to my first question has anyone withdrawn GBP in Turkey since 1st Nov 2010 and not been charged on their statement?
I have drawn GBP in Fethiye recently and no charge showed up on my statement. How long it will take them to close this loophole is anybody's guess.
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I know as I'm doing it as well but let's keep it quiet...lol ;): :) 8)
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yes you can draw sterling and lira from hsbc atms, i use my debit card, get
stirling no charge from nationwide and change it at the bank,
or if in calis the shops are pretty good,[dont change at airports]