Nationwide

[Tatilde]

According to today's Daily Mail, Nationwide are going to start charging 2 per cent for cash withdrawals abroad from November.
My account will be closed in October!

Linkback: https://www.enjoykalkan.com/forum/index.php?topic=6059.0

[Hummingbird]

Sorry Post modified it didn't accept my table - hope this is now clear.
 
KTLN has covered this Tatilde.  They include a summary of charges for the different Bank Providers and a link to the Nationwide site from where the information came.  It is claimed Nationwide are still the cheapest of the main Providers so on the face of it you are better off staying with them.     
We are with Lloyd’s Bank and use the ATM’s in Kalkan for our cash.
The scale of charges shown does not mean a lot to me, no exchange rate is mentioned either, so I thought we should look at this in “real world” terms.
We take cash out in batches of 1000TL usually.  When I look at my bank account the Sterling it costs me varies with the exchange rate of course and they also levy a 1% fee. 
This is the actual cost:-
 
Date     Amount taken out via ATM     Actual cost in Sterling including a 1% fee     
 
25/7     1000 TL                              448.92                                                 
21/7     1000TL                               449.84                                                   
16/7     1000TL                               445.16
8/7       500TL                                223.82
 
These costs seem reasonable to me…………… I think.
 
Can anyone else contribute “real world” examples so we can compare and make sense of the different Banks charging systems?

[kevincat99]

I understand their charges for cash withdrawals from ATM's - but did I also read that they do not charge for cards purchases abroad ??
If this is the case do you minimise cash withdrawals and pay for most things using your card ??

[kalkan4eva]

my understanding is there will be a 2% transaction fee for all card purchases and a further £1 levy for each use of an ATM for Nationwide customers after November

[kevincat99]

I read it as the 2% + £1 on cash withdrawals
If you look at their example on http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1590
 
to withdraw 8x£100 @ 2% + 8X£1 and 4 x £50 purchases = £28
 
=[ £800@2%=£16 ]+ [8x£1 = £8] + [4 purchases @ £1 each=£4 ] =total £28
 
so is the charge per debit tranactio £1

[jd2200]

I don't know if this will help but i was reading this web page today which has some good links attached and explained the various charges that different banks charged including the Nationwides revised charges.
I have copied the link as below
www.moneysavingexpert.com.
Jon

[kalkan4eva]

KC, I think we are saying the same thing...
all transactions 2% but for ATM use add an extra £1 (flat fee). I think the current system is there are no charges at all for either cash withdrawals or purchases? - not a nationwide customer so don't know. We don't pay anything - percentages or flat fee - for our Santander card, but you do have to have either a mortgage or savings with them to qualify for the account.
BTW, KC you have too much time on your hands - I glaze over at sums ...get out in the sunshine.
There's also a good comparison table on KTLN

[kevincat99]

So John they catch you however you use the card - except you pay an extra £1 if you withdraw cash
Thanks

[tonik1945]

Hi all.
Here is a link to an article from Saturdays Guardian which I think explains the situation well . It also covers the Santander Zero Card and the Saga Platinum card.



http://www.guardian.co.uk/money/2010/jul/31/nationwide-flexaccount-charge-withdrawals

[Hummingbird]

The information here is interesting but if we take out cash in Kalkan from an ATM then surely this will be in Turkish Lira.  So I am struggling to follow the process of only comparing accounts via their explicit charges (if any) and in Sterling terms.
The actual cost will be the Sterling taken from your UK bank account after an exchange rate won’t it?
Am I missing something here? [/font]

[kalkan4eva]

The Santander Zero card referred to in the Guardian article is the credit card, not the debit card. There is no interest charged for cash withdrawals for the the debit card

[tonik1945]

Hi K4E The free Santander debit card is only available to those who have a mortgage a/c or investment a/c with Santander.


Hummingbird the debate is about the fact that at present the Nationwide Flex A/C doesn't charge you for either purchases or cash withdrawals, most other banks do. So when I used my card in June I got the local going rate and no deductions. As from November if I use the flex card to get cash from an ATM I will be charged 2% plus a flat fee of £1 eg if I take out the equivalant of £100 in Lira it will cost me £3. I think that's right someone will tell me if it's not

[kalkan4eva]

Hi tonik1945,
my earlier post in this thread does actually state that fact
 
BTW, I don't work for Santander or any of its subsidiaries, just a happy customer

[Tatilde]

A happy customer of Santander? You must be an endangered specie!