Nationwide Flex to start charging for foreign exchange transactions

[munk]

Just a heads up for anyone with a Nationwide Flex account that they use for betting in overseas currency - from June 1st the charges on foreign exchange transactions will go up to 0.84% and 1% from July 1st. Not a huge amount but obviously if it's a few thousand you're transferring then it all adds up.

Real shame that, only had my account a few months and have enjoyed the 0% charges on overseas debit card transactions... looks like I'll be looking elsewhere for fee free overseas transactions now - apparently Abbey have an account that doesn't charge for overseas transactions.

Thanks to the MSE newsletter for that, although they did send out an info leaflet about it with the last statement as well.

[chadders1966]

Just to add to this that the additional charge does not apply to transactions in €. See the following for details: Nationwide Building Society - Foreign Transactions

[AmeliesDad]

The wife went to pick up an application form for me yesterday and they told her then. From what I've read its to pass on a charge Visa makes for charges outside Europe. Although there was then some confusion over what Europe meant in this instance. Also, I seem to remember that Abbey have closed their commission free card to new applications, although they did say they would have a new one soon! Bloody banks.

[munk]

Just to add to this that the additional charge does not apply to transactions in €. See the following for details: Nationwide Building Society - Foreign Transactions

The wife went to pick up an application form for me yesterday and they told her then. From what I've read its to pass on a charge Visa makes for charges outside Europe. Although there was then some confusion over what Europe meant in this instance. Also, I seem to remember that Abbey have closed their commission free card to new applications, although they did say they would have a new one soon! Bloody banks.

Ah well that's not quite so bad then, I was using Nationwide just for Euro transactions really anyway since I use MB for USD. Cheers chaps

[TelC]

I have a nationwide flex and was told this would be the best account to have for matchbetting. Does anyone know if matchbetting effects your credit score? and has anyones bank have declined a transaction?

[Andy]

Credit Score, it shouldnt do really you are not asking for credit you are depositing money, its no different to buying something. If spending a lot of money would effect your credit score then i guess it might but i dont know how credit scores are worked out. From personal experiance i have had in the recent past 5 figure monthly turnover on my main betting bank account and have never been declined any type of credit application ever. So on anecdotal evidence it isnt a problem, but i dont work at a bank or actually know what they look for.

RE Bank declining transactions, i have never been declined for a reason, sometimes they just dont go through for technical reasons, and quite a lot i am called by the "Fraud Department" for them to check with me the payments made were in fact me, but it has never been a problem.

[TelC]

Thanks Andy.

[chadders1966]

There's a thread on MSE (which I contributed to ) about Nationwide. Some people in recent weeks are having difficulty using their Nationwide account for gambling sites. My account has been blocked (they never contacted me) for a few days now, and this is the third time it has happened. When they finally rang me back I got a garbled message about transactions with a retailer with links to fraudulent activity. I have no transactions with any company I haven't used a lot before. My interpretation is that they don't like the amount of gambling related transactions on the account.
It's still a good account to have for euro transactions, but best not to have it as your main 'proper' bank account for paying your bills etc. if your going to use it for betting, and make sure you have cash in Moneybookers so you can place your bets in case this happens.

[doomed]

Nationwide to charge for FlexAccount overseas cash withdrawals | Money | The Guardian

I have used a Nationwide debit card for all my transactions with € denominated bookie accounts. A 2% charge for deposits and the same again for withdrawals is bad news.

The Halifax Clarity credit card appears to remain free of all currency charges though that would be no use for withdrawals from bookies.

[King_Suckerman]

I got a letter from NW last week confirming that they will charge 2% for "buying goods and services with your Visa debit card in currencies other than sterling". Effective 1/11/10.

Presumably withdrawls from bookies will incur the same 2% charge.

Anyone found a suitable alternative?