OK so slightly different today as I am thinking of my holidays, and how best to access currency in the current climate.
I've long lamented Nationwide's decision to pull back into the pack of mediocrity with its decision to end the one differentiating benefit to its current account holders and indeed, to its position amongst high street banks and building societies.
What was the benefit you ask?
Well, Nationwide's current account, the Flex Account previously enabled holders to withdraw cash in the local currency out of an ATM anywhere in the world with no withdrawal fee from Nationwide (ATM provider may charge), no currency handling charge and at the wholesale exchange rate (rather than the tourist).
For me at least, this made it a must have product for travellers along with their credit card which operated in a similarly charge free fashion when used for payment and settled at the end of the month (cash withdrawals incurred a more normal charge and interest etc etc.).
However, Nationwide now applies various rates and charges. For example debit card withdrawals incur a £1 ATM charge and a 2% exchange load.
In its place the Nationwide now offers European travel insurance to Flex Account holders that meet certain conditions.
Like I said mediocre offerings then, from a Building Society that spends a lot of money telling you its different, and the benefits of mutuality, but ditched its one differentiating product.
No wonder shareholder members are looking at Director's generous remunerations and asking what they are doing to deserve them!
But following up on my weekly email from Moneysaving expert it looks like there might be a viable alternative on the market from Norwich and Peterborough BS, which is now merged with the Yorkshire BS.
The product in question is the society's Gold Classic Current Account which offers free card usage abroad to qualifying account holders (allowing for any local ATM operator charges of course).
To qualify requires a minimum £500 a month to be paid into the account which qualifies the holder for all overseas debit card transactions (payments and withdrawals), to be free of Norwich and Peterborough charges.
Interestingly there are also other attractive benefits like card and key protection, and cheap share dealing!
Nationwide et al please take note!
From experience being armed with a good credit and debit card for overseas spending is a very satisfying start (and one less stress), to any trip, so it looks well worth a look to me.
Related article links:
- http://www.moneysavingexpert.com: Cheap Travel Money
- http://www.nandp.co.uk: GOLD CLASSIC CURRENT ACCOUNT
- http://www.nandp.co.uk: HOW DO WE COMPARE?
- http://www.moneysavingexpert.com: WANT THE FAMOUS MARTIN'S MONEY TIPS E-MAIL?
No comments:
Post a Comment