AnOther Posted February 4, 2008 Share Posted February 4, 2008 My wife had a problem at our local ATM yesterday when the machine refused to give her any money and told her " Your bank have told us to return your card blah blah blah" or similar.I phoned NW to find out what was going on and they said that they couldn't see any reason for it and could only suggest a different ATM which she had already of course but duly tried yet again today, still with no luck.I have phoned NW again today only to be told the same thing and that there was nothing more they could do. Not exactly an acceptable answer [:-))]I insisted on speaking to a supervisor who eventually was able to tell me that, because the exchange rate was so poor, attempting to withdraw €400 which we habitually do - or even €800 on both cards, was now busting the £300 card limit and to try a smaller amount which she's off to do tomorrow and I'm sure it will work - now we know !It is completely logical when you think of it but neverthless it took me best part of an hour on the phone being shuttled between operators, musak, security, more musak, and finally a supervisor to glean this snippet of information.Perhaps those who use the NW card could disseminate this information to others they know who also use it. Link to comment Share on other sites More sharing options...
mint Posted February 4, 2008 Share Posted February 4, 2008 Very considerate of you to post this, ErnieY. Haven't tried to withdraw 400 euros for ages as we have now bought most of the expensive items and are on "subsistence" allowance!Seriously, we are only taking out what we need because of the rubbishy exchange rates. Link to comment Share on other sites More sharing options...
woolybananasbrother Posted February 4, 2008 Share Posted February 4, 2008 Now here then is a question: Is it more cost effective to take out cash using a card and pay that way, assuming the card makes a charge, or is it better to slap everything onto a credit card and pay it off at the end of each month?[6] Link to comment Share on other sites More sharing options...
betty Posted February 4, 2008 Share Posted February 4, 2008 Hi ErnieY It wouldn't have anything to do with Nationwide replacing everyone's FlexAccount cards, would it? When I signed onto their internet banking last Friday there was a notification saying that anyone whose cards had been issued prior to November 2007 would be receiving a new one sometime between now and early May. My OH's replacement card arrived in the post the next morning (we are still in the UK) which would have been a bit of a surprise because if I had not seen the message on their internet banking we would not have known anything about it and wondered why they had sent a new one as the one he had had not expired.I went into town on Friday afternoon as I had to pay some money into my account and asked the cashier if it was possible to pick up the new cards from the branch as I do not like these sort of things being sent in the post and she did not have a clue what I was talking about! She was not aware that the company that she worked for were replacing everyone's FlexAccount cards so she was no help whatsoever.The letter that came with my OH's new card states that the 16 digit card number is different from before but your PIN stays the same but if you've given your previous 16 digit card number to an organisation for any regular payments etc it looks like you need to inform them that your number has changed. Direct debits and Standing Orders are okay.Edit: http://www.nationwide.co.uk/security/news_and_alerts/Betty Link to comment Share on other sites More sharing options...
AnOther Posted February 4, 2008 Author Share Posted February 4, 2008 [quote user="woolybananasbrother"]Now here then is a question: Is it more cost effective to take out cash using a card and pay that way, assuming the card makes a charge, or is it better to slap everything onto a credit card and pay it off at the end of each month?[6][/quote]That's the whole point of the NW Debit card though - no charges and bank exchange rate. The NW Credit Card used to be charge free also in which case your proposal might have made some sense but as it isn't anymore it doesn't.BETTY:I don't think it's anything to do with that at all. When the exchange rate dropped below 1.3333, as it has done over the past couple of days, €400 exceeded £300 and that was it, clash bang wallop [:(] Link to comment Share on other sites More sharing options...
Anna Posted February 4, 2008 Share Posted February 4, 2008 I think it's all to do with the exchange rate too. I had my Visa card (not Nationwide) returned when I tried to withdraw 350€ the other day, with the usual message about being instructed to get intouch with your bank. Then I re-tried, asking for only 320€ and the machine coughed out that amount with no problems! Link to comment Share on other sites More sharing options...
Scooby Posted February 4, 2008 Share Posted February 4, 2008 We have just closed our Nationwide account. We wanted to transfer some funds to France and were told we needed to come into the branch. So I took a couple of hours off work, drove the 8 miles to the branch only to be told that for transfers over £1,000 we had to produce our passport or photo ID! Apparently producing these to open the account - and having made the transfer before wasn't sufficient. So we closed the account - paid the balance of the account into our bank account and I arranged the transfer via our old broker by phone from my office! Oh and no fee (£20 with NW) and I got a better rate....We'll still keep the credit card but we're not going through that palava everytime we want to transfer funds! Link to comment Share on other sites More sharing options...
cooperlola Posted February 4, 2008 Share Posted February 4, 2008 Well, Scooby, it's a money laundering reg' now so you're stuck with it wherever you bank. I had the same thing with Alliance and Leicester (and even less convenient when you're in France!) Link to comment Share on other sites More sharing options...
Scooby Posted February 4, 2008 Share Posted February 4, 2008 It's Nationwide's interpretation of the money laundering regulations. They were happy to let me make a cheque or cash withdrawal without a passport / photo ID - thereby neatly layering the money again! Money laundering rules apply to all banks - so it's interesting our bank would do the transfer by phone with no ID.... Link to comment Share on other sites More sharing options...
AnOther Posted February 4, 2008 Author Share Posted February 4, 2008 It's irritating I know Scooby, and they should perhaps have told you that you would need proper ID, or maybe you should have considered it [Www]Most of us fall victim of such things from time to time but, looking form the other side, identity theft is so rife that, as far as NW were concerned, without photo ID you could have been anyone, even then it's not 100% conclusive but the bank has to cover itself and you in the process.. If a fraudster had managed to transfer £1000 out of your A/C I can imagine how pleased you would have been that they hadn't insisted on seeing his passport [;-)]I don't know what your plans are for France but I hope you don't come to regret giving up the NW A/C [:(] Link to comment Share on other sites More sharing options...
Scooby Posted February 4, 2008 Share Posted February 4, 2008 As I said I got better rate with our broker. If every bank asked for ID for transactions over £1k the banking community would grind to a standstill. (Btw I'm a senior manager with a large bank so I'm familiar with the money laundering regs - I just didn't realise NW's procedures were so archaeic!!) Link to comment Share on other sites More sharing options...
mint Posted February 4, 2008 Share Posted February 4, 2008 [quote user="ErnieY"]The NW Credit Card used to be charge free also in which case your proposal might have made some sense but as it isn't anymore it doesn't.[/quote]ErnieY, what do you mean "used to be charge free"? I don't know about a fee for the credit card. If there is a fee, how much and how often? Link to comment Share on other sites More sharing options...
AnOther Posted February 4, 2008 Author Share Posted February 4, 2008 I would have sworn that NW had started charging a fee for foreign use of their Credit Card sometime late last year but I've looked on their site and it says "Nil" so appears I'm mistaken.Sorry if I spoilt your evening [:$] Link to comment Share on other sites More sharing options...
mint Posted February 4, 2008 Share Posted February 4, 2008 That's OK, Erns. You are allowed to make the occasional mistake. Had me worried for a moment, that's all.[:)] Link to comment Share on other sites More sharing options...
Kitty Posted February 5, 2008 Share Posted February 5, 2008 I opened up a Nationwide account just for using the cash withdrawal card in France. It's such a cheap way to draw out money here. It's much cheaper than transfering a wodge of dosh into my Credit Agricole account, where I am charged (a) for transfering money from my UK account (b) for money going into my French account and (c) for CA regular bank charges.So my advice to anyone coming to France is get a Nationwide account for the cash points here. Link to comment Share on other sites More sharing options...
Scooby Posted February 5, 2008 Share Posted February 5, 2008 I don't get charges from either my UK bank or my French bank for the transfer. The normal account charges I would have to pay anyway. The rate we get with the broker (compared with NW) means it's a no brainer. Link to comment Share on other sites More sharing options...
AnOther Posted February 5, 2008 Author Share Posted February 5, 2008 So Scooby, if you get such a good deal via that route, then why were you trying to go through NW in the first place [8-)] Link to comment Share on other sites More sharing options...
Scooby Posted February 5, 2008 Share Posted February 5, 2008 NW offered a better rate when we only wanted to transfer a small amount (£700) . They offer a good rate for small transfers but anything over £1,000 the brokers are better. The £700 was a one off - normally we transfer much more than that. Link to comment Share on other sites More sharing options...
Georgina Posted February 18, 2008 Share Posted February 18, 2008 Having opened a Nationwide account I was wondering what exchange rate you got this week please on cash only? I phoned Nationwide and they were unable to tell me the current exchange rate on cash, if I withdrew now, so I could work out whether it would be worth it. They ummed and aarred. So let us work out how much they are getting as against the current exchange rate, anyone? I fail to understand why they could not give me this information, or is it better that they keep it secret and let us believe we are all on a good deal because they don't charge commission or loading? Georgina Link to comment Share on other sites More sharing options...
Jacqui Too Posted February 18, 2008 Share Posted February 18, 2008 [quote user="Georgina"] I fail to understand why they could not give me this information, or is it better that they keep it secret and let us believe we are all on a good deal because they don't charge commission or loading? Georgina[/quote]I have always found them to be very fair with their exchange rate.Last year when returning home after using the card for withdrawing cash many times, when the statement came I checked to compare their rate they had given me with the ones I receive from HiXF daily and they were almost identical so I don't bother to check anymore. Link to comment Share on other sites More sharing options...
AnOther Posted February 18, 2008 Author Share Posted February 18, 2008 My some how some people do fret [Www]Over 15 month's of very regular use I can say that Nationwide's rate has alway equalled or bettered that offered by HiFx at the same instant.My wife withdrew €300 on the 15th and according to my statement I was charged £222.90 which is a rate of 1.3459. Hi Fx were showing between 1.3360 to 1.3380 for the day, go figure [:D] Link to comment Share on other sites More sharing options...
Georgina Posted February 18, 2008 Share Posted February 18, 2008 Thanks for that, I was just wanting to confirm, sounded too good to be true, I don't trust banks much.[;-)] Georgina Link to comment Share on other sites More sharing options...
AnOther Posted February 18, 2008 Author Share Posted February 18, 2008 Nor do I but Nationwide are still a building society not a bank don't forget and let's hope and pray they stay that way.I can imagine the howls of anguish, mine included, if they ever decided to join the pack and charge for using their card and give similar cr*p rates to the competition.[+o(] Link to comment Share on other sites More sharing options...
Scooby Posted February 18, 2008 Share Posted February 18, 2008 As I said before Ernie, it depends on the size of the transaction. Less than £1,000, Nationwide will be better - above that HIFX will probably give you a better deal. We usually transfer upwards of £5k so HIFX consistently give us better rates. Our biggest problem with HIFX is their ability to 'lose' funds so we always check and double check the transfer. Link to comment Share on other sites More sharing options...
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