Nationwide U-turn on foreign fees hike

[Baz]

Good news for Nationwide card holders. The previously announced hike in card fees outside Europe starting on 1 July has been shelved. For further details look here: http://www.dailymail.co.uk/money/article-1195040/Nationwide-U-turn-fees-hike-abroad.html

Baz

[AnOther]

All to the good of course but WOW, a whole .16% saving on something 99% of us will likely never have cause nor occasion to be thankful for [;-)]

[Iceni]

Not at all Ernie, the proposed Visa/Nationwide increase was a tad over 19%.

John

[AnOther]

19%!!!!! get outta here [:-))]

I can only quote what the linked article says:

"The firm had signalled its intention to increase fees on debit and

credit card transactions from 0.84 per cent to 1 per cent from July 1"

[Sunday Driver]

0.84 to 1.00 is a 19% increase......[;-)]

 

 

 

[AnOther]

Agreed but why say 'not at all Ernie' because my post was perfectly valid as it stood.

The fact remains that in practical terms the difference between the rates represents a pretty insignificant £0.16 per £100 spent.

[Jonzjob]

Count the pennies to save the pounds Ernie [:-))]

[AnOther]

I'll save that homily JJ for the day when the difference between .86% and 1% becomes a matter of concern to me [;-)]

[Scooby]

Even with a 0.84% fee the Nationwide is still cheap.  Comparing their rates with the best tourist rates, on average Nationwide saves us over 2.5% on each transaction (~3.4% - less the 0.84% charge).  May not sound much but if you are converting, say, £1,000 that's over £25.

[AnOther]

The 0.84% fee is only levied on transactions outwith the EU so why are you paying it or factoring it into your calculations ?

[Jonzjob]

That's a lota wine Scooby!! At least it is down this way!

[Scooby]

[quote user="ErnieY"]The 0.84% fee is only levied on transactions outwith the EU so why are you paying it or factoring it into your calculations ?

[/quote]

Because we usually holiday outside the EU!  

[AnOther]

That would indeed explain it [:D]

[Chancer]

One should not lose track of the fact that even at 0.84% it is an increase of 100% as until very recently Nationwide used to swallow the 0.84% fee charged by Visa, it was only when Visa announced the forthcoming increase to 1% that Nationwide decided to levy the charge.

Still stnking value and when you compare it with French banks, well there is no comparison [:)]

I for one dont take them for granted, without Nationwide (as what other UK bank/building society even comes close) life for those of us with income/assets in stirling would be a lot more expensive.

[AnOther]

[quote user="J.Rs gone native"]without Nationwide (as what other UK bank/building society even comes close) life for those of us with income/assets in stirling would be a lot more expensive.[/quote]Not necessarily more expensive but definitely less convenient [;-)]

[tom.daniel]

not surprising that they have made a U turn, so many people hold nationwide accounts because of the lack or exchange fees, they would be losing their competetive advantage

[Bilbo]

The Nationwide increase did not apply to transactions in France anyway, as anyone who read the details would have seen.