150 baht fee to be charged to foreign ATM cardholders

[chopsticks]

Users of Nationwide debit cards are to be charged 2% on all overseas transactions from November
(free or low fees at the moment ??).

[BaaBaa.]

Users of Nationwide debit cards are to be charged 2% on all overseas transactions from November
(free or low fees at the moment ??).

Where have you heard that? You sure that's the flex account?

[chopsticks]

flex account is just their name for a current or cheque account isn't it ?
Perhaps it's to help pay for all the ads screened during the World Cup......

http://www.dailymail.co.uk/news/article ... perks.html

[BaaBaa.]

flex account is just their name for a current or cheque account isn't it ?
Perhaps it's to help pay for all the ads screened during the World Cup......

http://www.dailymail.co.uk/news/article ... perks.html

Pretty much, it's just that a few months back they started a charge on the most basic account but it didn't affect the flex acount.

What you say is 100% correct though. Info HERE and HERE.

Great isn't it? My missus has my nationwide card when I'm not in Thailand and as soon as the exchange rate has a bit of a recovery the banks hit you with another charge.

[chopsticks]

Another 'bank' now not worth bothering with anymore ?
Even the 'free' travel insurance they're now trying to plug is for Europe only

[JimmyGreaves]

Pain in the arse. first they stop us using the red cash card abroad (missus has got this) now the blue one is subject to charges. Exchange rates shite etc etc

[BaaBaa.]

Probably worth a thread of its own, I'm sure it will cheer Sarge up on a Sunday morning.

A 10'000 baht withdrawal with the current rates and 150 baht charge is going to cost £8.

[chopsticks]

I opened a new account with them only a few weeks ago.
When the 'consultant' asked why I had chosen Nationwide and I mentioned because of their low / zero overseas withdrawal fees there was a very long silent uncomfortable pause before they continued the process.........now I know why

[mabubba]

I've been researching the best ways to avoid fx fees. I currently use HSBC for banking and their transaction fees are not that favourable. I was also looking at getting the Nationwide card, but now, with the changes made to it for overseas transactions, it isn't a good option. According to the Moneysavingexpert (http://travelmoney.moneysavingexpert.com/) the Halifax Clarity Credit Card is now the next best option (in the UK).

I don't really have the stomach to chase the best deals and jump through hoops everytime a bank changes their fees, but I do see the advantage for getting a good deal. Especially if you need to periodically move money from one currency to another (UK pension and living in Thailand for example). I am not in that situation yet...

Here's 2 example transactions (using my current options):

Assuming a current exchange rate (6Aug) of 50.72 baht/£.

I can currently withdraw 15,000 baht per transaction using HSBC (not sure if I can increase it...) and that costs me £308.87 of which £13.13 are fees (2.75% load + 2% withdrawal fee per transaction with min. £1.75 and max. £5). And that doesn't include the 150baht foreign cash machine fee (avoided using Aeon). So, this costs approximately 4.3% in total.

I compared this to just buying baht online via a currency exchange company (preorder to pick-up at branch), and they would charge £304.88 of which £9.14 are 'fees' (charged via a lower exchange rate of 49.20baht/£). Approximately 3.0%.

Seems like buying currency before my trip is best? One downside is carrying lots of cash around. Any thoughts? I assume the exchange rates in HH would be worse than this? Can anyone confirm?

[BaaBaa.]

I I assume the exchange rates in HH would be worse than this? Can anyone confirm?

Bangkok Bank is 50.19 today for cash.

Bookmark this site, it gives up to the minute exchange rates, TT is the ATM rate.

http://bankexchangerates.daytodaydata.net/default.aspx

[chopsticks]

I've been researching the best ways to avoid fx fees. I currently use HSBC for banking and their transaction fees are not that favourable. I was also looking at getting the Nationwide card, but now, with the changes made to it for overseas transactions, it isn't a good option. According to the Moneysavingexpert (http://travelmoney.moneysavingexpert.com/) the Halifax Clarity Credit Card is now the next best option (in the UK).

I don't really have the stomach to chase the best deals and jump through hoops everytime a bank changes their fees, but I do see the advantage for getting a good deal. Especially if you need to periodically move money from one currency to another (UK pension and living in Thailand for example). I am not in that situation yet...

Here's 2 example transactions (using my current options):

Assuming a current exchange rate (6Aug) of 50.72 baht/£.

I can currently withdraw 15,000 baht per transaction using HSBC (not sure if I can increase it...) and that costs me £308.87 of which £13.13 are fees (2.75% load + 2% withdrawal fee per transaction with min. £1.75 and max. £5). And that doesn't include the 150baht foreign cash machine fee (avoided using Aeon). So, this costs approximately 4.3% in total.

I compared this to just buying baht online via a currency exchange company (preorder to pick-up at branch), and they would charge £304.88 of which £9.14 are 'fees' (charged via a lower exchange rate of 49.20baht/£). Approximately 3.0%.

Seems like buying currency before my trip is best? One downside is carrying lots of cash around. Any thoughts? I assume the exchange rates in HH would be worse than this? Can anyone confirm?

Best rate is to take the sterling bank notes with you and change it when you get there rather than
carrying the Bahts. Either way you run the risk of carrying cash with you.
If you don't mind losing about 1% when you buy (and a small amount in fees when exchanged) use Sterling travellers cheques. The encashment fee in Thailand is per cheque so don't take too many in small denominations

[mabubba]

Thanks guys, sounds like I have better options! I'll bookmark the site and start monitoring rates. And I'll look into getting some travelers cheques.

[Homer]

I have ATMs from two banks in the states. Capital One has been crediting my account with one or two ATM fees a month, same with USAA. Can't see any pattern why the 1 vs. 2 and haven't checked the websites for explanation. Both banks refund all fees in the states, up to a $ limit, because they have few or no physical branches. I selected them in part because of low fees while traveling or living outside the country.

USAA's customer service is second to none. They expect many of their members to move in and out of the country. The international info is always spot on. They don't advertise it, but to get an account at the USAA bank you don't have to be a USAA member, which is limited to current military personel, their families, and children of former officers and men (or something close to that).

[hhfarang]

Homer, I was just looking at USAA's web site and saw this:

USAA does not charge a fee for the first 10 ATM withdrawals and refunds up to $15 in other banks' ATM usage fees each month. A 1% foreign transaction fee applies to withdrawals outside the United States.

My current U.S. bank charges a flat $5 for an international transaction, which is less than 1% on a 20,000 baht (max at most Thai ATMs) withdrawal, however, my current ATM card also has the VISA symbol on it and I get another 1% charge (paid to VISA?) because of that.... so are you saying that with USAA there is only the 1% charge and not the second charge and that they refund some of the international (local) ATM charges (up to $15 per month, at 150 baht per transaction they should refund 3 of the local fees per month).

Also, according to the web site, I couldn't see any way to open an account without being a USAA member (USAA logon required first). If I can find my USNR discharge papers (that date is needed to apply for membership) I may qualify for membership but I can't locate those at the moment.

[peter48]

Yes the Nationwide increase to 2% on its debit card from November is a shocker and is being posted up on UK finance chat sites like candidmoney. I think it is incumbent on those with cards like us to send letters/emails addressing our dismay at this change. This is a building society run for its members ( well its not shareholders). I would imagine a big fall off in customers.