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Bad News For Nationwide Flex Account Holders


JASONTHAI
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Got a letter from Nationwide a few weeks back stating they will be changing the terms to my debit card when using it abroad, this is not good for any BM's or Expats who like me have used this card when in LOS to save money on fees, here's a link to the story

 

Nationwide kills cheap oversea spending

 

But there is some good news, I just applied for the card below online and got accecpted with a £6K limit which should cover me on my hols to LOS :GoldenSmile1: I will just top up the card with an extra £2k or so when I am on Hol so I will not have to pay any interest unless I spend more than I have top up with

 

The Clarity card from Halifax has no foreign exchange fee anywhere in the world, so you can get the best rate possible. Plus it doesn't charge for cash withdrawals, although you will be charged interest even if you repay in full.

 

The rate for cash withdrawals is a fairly low 12.9% APR (this rate is 'typical' which means two thirds of those that are accepted will get it, the rest will be charged up to 21.9%). This works out as around £1 per month for every £100 withdrawn.

 

 

This card is top for spending abroad and can only be beaten by Nationwide debit card for ATM withdrawals within Europe

 

As an additional bonus, if you have a Halifax Reward current account and you apply for the Reward Clarity* you'll get £5 each month you spend over £300 on the credit card (ensure you repay in full every month).

 

Just a little heads up guys

 

JT

Edited by JASONTHAI

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Thanks for this info - was debating best way to take money this time. Used one of them pre payed cards last time and was shafted.

 

Just been approved :D

 

Nice

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Thanks for this info - was debating best way to take money this time. Used one of them pre payed cards last time and was shafted.

 

Just been approved :D

 

Nice

 

I was going to get a pre paid card until I done a little bit more research and found out I would still be better of using my Nationwide card

have a look at this webpage is got very good info

 

Money Saving Expert

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Jason I've just had a quick look at the halifax website. And if I've looked at it correctly you need to have the Ultimate Reward Current Account not the Reward account to qualify for the Clarity credit card.

 

To have the Ultimate Reward Acount you still get the £5 cashback if over £1000 in wages (or whatever) is paid into the account BUT you also have to pay £12.50 a month to have the Ultimate Reward Account. £12.50 minus £5 equals £7.50 mulitplied by 12 equals £90. So you have to pay £90 a year for the Ultimate Reward Account so that you can have the Clarity card.

 

I'm in work so I've only had a quick look at Halifax website but I think I'm correct

 

 

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I just opened a standard bank account with the Halifax and they signed me up for the Clarity card at the same time. As I was also transferring over from the Nationwide they gave me £50 - can't say fairer than that!

'Fools rush in where angels fear to tread' - TiT

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Jason I've just had a quick look at the halifax website. And if I've looked at it correctly you need to have the Ultimate Reward Current Account not the Reward account to qualify for the Clarity credit card.

 

To have the Ultimate Reward Acount you still get the £5 cashback if over £1000 in wages (or whatever) is paid into the account BUT you also have to pay £12.50 a month to have the Ultimate Reward Account. £12.50 minus £5 equals £7.50 mulitplied by 12 equals £90. So you have to pay £90 a year for the Ultimate Reward Account so that you can have the Clarity card.

 

I'm in work so I've only had a quick look at Halifax website but I think I'm correct

 

 

 

Looking again I think an ordinary account will do

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Would it be better just to withdraw 'cash' from Halifax....................

Bring it to Patts.................................................................................

And open a bank account ................?

 

IE, no fees.............

 

 

 

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Would it be better just to withdraw 'cash' from Halifax....................

Bring it to Patts.................................................................................

And open a bank account ................?

 

IE, no fees.............

 

That's the best idea bring cash and open an account in Pattaya. I chose the Kasikorn Bank, you need to take your cash, passport and address and phone number of your hotel or lodging house. It's a 600 baht one off payment and you've got it for keeps. If you feel uneasy bringing cash bring TCs.

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That's the best idea bring cash and open an account in Pattaya. I chose the Kasikorn Bank, you need to take your cash, passport and address and phone number of your hotel or lodging house. It's a 600 baht one off payment and you've got it for keeps. If you feel uneasy bringing cash bring TCs.

 

Once you do this, on the next trip (you know there will be a next trip) you can do a SWIFT transfer with the bulk of you vacation funds before you leave. You get the best exchange rate available and it's waiting for you when you get there.

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That's the best idea bring cash and open an account in Pattaya. I chose the Kasikorn Bank, you need to take your cash, passport and address and phone number of your hotel or lodging house. It's a 600 baht one off payment and you've got it for keeps. If you feel uneasy bringing cash bring TCs.

 

This depends on how long you are going for and how many withdrawls you make for example, you would pay between £20 - £25 (940 - 1175 baht) on a swift transfer from the UK to a Thai bank, plus as I travel around LOS I may not find the same bank which I joined so I would be charged 20 baht per withdrawl if I use another Thai banks ATM, the advantage of the Halifax Clarity Card is that I can withdrawl £500 per day with is £200 more than my nationwide card and only pay the 150 baht fee so £2000 will cost me 600 baht in ATM fees so I still save 340 - 575 baht on the swift payment

Edited by JASONTHAI

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Looking again I think an ordinary account will do

 

Blue you don't need an account with them to get the card, it's a credit card so anyone over 18 can apply, if you want the £5 cashback per month you will need to have a halifax account

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Blue you don't need an account with them to get the card, it's a credit card so anyone over 18 can apply, if you want the £5 cashback per month you will need to have a halifax account

 

Hi Jason my main bank account is with the halifax. I already have a halifax reward account. And a few short years ago I opened a flex account with the Nationwide so that I could use the debit card to withdraw money from Thai ATM machines. This afternoon when I saw you posting I was in work and I only took a quick look at Halifax's website and didn't read it properly. Had I been at home I would have had more time to read about the new Clarity Card. Since looking at this topic I have applied for the new card and they gave me a credit limit off just under £5500 which is more than I need in Thailand during a 3 week vacation

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Hi Jason my main bank account is with the halifax. I already have a halifax reward account. And a few short years ago I opened a flex account with the Nationwide so that I could use the debit card to withdraw money from Thai ATM machines. This afternoon when I saw you posting I was in work and I only took a quick look at Halifax's website and didn't read it properly. Had I been at home I would have had more time to read about the new Clarity Card. Since looking at this topic I have applied for the new card and they gave me a credit limit off just under £5500 which is more than I need in Thailand during a 3 week vacation

 

Good one blue now all you need to do is top it up with your spending money and that way you don't pay any interest as long as you don't go over the money you topped up, this was a little trick I used to do, as sometimes I had problems getting money from my flex account card so I topped up my Nationwide credit card just incase and all I paid was the cash withdrawl fee and no interest

 

I have also asked for a second card for the wife, but I will use this for my step daughter in LOS as at present she have my other flex account card

Edited by JASONTHAI

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I was going to get a pre paid card until I done a little bit more research and found out I would still be better of using my Nationwide card

have a look at this webpage is got very good info

 

Money Saving Expert

 

It would be a useful exorcise to hear from people that have used cards in Thailand.

Quoting the exchange rate they got and when they were used

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This depends on how long you are going for and how many withdrawls you make for example, you would pay between £20 - £25 (940 - 1175 baht) on a swift transfer from the UK to a Thai bank, plus as I travel around LOS I may not find the same bank which I joined so I would be charged 20 baht per withdrawl if I use another Thai banks ATM, the advantage of the Halifax Clarity Card is that I can withdrawl £500 per day with is £200 more than my nationwide card and only pay the 150 baht fee so £2000 will cost me 600 baht in ATM fees so I still save 340 - 575 baht on the swift payment

 

Just a couple of points as it's a credit card you will be charged interest from the time you withdraw the money another thing to check is how much they allow you to withdraw in cash some cards only allow you to withdraw a percentage of your credit limit in cash.

 

Al.

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Just a couple of points as it's a credit card you will be charged interest from the time you withdraw the money another thing to check is how much they allow you to withdraw in cash some cards only allow you to withdraw a percentage of your credit limit in cash.

 

Al.

 

I have not been charged any interest on my Nationwide credit card when I have made cash withdrawls apart from the cash withdrawl fee, lets say your limit is £4000 you can make a single payment to your card via internet banking of £1000 more if you want this will bring your card up to £5000 as long as you do not withdrawl more than £1000 you will not pay interest as the money is yours and not the banks and you have not borrowed any of the credit card amount, most cards let you do cash withdrawls up to 90% of the cards limit

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Beware - Halifax still want something for the use of the card and it is against the Ts&Cs to pre-load the card.  You may find the payment is returned........  There is nothing to stop you paying into the card every week, cutting your interest exposure.  Still, it's only 1%, which is not bad for a lot of security.

 

 

 

 

 

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I have also asked for a second card for the wife, but I will use this for my step daughter in LOS as at present she have my other flex account card

Have you thought about giving them prepaid cards?  FairFX Sterling cards can be had for nothing and charge only the mastercard FX rate + 1.5% commission.  With these you can limit and spending and potential overpsend on your credit card, protecting your credit history.

 

 

You can load them up with a monthly standing order from the UK....

 

 

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Beware - Halifax still want something for the use of the card and it is against the Ts&Cs to pre-load the card. You may find the payment is returned........ There is nothing to stop you paying into the card every week, cutting your interest exposure. Still, it's only 1%, which is not bad for a lot of security.

 

 

 

 

If you do it right you are not breaking the T&C for example if you would like to buy a new TV in 4 days time cost is £1000 you could send the payment to your card now and it will take 3/4 days to reach the card issuer and then go and buy the TV at the most you will only pay 1 days interest, you have not broken any T&C's as you have just cleared your balance you owe but in a very fast time 5555, the same applies for cash withdrawls if you do it right

 

As regards to the 1% it maybe more as the rate starts from 12% upto 21% I just got a letter from Halifax saying they will charge me 17.1% or 1.42% per month so if I was to withdrawl £2000 in a month I would have to pay about £28 (1330 baht) in interest for the month maybe less as interest is charge on a daily balance, I might as well just use my Nationwide card as it would work out cheaper even after there fee hikes

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If you do it right you are not breaking the T&C for example if you would like to buy a new TV in 4 days time cost is £1000 you could send the payment to your card now and it will take 3/4 days to reach the card issuer and then go and buy the TV at the most you will only pay 1 days interest, you have not broken any T&C's as you have just cleared your balance you owe but in a very fast time 5555, the same applies for cash withdrawls if you do it right

 

As regards to the 1% it maybe more as the rate starts from 12% upto 21% I just got a letter from Halifax saying they will charge me 17.1% or 1.42% per month so if I was to withdrawl £2000 in a month I would have to pay about £28 (1330 baht) in interest for the month maybe less as interest is charge on a daily balance, I might as well just use my Nationwide card as it would work out cheaper even after there fee hikes

 

 

 

 

You may be better off with the FairFX pre-load card.  1.5% loading on mastercard rate, nothing else.  No ATM charges, other than the usual 150THB.  Spend all you can on the clarity card, use FairFX for cash.  The are links for a free fairfx card on the MSE site.

 

 

 

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You may be better off with the FairFX pre-load card. 1.5% loading on mastercard rate, nothing else. No ATM charges, other than the usual 150THB. Spend all you can on the clarity card, use FairFX for cash. The are links for a free fairfx card on the MSE site.

 

OK IT'S TIME TO DO A LITTLE MATHS

 

I am going to break down each opition we have and how much it will cost to withdrawl £2000 (96,000 Baht) based on 48 baht to the £

NATIONWIDE DEBIT CARD

 

£300 (max per day) x 6, you will pay the following, 900 Baht (£18.75) in ATM Fees, plus 6 x £1.00 (288 Baht) in Nationwide ATM fee's, plus 6 x 2% loading fees £36 (1728 Baht)

 

£200 x 1 you will pay the following, 150 Baht (£3.12) in ATM Fees, plus 1 x £1.00 (48 Baht) in Nationwide ATM fee's, plus 1 x 2% loading fees £4 (192 Baht)

 

GRAND TOTAL = £68.87 (3306 Baht)

 

 

FAIR FX PREPAID CARD

 

£500 (per day, maybe more but I don't know the limit) x 4, you will pay the following 600 baht (£12.50) in ATM fees, plus 4 x 1.5% loading fees £30 (1440 Baht)

 

GRAND TOTAL = £42.50 (2040 Baht) this figure maybe less depending on the daily amount you can withdrawl

 

 

THAI BANK ACCOUNT

 

£2000 transfered into a Thai bank account will have a fee of £20 (960 Baht) from a UK bank, no ATM fee's unless you use a different Thai bank's ATM then a 20 Baht charge will apply

 

GRAND TOTAL = £20 (960 Baht)

 

 

METRO BANK (BRANCHES ONLY IN LONDON)

 

£300/£500 (per day, I don't know the limits) 4 - 7 ATM withdrawls 600/1050 Baht (£12.50 - £21.87) no other fee's apply, just like what Nationwide used to be like !

 

Load-free debit card (London only). New high street player Metro bank charges no foreign exchange loading or cash withdrawal fees on the card that comes with it's current account. However, you have to go to its one London branch in Holborn to get one (its opening more in future, but all within the M25 area)

 

GRAND TOTAL = £12.50 - £21.87 (600/1050 Baht)

 

 

HALIFAX CLARITY CARD

 

£500 (Per day max) x 4, you will pay ther following 600 baht (£12.50) in ATM fees, plus interest fee's on your withdrawl until cleared, you could send a payment to your card the day you fly out, which will take 3/4 days to reach the card issuer, so you should only pay about 4 days interest as the balance will be cleared, based on the avarage APR of 12.1% this will work out to be about £2.64

 

GRAND TOTAL = £15.14 (727 Baht)

 

 

 

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OK IT'S TIME TO DO A LITTLE MATHS

 

...................................

 

Good work.

 

So if you've got it right, Nationwide is way out of it?

 

For the Thai bank option I just wonder how many people would use that option for only 2k.

I appreciate we may be thinking holiday, but there are also regulars and expats who might bring in larger lumps.

Going to the high end, some might bring in an amount to cover their Retirement Extension eg. 20k and the transfer fee is still fixed (my bank is anyway).

In your example that would reduce the cost per 2k to 2 quid?

The crunch point for those who do bring in big lumps is when to do it (if they have a choice) in terms of Exchange Rate. Whether they get it right or wrong can make a world of difference to the calculations.

 

Purely by chance rather than good judgement for example, I still have 2-3 months of 56 baht/GBP before facing the truth. That's worth about 600 GBP at today's rates - I think. :Think1:

Obviously next time it could easily go the other way. :Cry3:

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Good Work!

 

 

 

 

Couple of points:

 

1) The Thai Bank Account Rate does not account for any loading or fees at the accepting bank.  You need to know what their GBP rate is vs interbank.

 

2) Metrobank seems a good deal, if it is not your "main" bank account.  If you get done on your card, the fraudster potentially has access to all the available funds in the account.  That's your real cash that he's spending, and it will take time to get it back.... if you can.  This is also why you shouldn't pre-load a FairFX card, or similar, to the max.  Top-up as you go.

 

3) Clarity does seem the way to go - cheap and easy and secure.  If you spot fraud, you don't pay the bill and Halifax have to worry about getting the money back.  Simples.

 

 

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..................................................................

1) The Thai Bank Account Rate does not account for any loading or fees at the accepting bank.  You need to know what their GBP rate is vs interbank.

..................................................................

 

I've used Kasikorn for quite a few (too many) transfers and not had any charges.

 

The rate I got was usually a few Satang better than the rate showing HERE

Edited by Edge

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