Nationwide to charge customers using debit cards overseas
In a surprise move it has been revealed that the Nationwide is set to scrap the current 1% currency conversion charge on overseas Nationwide debit card transactions in favour of a 2% charge on all overseas transactions and a £1 withdrawal fee. However, the situation is slightly different for those holding Nationwide credit cards as the current 1% overseas charge will be retained for transactions within the EU and outside of the EU. However, there is also some good news!
The Nationwide has also confirmed that for customers who use the building society's Flexi Account as their main banking arrangement they will qualify for free travel insurance for themselves and their spouses. The building society has also withdrawn a raft of charges in relation to unauthorized overdrafts to be replaced by significantly reduced penalties. This is the latest in a long line of ongoing changes announced by the Nationwide which continues to lead the building society sector into a new era and a new way of banking for mutual societies.
There is no doubt that the building society sector is moving ever closer to the services provided by the banking arena although there are some subtle differences with regards to fund raising and behind-the-scenes balance sheet structures.
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