CyprusLiving

I know this has been discussed at length some time ago, but I don't know if anyone has had any luck finding a bank or building society that offered the same service that Nationwide used to - ie free withdrawals.
Santander offer the service to existing account holders (which I am) if you have £1000 paid in monthly (which I don't). I also came across a BS who only wanted £500 paid in monthly, but you had to be a UK resident. I still have a house in the UK but I am no longer on the electoral register which has caused me a problem with another account so I'd rather not try to take that route.
Failing the availability of free withdrawals, can anyone suggest the most cost effective account for withdrawing funds from a UK account, both in Cyprus and when travelling.
Thanks
Trisha

They are currently pushing a "Platinum" credit card which - if you have over 1K a month paid into your account - gives you totally fee free cash withdrawals abroad - just like the good ole days.

But again you have the problem that if you live abroad you cannot open a new account with Nationwide.

Trev..

Plus the bit about having over 1000 paid in each month!

Sue

Have you looked here ...

http://travelmoney.moneysavingexpert.com/overseas-spending-cards/

Hello All

If this is the card referred to above, it comes with restrictions - seems you have to make purchases in the UK to 'earn' free foreign withdrawals


'With our great 'Rewards for Abroad' feature we will reward you every time you make purchases in pounds sterling with a commission-free foreign allowance. For example if you spend £100 on your shopping in a month (UK, Sterling) you’ll automatically be rewarded with £20 worth of commission-free allowance to use on purchases in a foreign currency.

How it works

Build your allowance - all purchases made in pounds sterling count towards your reward allowance.
See how much you've earned - the allowance you've earned will appear on your monthly statement so you know exactly where you stand before you go on holiday. And there's no limit to what you can earn - if you don't use it all up one year, it will be carried forward to the next year.
Low commission charge - for purchases abroad over and above your allowance, you'll be glad to know that at 2% the commission we charge is lower than many other cards.'

No good for us I'm afraid

Paula

We now use Currency Fair from our Nationwide Flex account. At least you know exactly what the rate is when you transfer and you have the flexibility of waiting until a higher rate comes along. Beware, although some cards do not charge for the transfer, they in fact do through a lower exchange rate.

We have just opened an account with Metro Bank. Nationwide were taking nearly £7 when you withdrew around £300. I know this bank is only in London and the suburbs at the moment so probably won't be practical for most members but you only have to go to a branch once to open the account. Take your passport and 2 other bills, pension statement (the usual stuff). The account is opened and debit card issued within 20 minutes. Pat

I'm not so much concerned with spending here in Cyprus - I'm happy to move sterling through Currency Solutions for that, but when I take a long trip outside Europe it was so easy knowing I could just use ATM's anywhere, without thinking about the cost.
Thanks for all the comments - anyone else?
Trisha

Why not take a Caxtonfx GLOBAL card. Yes, it's not a credit card as such, but a pre-loaded card. There is no charge for withdrawals outside of the UK.

hi Mike I use the caxton fx euro card as I can load it when the rate is good and not pay to take cash out from any ATM or in any shop, also have globel card as well for the times I go north etc.

The Caxton fx euro card looks interesting. From the website:-
"The exchange rate applied is fixed at 2.75% below the prevailing interbank rate".
Would this work out more cost effective than paying the charges that Nationwide apply to withdraw cash from ATM's?
Thanks again,
Trisha

With CurrencyFair you get very close to the interbank rate (or sometimes more!) and only a €3.00 charge.

Very pleased with their service.

Baz

Thanks for that last reply - I was concerned that this post would get lost since being moved to this section
Anyone good at sums to answer my last post
Thanks
Trisha

travellin'gal wrote:The Caxton fx euro card looks interesting. From the website:-
"The exchange rate applied is fixed at 2.75% below the prevailing interbank rate".
Would this work out more cost effective than paying the charges that Nationwide apply to withdraw cash from ATM's?
Thanks again,
Trisha

Hi Trisha. The problem is that is is very difficult to compare the Nationwide rate as it is not declared any where. If someone knows different I would like to know where it can be seen.

It seems that you can only find the rate after you have made the transaction, by doing your sums.

Cheers. Trev..

This may be of interest to those who have a UK address, and was published in Which?:

"Norwich & Peterborough Building Society (N&P) has announced it will scrap foreign exchange fees on its debit cards from January 2011, when it re-structures its Gold Current Account.

Existing N&P customers with Gold Current Accounts will see this convert into one of two new types of account at the beginning of next year, depending on how they have used it up until then.

Those who pay in more than £500 a month to their account will automatically have a Gold Classic account opened for them, while people who use theirs only occasionally or do not make this minimum deposit will end up with a Gold Light Account. Crucially, neither of the debit cards that comes with these accounts will levy extra charges for overseas spending or for overseas cash withdrawals.

Fee-free debit card spending overseas
This is great news for consumers, particularly in light of Nationwide’s decision to end fee-free spending on its debit cards – a policy that came into force on 1 November.

The FlexAccount debit card had been the last one offering free overseas spending, with 0% fees limited to transactions within Europe. Most debit card providers charge hefty foreign exchange fees when customers purchase goods and services abroad, or withdraw cash from ATMs in other countries. These charges, and their potential impact on your holiday budget, are explained in the Which? Travel money guide.

If nothing in the current account market changes between now and January next year, Norwich & Peterborough’s current account debit card will be the best option for anyone who makes regular trips abroad. Both existing N&P customers, and new customers who open accounts with the mutual in January, will benefit from 0% foreign exchange fees on debit card spending and no charges for withdrawing cash.

N&P customers with Gold Current Accounts should already have received notification from the building society of what is to happen to their current account in the New Year. Information about the changes is also available on the Norwich & Peterborough website.

Overdrafts and monthly charges on N&P current accounts
It’s important to note that customers with N&P’s Gold Classic Account and Gold Light Account will need to watch out for the monthly fees that might affect them.

Arranged overdrafts with N&P cost £5 a month, while drifting into the red accidentally could cost you significantly more. Unarranged overdraft usage costs £19 per month, while N&P’s fees for paid and unpaid items will cost £15 each from January (down from £23 and £29.50 respectively).

Customers with Gold Classic Accounts will be subject to monthly fees of £5 if they fail to deposit at least £500. This means you’ll need to pay your salary, or a regular lump sum or direct debit, into this account to ensure it stays free.

Meanwhile customers with the Gold Light Account will need to use their account for at least five transactions per month, or else a £5 fee will be charged. Eligible transactions include card payments, standing orders, direct debits, cash deposits and withdrawals. This restriction is designed to ensure N&P customers do not open Gold Light Accounts simply to leave them dormant and unused until they go on holiday – a problem Nationwide is said to have experienced with some FlexAccount customers."

I have had a N&P Gold Account since the beginning of the year, and their debit card is accepted in most Cyprus ATM's (not tried the Co-op bank)

Their daily limit on the account is lower than Nationwide, at the equivalent of UK£250.

Chris

Hi Chris
The N&P account is the one I referred to in my opening post and would be perfect for my needs. I am going to have another look at it and check if there is any way to open an account whilst residing in Cyprus. Fingers crossed....!
Trisha

travellin'gal wrote:Hi Chris
The N&P account is the one I referred to in my opening post and would be perfect for my needs. I am going to have another look at it and check if there is any way to open an account whilst residing in Cyprus. Fingers crossed....!
Trisha

Hi Trisha

You will definitely need a UK address and a UK bank account to be able to open an account with N & P. We're OK as we only spend six months of the year in Cyprus

Also with the Gold Account you need to pay in a minimum of UK£500 per month.....of course you can take it out as soon as it's paid in

Chris