Some Nationwide bank account holders will soon be charged for using their cards abroad, it has been revealed.
The building society is to implement new debit card charges from November 1st, bringing an end to a feature that has proved popular with travellers and holidaymakers for a number of years.
New charges set to come in include a two per cent charge on all transactions completed overseas and a £1 fee on cash-withdrawals.
However, the current 1 per cent currency-conversion charge will be scrapped, going someway to offsetting the new levies.
Nationwide credit card holders have better news, with the building society set to maintain its one per cent usage charge on all purchases made outside of the European Union (EU).
All transactions completed within the EU will continue to be free of charge.
While the loss of free debit card usage abroad will likely be met with displeasure from many customers, Chris Rhodes, Nationwide's executive marketing director, said that alternative benefits would be put in place.
He said: "Our new package of benefits offers greater value to more of our current-account customers than before.
"We're now able to offer those who use us for their day-to-day banking a benefit of much greater value, and one that no other bank account offers – free travel insurance."
Mr Rhodes went on to say that while the average customer saved approximately £12 a year with free card-use abroad, savings could now total up to £80 as a result of the free travel insurance offering.
The free travel insurance offer will be available to customers who use the building society's flex account as their main Current account.
Consumers confused about how Nationwide's changes will affect their finances, particularly if they are frequent travellers, might find it useful to compare and contrast the building society's offers with alternative providers.
|