05 March 2009

Nationwide Set to Charge for Overseas Card Use

Nationwide customers are facing a new way to pay abroad. From May onwards, the building society are planning fees to credit and debit card holders when they spend money outside of Europe. The fee will be charged on overseas transaction - 0.84 per cent of the value of each transaction to be precise. The fee is also set to be increased to 1 per cent by July.

So far, Nationwide has been proud of its 'no fee' policy - indeed only last year, a divisional director was quoted as saying that other banks charge 'costly and unnecessary' fees which they themselves steer clear of. Till now that is...

Consumer watchdogs have reacted with disappointment at the decision, and have even accused the building society of selling out and joining the bandwagon.

Foreign exchange is already an area which requires a bit of shopping around for holidaymakers, and now it seems it is worth having a closer look at ways to spend money abroad as well.

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