Best of the Week
Most Popular
1. Market Decline Will Lead To Pension Collapse, USD Devaluation, And NWO - Raymond_Matison
2.Uber’s Nightmare Has Just Started - Stephen_McBride
3.Stock Market Crash Black Swan Event Set Up Sept 12th? - Brad_Gudgeon
4.GDow Stock Market Trend Forecast Update - Nadeem_Walayat
5.Gold Significant Correction Has Started - Clive_Maund
6.British Pound GBP vs Brexit Chaos Timeline - Nadeem_Walayat
7.Cameco Crash, Uranium Sector Won’t Catch a break - Richard_Mills
8.Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - Dan_Amerman
9.Gold When Global Insanity Prevails - Michael Ballanger
10.UK General Election Forecast 2019 - Betting Market Odds - Nadeem_Walayat
Last 7 days
Stocks Don’t Care About Trump Impeachment - 17th Oct 19
Currencies Show A Shift to Safety And Maturity – What Does It Mean? - 17th Oct 19
Stock Market Future Projected Cycles - 17th Oct 19
Weekly SPX & Gold Price Cycle Report - 17th Oct 19
What Makes United Markets Capital Different From Other Online Brokers? - 17th Oct 19
Stock Market Dow Long-term Trend Analysis - 16th Oct 19
This Is Not a Money Printing Press - 16th Oct 19
Online Casino Operator LeoVegas is Optimistic about the Future - 16th Oct 19
Stock Market Dow Elliott Wave Analysis Forecast - Video - 16th Oct 19
$100 Silver Has Come And Gone - 16th Oct 19
Stock Market Roll Over Risk to New highs in S&P 500 - 16th Oct 19
10 Best Trading Schools and Courses for Students - 16th Oct 19
Dow Stock Market Short-term Trend Analysis - 15th Oct 19
The Many Aligning Signals in Gold - 15th Oct 19
Market Action Suggests Downside in Precious Metals - 15th Oct 19
US Major Stock Market Indexes Retest Critical Price Channel Resistance - 15th Oct 19
“Baghad Jerome” Powell Denies the Fed Is Using Financial Crisis Tools - 15th Oct 19
British Pound GBP Trend Analysis - 14th Oct 19
A Guide to Financing Your Next Car - 14th Oct 19
America's Ruling Class - Underestimating Them & Overestimating Us - 14th Oct 19
Stock Market Range Bound - 14th Oct 19
Gold, Silver Bonds - Inflation in the Offing? - 14th Oct 19
East-West Trade War: Never Take a Knife to a Gunfight - 14th Oct 19
Consider Precious Metals for Insurance First, Profit Second... - 14th Oct 19
Stock Market Dow Elliott Wave Analysis Forecast - 13th Oct 19
The Most Successful IPOs Have This One Thing in Common - 13th Oct 19
Precious Metals & Stock Market VIX Are Set To Launch Dramatically Higher - 13th Oct 19
Discovery Sport EGR Valve Gasket Problems - Land Rover Dealer Fix - 13th Oct 19
Stock Market US Presidential Cycle - Video - 12th Oct 19
Social Security Is Screwing Millennials - 12th Oct 19
Gold Gifts Traders With Another Rotation Below $1500 - 12th Oct 19
US Dollar Index Trend Analysis - 11th Oct 19
China Golden Week Sales Exceed Expectations - 11th Oct 19
Stock Market Short-term Consolidation Does Not change Secular Bullish Trend - 11th Oct 19
The Allure of Upswings in Silver Mining Stocks - 11th Oct 19
US Housing Market 2018-2019 and 2006-2007: Similarities & Differences - 11th Oct 19
Now Is the Time to Load Up on 5G Stocks - 11th Oct 19
Why the Law Can’t Protect Your Money - 11th Oct 19
Will Miami be the First U.S. Real Estate Bubble to Burst? - 11th Oct 19
How Online Casinos Maximise Profits - 11th Oct 19
3 Tips for Picking Junior Gold Stocks - 10th Oct 19
How Does Inflation Affect Exchange Rates? - 10th Oct 19
This Is the Best Time to Load Up on These 3 Value Stocks - 10th Oct 19
What Makes this Gold Market Rally Different From All Others - 10th Oct 19
Stock Market US Presidential Cycle - 9th Oct 19

Market Oracle FREE Newsletter

Stock Market Trend Forecast Oct - Dec 2019 by Nadeem Walayat

Easter Holiday Makers are Hopping Mad Over Credit & Debit Card Foreign Exchange Usage Fees

Personal_Finance / Credit Cards & Scoring Apr 04, 2007 - 10:44 PM GMT

By: Nationwide

Personal_Finance

UK holidaymakers wasted nearly £16 million last Easter

Nationwide Building Society is urging Easter holidaymakers across the country not to make the same mistake as last year by incurring unnecessary charges for using their cards abroad. Last Easter over 15 million* UK holidaymakers travelled to Europe and wasted nearly £16 million** in foreign usage charges on credit and debit cards.

This Easter, people heading abroad for a week of sun or for a city break should make the switch to one of Nationwide’s credit or debit cards, that all offer free card use abroad. Last Easter Nationwide saved its customers almost £1 million*** by not charging them for using their cards abroad.


With 24 hour access to over one million VISA ATMs worldwide, Nationwide’s cardholders have easy access to their money. There are now more than 24 million VISA outlets across the world, including shops, restaurants, hotels and car hire companies. Holidaymakers do not have to exchange money prior to travelling and can avoid the hassle of exchanging travellers’ cheques. Nationwide is the only current account provider not to charge its customers for using their debit cards in ATMs abroad and therefore offers a free and easy way of withdrawing cash.

Jeremy Wood, divisional director at Nationwide, said: “People who are planning to go abroad this Easter should be aware of the hidden charges that most card providers impose which are both costly and unnecessary. Anyone using a Nationwide debit or credit card will not be charged any foreign usage fees on purchases and will therefore have extra money to enjoy while on holiday.”

Notes to editors:

* 15,143,000 UK residents travelled to Europe in Q2 of 2006 averaging 5,047,667 people each month. (Data from ONS Overseas Travel and Tourism (MQ6))

**£16 million calculated as follows:

  • On average a Nationwide credit card holder spends £344.34 when abroad
  • A third of UK travellers to Europe are likely to use a debit or credit card. Therefore around 1,682,556 people use their cards abroad
  • Therefore total spend in April based on these assumptions is £579,371,333 (£344.34 x 1,682,556)
  • If this total spend carried a foreign usage fee of 2.75% holidaymakers would have spent £15,932,711 in charges

***If Nationwide levied a foreign loading charge of 2.75%, its customers would have spent an additional £941,537 in April 2006.

Cost of various purchases totalling £1,000 and two £100 cash withdrawals with a debit card overseas

NBS current account debit card Nationwide NatWest HSBC Lloyds TSB Barclays Halifax
ATM charges Free 2.65% + 2.25% (£4 max) 2.75% + 1.5% (min £1.75) 2.75% + 1.5% (min £2.00, max £4.50) 2.75% + 2% (min £1.50, max £4.50) 2.75% + £1.50
Retail purchases Free 2.65% + 75p 2.75% 2.75% + £1 2.75% 2.75% + £1.50
£100 ATM withdrawal Free £4.90 £4.50 £4.75 £4.75 £4.25
£100 ATM withdrawal Free £4.90 £4.50 £4.75 £4.75 £4.25
New clothes (£50)¹ Free £2.83 £1.38 £3.38 £1.38 £4.38
Train tickets (£150)¹ Free £7.73 £4.13 £9.13 £4.13 £11.63
Restaurant (£120)¹ Free £9.18 £3.30 £11.30 £3.30 £15.30
Food shopping (£100) ¹ Free £10.15 £2.75 £12.75 £2.75 £17.75
General travel (£400)¹ Free £13.60 £11.00 £15.00 £11.00 £17.00
Other (£180)¹ Free £5.52 £4.95 £5.95 £4.95 £6.45
Total Free £58.80 £36.50 £67.00 £37.00 £81.00

1 NatWest charge customers 75p per retail transaction, Lloyds TSB charges £1 per transaction and Halifax charges £1.50 per transaction.

These charges are in addition to the foreign currency loading fees.

Current account debit card illustration: £1,000 purchases

2 X £25 new clothes
5 X £30 train tickets
8 X £15 restaurant
10 X £10 food shopping
4 X £100 general travel
1 X £180 other expenses

Cost of £1,000 worth of purchases and two £100 cash withdrawals with a classic credit card overseas

Nationwide NatWest HSBC Lloyds TSB Barclays Halifax
ATM charges 2% (min £2) 2.75% + 2.5% (£2.50 min) 2.75% + 2.5% (£2.50 min) 2.75% + 2.5% (£2.50 min) 2.75% + 2.5% (£2.50 min) 2.75% + 2.5% (£3 min)
Foreign currency loading fee Free 2.75% 2.75% 2.75% 2.75% 2.75%
£100 ATM withdrawal £2.00 £5.25 £5.25 £5.25 £5.25 £5.75
£100 ATM withdrawal £2.00 £5.25 £5.25 £5.25 £5.25 £5.75
£1,000 retail spend Free £27.50 £27.50 £27.50 £27.50 £27.50
Total £4.00 £38.00 £38.00 £38.00 £38.00 £39.00

Competitor comparison verified by Moneyfacts, March 2007


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules