From November 1st 2010 Nationwide's FlexAccount debit card will incur a commission charge and a cash withdrawal charge for transactions in currencies other than Pound Sterling*.
my Travel Cash is offering an exclusive deal for Nationwide FlexAccount customers switching to its prepaid travel money cards, by offering them preferential exchange rates for three years on my Travel Cash Prepaid MasterCard Euro and US Dollar cards and £5 free when they sign up for a card.
To take advantage of the special offer, Nationwide customers can simply visit mytravelcash.com/nationwide before [November 15th 2010] and sign up for a my Travel Cash Prepaid MasterCard Euro, US Dollar or Multi-Currency (British Pound) card.
Myles Stephenson, CEO, my Travel Cash, comments; "From November 1st 2010, Nationwide's FlexAccount debit card holders will incur a commission charge of 2% of the transaction amount for non-UK transactions and a cash withdrawal fee of £1 for non-UK cash withdrawals.
"The Nationwide FlexAccount charges £28 for four £50 card purchases and eight £100 cash withdrawals**. Whereas the same transactions cost only £23 with a my Travel Cash Multi-Currency MasterCard but £43.52 by Barclays and HSBC, £48.52 by NatWest/RBS and £49.92 by Lloyds TSB, according to Nationwide."
my Travel Cash cards offer customers an attractive alternative to using their debit card abroad by saving them up to £40 for every £500 compared to changing money at the airport (see www.mytravelcash.com for latest comparison). With excellent foreign exchange, rates no transaction fees for using the Euro or US Dollar card in their respective currency and a cost of just €1.25 and $1.50 when withdrawing cash from an ATM, my Travel Cash offers a great deal on travel money.
The my Travel Cash Multi-Currency card, designed to be used in multiple currencies, charges a 1.5% foreign exchange fee on transactions abroad and a fixed £1 cash withdrawal fee abroad, making it a cheaper alternative to the Nationwide FlexAccount after November 1st 2010.
How do prepaid cards work? Prepaid cards work like pay-as-you-go mobile phones.
Users top up their cards with credit and then withdraw money from cash machines or use them to make purchases in restaurants, shops, hotels etc. wherever the MasterCard Acceptance Mark is displayed. As the cards are prepaid, users can only spend what they load, but the cards can easily be topped up online using a debit card, or by BACS. Funds are available two hours after payment is received. Chip & PIN protection and Lost & Stolen services mean that, unlike cash, security measures can help prevent funds being spent if a card is lost or stolen. Plus, as the card is not linked to a bank account, there is added peace of mind for cardholders.
Visit mytravelcash.com/nationwide before [November 15th] to get a free card, and benefit from preferential exchange rates plus a free £5 bonus. Cards are valid for three years and the exclusive exchange rates apply to the Euro and US Dollar cards for the entire period.
*For full details of the changes to the FlexAccount, please visit nationwide.co.uk/current_account/flexaccount-changes.htm.
**Data taken from Nationwide FlexAccount Changes website on 8th October 2010. Other bank data is cited by Nationwide to be correct as of 28 June 2010.