Currency exchange charge for NationWide customers

NationWide customers will soon find that they will have to pay currency exchange fees on their overseas withdrawals.

As of November 1st, the bank is due to implement a flat £1 fee on all foreign cash withdrawals as well as a two per cent commission charge.

Mark Bodega, director at currency specialists HiFX, explained how this could affect some expatriates.

"Many British pensioners living abroad use these types of account to withdraw their UK pension each month and now face being charged every time," he said.

"As an alternative, they should consider online money transfer services like HiFX Online or a Regular Payments Service which allows them to transfer money from a UK account into a foreign bank account for free and then withdraw cash from that account."

Previously, Nationwide FlexAccount holders could use their debit cards overseas without charge.

Click here to see how much you can save with HiFX's Foreign Exchange services

Posted by Chris Barber