Nationwide foreign transactions

From 6th May 2009, the UK's largest building society is to stop absorbing Visa's currency conversion fee and pass it on to their credit card customers in light of the current economic climate. The date is 1st June for debit card holders. The fee of 0.84% which Visa levies on all of its card issuers will increase to 1% from 1st July. The organisation is quick to point out however that its cards remain commission free and allow the option of a positive order of payments, helping customers to pay off their most expensive debts first. This means that their cards are still amongst the most competitive on the market. It also reminds customers that the fee does not apply within Visa's Europe Region. Rosemary Callendar from Nationwide told easyvoyage.co.uk: "Just to give you some context on this change, as a prudent organisation, we have to maintain the balance between offering competitive products whilst ensuring these are sustainable in the long term." She also said of the charge that "most other providers will pass this fee on in their commission charges-which are often over 2.75%." Indeed, Abbey Credit Card, Barclaycard Platinum, HBOS, HSBC all in one, Lloyds TSB Premium, NatWest Platinum and Virgin all charge at least 2.75% and do not offer positive order of payments. All Nationwide customers will be receiving notification of the changes and there is more information on the building society's website, which you can visit by clicking here.