NatWest overseas card hike

NatWest has hiked the cost of using their debit card abroad by two-thirds.

From June 5th, anyone using a NatWest debit card will be charged £1.25 rather than 75p for each transaction, while the maximum charge incurred for a cash machine withdrawal has been raised from £4 to £5.

“This is the latest in a long line of fees that banks are now charging to try to squeeze more money from their loyal customers. It follows closely after the RBS group’s decision to charge credit card customers £12 if they move house and do not update address details,” commented Nick White, director of financial services at price comparison website uSwitch.com.

“We estimate that this move could rake in an extra £10.18 million for the bank – a savvy move by NatWest.”

Many people prefer to use their credit card instead to make transactions as charges can be less, although withdrawing cash on credit can incur large fees.

However, NatWest said that as it had lowered its cash withdrawal fee from 2.25 per cent to two per cent, although on a £100 transaction this will only save 5p.

Tags: cash withdrawal fee, withdrawal fee, Debit cards, loyal customers, transaction, National Westminster Bank