Do you have experience using the ATM's in Ireland? What the charges might be?
Apr 18th, 2004, 02:37 PM
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Do you have experience using the ATM's in Ireland? What the charges might be?
We are going to Ireland the end of June and I will be taking some cash with me but also would like to withdraw cash from ATM's there.
One of my banks charges 3% per transaction and the other charges $3.00 per transaction.
The person that I spoke to at the bank said that there would probably be charges from the Ireland ATM also.
Any idea what those charges usually are or your experience with this??
Thanks!
One of my banks charges 3% per transaction and the other charges $3.00 per transaction.
The person that I spoke to at the bank said that there would probably be charges from the Ireland ATM also.
Any idea what those charges usually are or your experience with this??
Thanks!
Apr 18th, 2004, 02:42 PM
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You will pay no charges to the Irish bank for use of the ATM, at least I did not. If your bank charges you, get another bank. I use Wachovia and I am entitled to 2 free off net transactions per month. We also have a second account and get the same courtesy (??), two free transactions a month off net.
Some major banks in the US are in partnership agreements with European banks and European transactions should be considered to be "on net".
I try to predict my money needs and withdraw big amounts, but that kind of planning is at times hard to do.
Some major banks in the US are in partnership agreements with European banks and European transactions should be considered to be "on net".
I try to predict my money needs and withdraw big amounts, but that kind of planning is at times hard to do.
Apr 18th, 2004, 04:25 PM
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I think you are mixing apples w/ oranges here. You can use the same ATM machines to get cash via a credit card (this is a cash advance and is very expensive - not recommended), OR via a regular ATM/debit card linked to your checking account (no fee from the Irish bank and a MUCH better idea)
Don't use your credit card to get cash - use an ATM card. But using a credit card for purchases is fine.
Don't use your credit card to get cash - use an ATM card. But using a credit card for purchases is fine.
Apr 19th, 2004, 06:52 AM
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Some more suggestions in regards to credit cards.
First, some banks that issue cards charge an extra 2% per conversion from a foreign currency for essentially nothing. I have two cards issued by banks that do that sort of thing, so I got a 3rd one that does not. It is not so much the money as it is the idea behind it!
Second, all plastic transactions whether credit card or ATM card at a machine involve a 1% addon to the wholesale bank rate of exchange. The wholesale rate is the best the little guy can do, and a 1% add on is what you accept and go on because the only way to escape it is to not take out any money. I have looked at my ATM transactions in depth twice and concluded that the exchange rate I got was somewhere between the high and the low for the date, plus 1%.
Third, If you exchange paper money, be prepred to pay 5%. Coins are not exchanged, except privately, even though some of them are fairly large in value. I know a 5 franc Swiss coin is not only heavy, but it is worth almost 4 dollars. If you walk off with 4 or 5 of those in your pocket you have made a contribution to your physical fitness but not your fiscal fitness.
Fourth, If you want to foul up your trip REAL fast, screw up your credit card by putting it in an ATM machine and then canceling the transaction! That may well block your card at the issuing bank until it hears from you with the facts and the whyfores.
My recommendation is simple: Never put a credit card in an ATM. I can think of no good reason to do so.
(Getting money out that you do not have is NOT one of them.)
Fifth, take along traveler's checks if you are paranoid, or want an emergency reserve, but be prepared to pay 5% at a bank to cash them, or walk around hunting the issuing office like American Express.
(I take along four of them, but I carry them at home, too, just in case.
I was overseas on that fateful, tragic day, 9/11, and I was glad I had the extra funds because for several days we did not know what would happen or when we could get home.
To some extent the checks are a free loan to the issuer, but bank accounts pay low, very low interest, and the checks cost me nothing out of pocket to acquire. I keep taking the same ones, and I have not bought a new one in 4 years.)
First, some banks that issue cards charge an extra 2% per conversion from a foreign currency for essentially nothing. I have two cards issued by banks that do that sort of thing, so I got a 3rd one that does not. It is not so much the money as it is the idea behind it!
Second, all plastic transactions whether credit card or ATM card at a machine involve a 1% addon to the wholesale bank rate of exchange. The wholesale rate is the best the little guy can do, and a 1% add on is what you accept and go on because the only way to escape it is to not take out any money. I have looked at my ATM transactions in depth twice and concluded that the exchange rate I got was somewhere between the high and the low for the date, plus 1%.
Third, If you exchange paper money, be prepred to pay 5%. Coins are not exchanged, except privately, even though some of them are fairly large in value. I know a 5 franc Swiss coin is not only heavy, but it is worth almost 4 dollars. If you walk off with 4 or 5 of those in your pocket you have made a contribution to your physical fitness but not your fiscal fitness.
Fourth, If you want to foul up your trip REAL fast, screw up your credit card by putting it in an ATM machine and then canceling the transaction! That may well block your card at the issuing bank until it hears from you with the facts and the whyfores.
My recommendation is simple: Never put a credit card in an ATM. I can think of no good reason to do so.
(Getting money out that you do not have is NOT one of them.)
Fifth, take along traveler's checks if you are paranoid, or want an emergency reserve, but be prepared to pay 5% at a bank to cash them, or walk around hunting the issuing office like American Express.
(I take along four of them, but I carry them at home, too, just in case.
I was overseas on that fateful, tragic day, 9/11, and I was glad I had the extra funds because for several days we did not know what would happen or when we could get home.
To some extent the checks are a free loan to the issuer, but bank accounts pay low, very low interest, and the checks cost me nothing out of pocket to acquire. I keep taking the same ones, and I have not bought a new one in 4 years.)
Apr 19th, 2004, 07:02 AM
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<Do not, repeat do not, use your charge card to withdraw cash.>
Actually, that statement is a little misleading. Here's the deal: If I use my Mastercard to get a $300.00 cash advance, it is true that I start accruing interest from the day of that withdrawal.
Since my M/C has roughly an 8% interest rate, if I pay off that cash advance in 30 days (when I return from my trip), I have accumulated .66% interest, so that cash advance actually cost me $1.98. Since my M/C does not charge fees for transactions, that is probably less than some others on this board who say their credit card charges up to $3.00 in fees just to use it, not taking into account that most credit cards charge a 1% transaction fee, no matter what.
Someone please let me know if my logic is flawed, because I have used my M/C for cash advances in Europe, and can remember when I payed off the bill, the interest accured was minimal.
Actually, that statement is a little misleading. Here's the deal: If I use my Mastercard to get a $300.00 cash advance, it is true that I start accruing interest from the day of that withdrawal.
Since my M/C has roughly an 8% interest rate, if I pay off that cash advance in 30 days (when I return from my trip), I have accumulated .66% interest, so that cash advance actually cost me $1.98. Since my M/C does not charge fees for transactions, that is probably less than some others on this board who say their credit card charges up to $3.00 in fees just to use it, not taking into account that most credit cards charge a 1% transaction fee, no matter what.
Someone please let me know if my logic is flawed, because I have used my M/C for cash advances in Europe, and can remember when I payed off the bill, the interest accured was minimal.
Apr 19th, 2004, 07:30 AM
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Hi My ATM/Debit card charges me $1.50 fee locally just for the priviledge of being able to withdraw the money from my checking account. I was never charged by the Irish banks.
There is of course an additional fee included in the exchange rate for foreign transactions.
I don't blame you for wanting to know how much these transactions will cost you before you use them. But, balance the cost with the security of not carrying lots of cash which cannot be replaced if lost.
There is of course an additional fee included in the exchange rate for foreign transactions.
I don't blame you for wanting to know how much these transactions will cost you before you use them. But, balance the cost with the security of not carrying lots of cash which cannot be replaced if lost.
Apr 19th, 2004, 08:12 AM
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We always put our vacation funds in our checking account and use our Visa debit card for most everything. It functions as an ATM card for cash withdrawals with only a $1.50 fee regardless of the amount withdrawn. We've never had an Irish bank charge an extra fee for ATM use. The free standing ATM machines at shops probably all charge a fee. We only used once once in Northern Ireland to get pounds and I can't remember the fee. When we use it as a credit card we pay 1% on the US dollar after conversion. We always carry a couple of other credit cards just in case but have never taken traveler's checks. And we usually have around $100 in cash that we could always exchange if need be.
Apr 21st, 2004, 02:25 AM
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Yes, use an ATM associated with either the Bank of Ireland or AIB (Allied Irish Banks). Those are the two main banks (maybe only) in the Republic. Both www.aib.ie and www. boi.ie have a branch locator function which shows which branches have an ATM.
