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Best way to access my money in america?

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  • 07-03-2013 9:56pm
    #1
    Jmac24128
    Registered Users Posts: 1,421 ✭✭✭


    Hi guys

    Heading to America in a few weeks and just wondering what is the best way to access my money from my bank in Ireland as I am paid monthly and wont be paid till in america.


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    #2
    coylemj
    Registered Users Posts: 25,336 ✭✭✭✭coylemj


    Use an ATM at a bank, the ones in liquor and drug stores and McDonalds usually charge over the odds. Check your bank's website to see what the charges are, they're usually a % of the amount withdrawn with a max and min so you don't want to be taking out small amounts as the minimum charge will be levied which may be a high % of the amount you're taking out.


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    #3
    ProudDUB
    Registered Users Posts: 11,569 ✭✭✭✭ProudDUB


    Agreed. A bank ATM would be best. US banks will charge a fee too, but it won't be as high as stand alone ones. Bank of America charge me $6 per withdrawal when I use my Irish debit card in their ATMs. (Btw OP, withdrawing money is easier if you have a debit card, instead of a laser card. Laser cards are not commonly used in the US. Most financial institutions do not take them, as they do not have the ability to process a transaction involving them.)

    You can cut down on the fees if you do as few withdrawals as possible. However, banks here have limits on the amount that you can withdraw, when you are using your plastic in ATMs out side of Ireland. This is to cut down on big losses if your card is stolen. The amount varies from country to country. So contact them before you travel to see how much you can withdraw per day. In some cases, it not a lot. If that will be a problem for you, another option could be to give someone access to you bank account while you are away, and have them transfer the funds to you via Western Union. There's a Western Union on pretty much every street corner in the US, so it wouldn't be hard for you to pick your money up over there. There would be a fee, but it may wind up being cheaper over all, than paying ATM fees several times a day.


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    #4
    coylemj
    Registered Users Posts: 25,336 ✭✭✭✭coylemj


    ProudDUB wrote: »
    You can cut down on the fees if you do as few withdrawals as possible. However, banks here have limits on the amount that you can withdraw, when you are using your plastic in ATMs out side of Ireland. This is to cut down on big losses if your card is stolen. The amount varies from country to country. So contact them before you travel to see how much you can withdraw per day. In some cases, it not a lot. If that will be a problem for you, another option could be to give someone access to you bank account while you are away, and have them transfer the funds to you via Western Union. There's a Western Union on pretty much every street corner in the US, so it wouldn't be hard for you to pick your money up over there. There would be a fee, but it may wind up being cheaper over all, than paying ATM fees several times a day.

    I very much doubt that any Irish bank has such a low limit that you'd need to be withdrawing cash 'several times a day' and in any event, if there is a limit, it will be a daily limit applied to each period of midnight to midnight. Being able to withdraw cash from an ATM 'several times a day' to circumvent the limit would defeat the purpose of having a limit in the first place.

    The fees charged by Western Union would be crippling, they are strictly for people in dire need of cash in third world countries or where you've had your wallet/purse stolen on holidays. You would be mad to use WU in a country where you fall over ATMs walking into even the smallest stores.


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    #5
    ProudDUB
    Registered Users Posts: 11,569 ✭✭✭✭ProudDUB


    coylemj wrote: »

    The fees charged by Western Union would be crippling, they are strictly for people in dire need of cash in third world countries or where you've had your wallet/purse stolen on holidays. You would be mad to use WU in a country where you fall over ATMs walking into even the smallest stores.

    If you have an online account with westernunion.ie, it only costs 39 euros to transfer 2000 euros to the US in dollars. That is hardly crippling imo. If you went to an ATM in the US even once a day on a two week holiday, you wouldn't be soon spending that amount between the US bank fees and the Irish ones. I have no affiliation with WU btw, I am just suggesting that doing one large transaction with them, may be cheaper than doing a lot of smaller ones in the US.

    There are a couple of threads here discussing the limits on overseas withdrawal. If you are with AIB, it's only 150 quid per day if you are outside the eurozone.

    http://www.boards.ie/vbulletin/showthread.php?p=64271070

    http://www.boards.ie/vbulletin/showthread.php?p=64271070


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    #6
    coylemj
    Registered Users Posts: 25,336 ✭✭✭✭coylemj


    ProudDUB wrote: »
    I have no affiliation with WU btw, I am just suggesting that doing one large transaction with them, may be cheaper than doing a lot of smaller ones in the US.

    Wasn't for a minute suggesting that, I know you're a bona fide poster.

    I really can't see how a WU transaction could be cheaper than an ATM withdrawal using your Irish bank card. The transaction charge you mentioned plus a poor FX rate (which you forgot to mention) will always mean that the ATM option is cheaper. As long as you withdraw at least €100 or so in each transaction, the % charge is the same so it doesn't really matter how often you go to the ATMs.
    ProudDUB wrote: »
    There are a couple of threads here discussing the limits on overseas withdrawal. If you are with AIB, it's only 150 quid per day if you are outside the eurozone.

    Surprised to hear that, I'm with BOI and have never encountered a problem with ATMs overseas but I guess in the US you pay for lots of stuff with the credit card so I've probably not had much use for cash except for bars and taxis.


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    #7
    galwayjohn89
    Closed Accounts Posts: 1,930 ✭✭✭galwayjohn89


    coylemj wrote: »
    I very much doubt that any Irish bank has such a low limit that you'd need to be withdrawing cash 'several times a day' and in any event, if there is a limit, it will be a daily limit applied to each period of midnight to midnight. Being able to withdraw cash from an ATM 'several times a day' to circumvent the limit would defeat the purpose of having a limit in the first place.

    When I as in America in the summer I was limited to $100 per ATM transaction for non-chip ATMs but I could do 2 in a day with different ATMS (both non-chipped)

    I just use my credit card when away for buying stuff in shops. I don't really notice the fees. When I buy stuff I am charged close to the exchange rate. For cash I just do a max withdrawal.

    Never been charged more then $2 by an American Bank for using their ATM.


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    #8
    tomboylady
    Registered Users Posts: 309 ✭✭tomboylady


    I use my visa debit card to pay for pretty much everything when I'm there, with no additional charges from my bank here, just the exchange rate on the day. There's no minimum spend for anything there (unlike a lot of places here) so you can order a cup of coffee and swipe your card for the $3 or whatever.


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    #9
    barongreen
    Registered Users Posts: 84 ✭✭barongreen


    I spent an extended stay in the states in 04/05 and the trick then was to have your credit card in credit all the time and you dont get hit with the cash advance fee. It was the most economical back then at least. laser was robbery.

    Any info on visa debit cards anyone got info on them when traveling??


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    #10
    greeno
    Registered Users Posts: 454 ✭✭greeno


    Living in Boston. If I ever use my Irish card which is rare I just use my visa debit everywhere and get the fx rate on the day no extra charges. I find here 90% transactions are card never even carry cash


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    #11
    Jazzmaster
    Registered Users Posts: 97 ✭✭Jazzmaster


    I've been over in the states for the past couple of months and I've found that keeping my credit card in credit is the cheapest way to go.

    I've a TSB card and they charge 1.75% each time however small the transaction. It's pretty reasonable and takes the hassle out of having to withdraw cash.

    Also make sure to let your bank know the dates that you're travelling otherwise they might lock your card. It happened to me before.


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    #12
    keithclancy
    Registered Users Posts: 9,222 ✭✭✭keithclancy


    ATM Card.

    Although I have a package with my bank that charges me a flat fee for banking all over the world.

    Only paid the FX rate in the US on my Maestro card.

    Putting your Credit card in credit is also an option, beware though if this money is scammed its not possible to reverse the transaction.


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    #13
    ardmacha
    Registered Users Posts: 7,476 ✭✭✭ardmacha


    In shops you should be able to do a cashback with your debit card, as you would do here. This gets you some cash for petty transactions without incurring major charges.


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    #14
    tricky D
    Closed Accounts Posts: 9,700 ✭✭✭tricky D


    Another good thing to do is let your bank know your travel arrangements so that the card doesn't get stopped for some reason.


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