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Holiday dollars: what's the best way to get/spend them?

  • 04-06-2008 10:27am
    #1
    Yorky
    Registered Users, Registered Users 2 Posts: 1,485 ✭✭✭


    I've heard about high charges applying to Visa and Laser transactions / cash advances in the US. Can anyone advise on:

    Where to buy currency at the best rate & lowest or zero commission rates
    How much cash to take for family of four for 6 days
    Whether to 'load' an Ulster bank Visa card with cash
    Whether to use a Laser card or not

    Thanks in advance.


Comments

  • #2
    Ponster
    Moderators, Recreation & Hobbies Moderators Posts: 10,912 Mod ✭✭✭✭Ponster


    Yorky wrote: »
    I've heard about high charges applying to Visa and Laser transactions / cash advances in the US. Can anyone advise on:.

    Well you may have heard wrong :)

    What kind of card do you have? The Cashcard/Dualcard won't be any good to you abroad.
    You need to have Maestro/Cirrus on your Ulster bank card in order to use it in other countries.
    A laser card (a card with only the laser logo) is AFAIK Ireland only.

    I personally would never, ever consider taking cash to live on while visiting the States. Sure you pay a fee when you take out cash but that all depends on your bank and the place where you withdraw the money. You'll always have to pay 3% of the sum withdrawn and true other banks hike up to $5 on top of that, but your bank should be able to tell you if they have any alliances with US banks and where you should withdraw for cheap.

    (For Example: Bank of America drop the fee for clients of Barclays and BNP Paribas in France)


    Whatever the charges, if you withdraw $500 from an ATM in the States you'll end up paying between $15 and $20 (worst case - could be as low as $5) which IMHO isn't the end of the world considering the advantages of not having to carry 6 days worth of $$$ for 4 people.






    EDIT: From UlsterBank website

    Debit Card : Pay for goods and services at home and abroad wherever you see the Laser/Maestro logo^

    Cirrus - We apply a foreign-exchange fee of 1.5% of value (excluding transactions made in the UK or Eurozone). You will also be charged 2% of the value of your cash withdrawal with a minimum of €3 and a maximum of €12.

    Maestro - We apply a foreign-exchange fee of 1% of value (excluding transactions made in the Eurozone) You will also be charged 1% of the value of your purchase with a minimum of €0.50 and a maximum of €12


    So now you can work out how much it'll cost you to withdraw. About Up to you to limit such withdrawals to as few as possible :)


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