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Most cost effective way to access cash abroad

  • 30-10-2008 11:32pm
    #1
    tippbhoy
    Closed Accounts Posts: 171 ✭✭


    Couldn't find a detailed thread on this although I'm sure this has been discussed. I'm going outside the eurozone and wondering is my debit or credit card more cost effective to use to withdraw money.

    Would anyone be able to verify if i have this right, I've an AIB laser/maestro and a bank of ireland visa

    If i withdraw the equivalent of €100

    Using a debit card
    "If you withdraw money outside the eurozone, you pay third party charges up to 1 per cent of the amount withdrawn, a commission charge of 1 per cent, plus the 20 cent transaction fee."

    possibly free in the eurozone, or whatever you normally pay

    Credit card

    "If outside the eurozone, a cash advance fee of 1.5 per cent applies, along with a cross-border handling fee of 1.75 per cent of the value of the transaction"

    Does this mean 2.75% of €100 euro, and whatever the exchange rate is for the day?


    Is that right? best to use the debit card?

    anyone any concrete evidence, my head is spinning :rolleyes:


Comments

  • #2
    B-Jazus
    Closed Accounts Posts: 3 ✭B-Jazus


    Dead right, so use debit card for cash and credit card for purchases.
    If you draw cash out with the credit card, interest accrues daily from withdrawal date until repaid. so even if you clear your bill by statement due date you will still pay interest on the withdrawal aswell as cross border fee and cash advance fee.
    cash interest rate on credit card always alot higher than purcases rate.


  • #3
    Ponster
    Moderators, Recreation & Hobbies Moderators Posts: 10,912 Mod ✭✭✭✭Ponster


    Sorry for the thread hijack but in France we have cards that are both credit and debit in one. When you take out money from an ATM it's a debit card until you have no more cash left where it then turns into a credit card.

    Does this exist in Ireland?


  • #4
    Ideo
    Registered Users, Registered Users 2 Posts: 1,618 ✭✭✭Ideo


    put the money on your credit card and withdraw it that way. you wont pay any cash advance or handling fee!


  • #5
    tippbhoy
    Closed Accounts Posts: 171 ✭✭tippbhoy


    Ideo wrote: »
    put the money on your credit card and withdraw it that way. you wont pay any cash advance or handling fee!

    yeah I know that alright but the risk if you lose it is greater as the card company won't cover the money in the account if there is fraud on the card


  • #6
    spurious
    Moderators, Category Moderators, Education Moderators Posts: 27,327 CMod ✭✭✭✭spurious


    Most people on holidays are not dealing in the amounts of money where it really makes a big difference. I generally go with the debit card for short trips, the loaded credit card for long-haul.


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