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Laser card,currency rates calculated ??

  • 10-02-2009 9:33pm
    #1
    thetyreman
    Banned (with Prison Access) Posts: 451 ✭✭


    Can anyone tell me what way do say A I B calculate what rate of exchange they would charge on a laser card transaction on the net,from pounds to euro.Is it a case of checking on there website for that rate on that day or what,and do they then charge extra maybe,
    Its a Laser Debit card by the way not a credit card,,,


    thanks in advan


Comments

  • #2
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    Its the rate on the day, which is not a very helpful answer, I know.

    Usually the rate quoted on TV etc is a mid rate, between the buy and sell rate.

    In branch then you will see different rates, depending on the amount of money involved and whether its cash or cheque.

    For online purchases, its hard enough to get an accurate rate as a laser transactions wouldn't go through your account for a few days. I wouldn't be sure whether the rate they use is the one on the day of the transaction or the one on the day it hits your account, if you get me. I haven't used my laser online to test it out. A quick phone call to the bank would answer that question for you.

    There is usually some kind of commission charge built in too, but they build that into the rate for purchases, whereas it can be a separate charge for ATM transactions.

    I am out of the scene now about 18 months so things may have changed. Someone might have more up to date info for you :)


  • #3
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,806 ✭✭✭GerardKeating


    thetyreman wrote: »
    Can anyone tell me what way do say A I B calculate what rate of exchange they would charge on a laser card transaction on the net,from pounds to euro.Is it a case of checking on there website for that rate on that day or what,and do they then charge extra maybe,
    Its a Laser Debit card by the way not a credit card,,,


    thanks in advan


    It might not matter what rate, very few online sites outside ireland take Laser.

    Also, it will be the rate of the day the transactions is presented to AIB for settlement, which could be several days after the transaction. The rate would normally be better than the rate you would get for cash at your local branch.

    The rate should be close to that here.


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