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Charges for withdrawing cash in US

  • 11-03-2009 11:40am
    #1
    harsea8
    Closed Accounts Posts: 238 ✭✭


    Hi all, just wanted to let people know about what I have just learnt from BoI regarding withdrawing cash from ATMs in US.

    Basically, they told me that, if I use my debit card (apparently it's the Cirrus part of the card that is used for cash withdrawals in US, the Maestro part is used for buying things in shops) I will get charged a 3.75% transaction charge (min charge = €3.17 and max = €11.43) per withdrawal.

    If I use my BoI CC (mastercard) and my account is NOT in credit, I'll get charged a 1.5% cash advance fee (min charge = €2.54) + a cross-border handling fee which corresponds to 1.75% of the withdrawal. However, if my CC account is in credit, I only have to pay the 1.75% cross-border handling fee.

    Seems to me that this suggests that the best option for travelling to US is to transfer money onto your CC to get it in credit and then withdraw cash using the CC (at least if you are withdrawing less that the $ equivalent of €653!!).

    Anyone actually done this and knows if this is the best option?


Comments

  • #2
    lynchie
    Registered Users, Registered Users 2 Posts: 2,029 ✭✭✭lynchie


    harsea8 wrote: »
    Hi all, just wanted to let people know about what I have just learnt from BoI regarding withdrawing cash from ATMs in US.

    Basically, they told me that, if I use my debit card (apparently it's the Cirrus part of the card that is used for cash withdrawals in US, the Maestro part is used for buying things in shops) I will get charged a 3.75% transaction charge (min charge = €3.17 and max = €11.43) per withdrawal.

    If I use my BoI CC (mastercard) and my account is NOT in credit, I'll get charged a 1.5% cash advance fee (min charge = €2.54) + a cross-border handling fee which corresponds to 1.75% of the withdrawal. However, if my CC account is in credit, I only have to pay the 1.75% cross-border handling fee.

    Seems to me that this suggests that the best option for travelling to US is to transfer money onto your CC to get it in credit and then withdraw cash using the CC (at least if you are withdrawing less that the $ equivalent of €653!!).

    Anyone actually done this and knows if this is the best option?

    Beware that any extra cash in your CC account is not covered for fraud etc..


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


    harsea8 wrote: »
    Anyone actually done this and knows if this is the best option?

    Pretty much everyone who gives advice on this issue in this forum suggests exactly that.


  • #4
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    I was there last year and gor charged very little for withdrawing with my debit card. I think $2 a withdrawal and sometimes i wasnt charged at all.

    Some of the cash machines charge more than others over there. Just take out large sums and dont be using the machines every day


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