Charge on Laser cash withdrawals abroad

cashback · 08-06-2009 12:43am #1

I was in England for a few days last week and used my laser card to withdraw money since I knew there was a 2.54 charge for every withdrawal on my Mastercard.
I've just checked my online banking with BOI and found out I was charged 3.17 for each withdrawal I made. I never realised there was such a charge when using a laser card abroad. Was this introduced recently? It's ridiculously expensive.

peanuthead · 08-06-2009 12:46am

Well, mastercard is not a laser card, or is it?? EDIT: Just read your post properly, apologies!!

There are higher charges for withdrawing cash on a cc than there are on a laser, but even then each bank has their own rates for laser card usage abroad, it seems to vary from bank to bank. Halifax have no charges.

EDIT: But seriously, check out Halifax. They offer great t&c on their credit cards too. Im with BOI in the process of moving my stuff to Halifax. BOI seem to be the worst for rates.

Thoie · 08-06-2009 12:49am

I've always had foreign withdrawal fees on my laser (when using it as a banklink). Normally around €1.50, which is why I try to guesstimate how much I'll need and just make a single withdrawal every few days. One thing to watch for in the UK is that a lot of machines in places like shops have an additional withdrawal charge as well - often around £1.50, but I saw one that was charging £3 per use.

peanuthead · 08-06-2009 12:50am

Thoie wrote: »

One thing to watch for in the UK is that a lot of machines in places like shops have an additional withdrawal charge as well

Be verrrry careful... we have that here too. Some in-store ATM's will charge you as much as €2.50 per transaction. I know of one in particular that does. Again, BOI

Thoie · 08-06-2009 12:53am

Ours are usually pretty clearly marked though (well, any I've seen are), and I just refuse to use them.

peanuthead · 08-06-2009 12:55am

Thoie wrote: »

Ours are usually pretty clearly marked though (well, any I've seen are), and I just refuse to use them.

Oh okay, they may actually be, I never noticed, but yes I do stay away from all instore atms.

cashback · 08-06-2009 1:02am

I presume in this case that this 3.17 charge is coming entirely from BOI as it lists it seperately after the withdrawal. Seems a crazy charge for a transaction and I might have to look into switching banks as I visit the UK quite a bit.
I do always try keep away from the atms that advise they will charge extra.

Thoie · 08-06-2009 1:10am

cashback wrote: »

I presume in this case that this 3.17 charge is coming entirely from BOI

Ouch, yes it is:

Cirrus (ATM) - 3.5%* of transaction.
Min €3.17 / Max €11.43 per transaction

From http://www.bankofireland.ie/includes/personal/pdfs/fees_charges.pdf page 16. Seems to have changed on June 2nd.

AIB's equivalent stays at €1.27:

ATM withdrawal cash transactions in any currency other than euro attract a currency conversion fee of up to 4% (depending on the currency) and also a commission charge of 1% of value (minimum €1.27, maximum €6.35).

BuffyBot · 08-06-2009 8:00am

Not new and really, this is one of those things people never seem to research, yet should do. Generally both credit and debit cards will charge you for non-Euro withdrawals.

Thoie, I'm not sure how you figure AIB's charge "stays" €1.27. It's up to 4% of the withdrawal plus 1% of the withdrawal (which makes for a minimum of €1.27 but can be up to a maximum of €6.35).

Thoie · 08-06-2009 8:11am

BuffyBot wrote: »

Thoie, I'm not sure how you figure AIB's charge "stays" €1.27. It's up to 4% of the withdrawal plus 1% of the withdrawal (which makes for a minimum of €1.27 but can be up to a maximum of €6.35).

The minimum charge stays at the same level it was the last time I used it

At 2am I'm inclined to assume that everyone is reading my mind.

dohouch · 08-06-2009 4:28pm

Is this only outside the Euro zone?

I use my atm card (BOI+AIB) in Spain and the only charges I see, are normal transaction charges. Having said that the last time I was there, May09, I just used the AIB card and I'have free banking with them.

Toots · 08-06-2009 5:59pm

peanuthead wrote: »

Be verrrry careful... we have that here too. Some in-store ATM's will charge you as much as €2.50 per transaction. I know of one in particular that does. Again, BOI

BOI ATMs in stores in Ireland do not charge you an additional fee for using them. Any charges levied on your account for using the ATM are charged by your own bank. AFAIK, most of these little in-store ATMs have a little warning stating that your bank may charge you for using it.

Thoie wrote: »

From http://www.bankofireland.ie/includes/personal/pdfs/fees_charges.pdf page 16. Seems to have changed on June 2nd.

It's always been €3.17 min, the brochure was updated in June of this year, but that charge stayed the same.

BuffyBot wrote: »

Not new and really, this is one of those things people never seem to research, yet should do. Generally both credit and debit cards will charge you for non-Euro withdrawals.

+1, this information would be contained in the terms and conditions for your account, and also in the fees and charges brochure.

dohouch wrote: »

Is this only outside the Euro zone?

I use my atm card (BOI+AIB) in Spain and the only charges I see, are normal transaction charges. Having said that the last time I was there, May09, I just used the AIB card and I'have free banking with them.

Yup, there's only a charge if you go outside Euro zone. Generally I'd advise people who are going away to a non-Euro destination that if they're going to use their Laser card, not to just take out say £20 here and there, because you run up a lot of charges that way. It's better to take out larger amounts (within reason obviously) infrequently, than small withdrawals several times a day.

Charge on Laser cash withdrawals abroad

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