Bring cash and get is exchanged or use credit card?

little angel

Hi i'm doing a bit of travelling around europe in a month and I was wondering when I go to none euro using countries would if be best for me to bring euro and get it exchanged or use my credit card??I contacted my credit card company and they said that I won't get charged per transaction if I have a positive balance in my credit card account.. however they put a charge in the exchange rate so it is not as good as it should be..I no for safetly a credit card would probaly best but for value for euro what would be??

P. Breathnach

Even better, if you have one, is a debit card such as Laser.

maynooth_rules

P. Breathnach wrote: »

Even better, if you have one, is a debit card such as Laser.

I was always under the impression that these don't work outside of Ireland

RoyalMarine

maynooth_rules wrote: »

I was always under the impression that these don't work outside of Ireland

my AIB laser card worked perfectly in (spain, portugal, thailand, cambodia, laos, burma, vietnam, singapore, england, scotland and many others)

Lollymcd

I used travellers checks when I travelled around SE Asia. Great piece of mind for a small charge.

P. Breathnach

RoyalMarineComm wrote: »

my AIB laser card worked perfectly in (spain, portugal, thailand, cambodia, laos, burma, vietnam, singapore, england, scotland and many others)

My BOI card seems to work everywhere. It has Maestro and Cirrus logos on the back. If you check ATMs, they usually have signs indicating what cards are accepted, and Cirrus or Maestro are widely recognised.

samhail

my boi laser card worked for me abroad too (didnt work in the cash deposit machine in spain though). pretty sure i used it when i was in australia and SAfrica.

Cool Mo D

maynooth_rules wrote: »

I was always under the impression that these don't work outside of Ireland

They don't work for paying for things in shops abroad, but you can use them to take money out of ATMs.

The best thing to do, is to put money onto your (paid off!) credit card in advance, and use your credit card in the ATM. As long as you have a positive balance on your card, you will avoid any withdrawal fees (like with Laser) or commission (like changing cash). However, if you go over how much you put on, you will have to pay a cash advance fee - and that will not be pretty.

Colonel Sanders

I bank with PTSB

when using my credit card (to make purchases or withdraw cash from a credit balance) I pretty much get the rate as per XE + a commission charge of 1.75%

When using my laser I get charged 1.75% when using it to make purchases and 3.5% when making ATM withdrawals

I noticed in a few eastern european countries that some currency exchange kiosks give very good exchange rates, the spread between buying and selling was, in a lot of cases, pretty small but makes sure to shop around to get the best rate rather than go into the first one you see

undo

This December, I even found two places in Warsaw with overlapping exchange rate spreads - this means that if I kept running between them and exchanging money fore and back, I would have made a profit. Of course doing that is unrealistic but it illustrates Colonel Sanders' point: In Eastern Europe, exchange places are highly competitive and will often offer great rates.

That said, I find that using a credit card with positive balance on it works best for me.

snaps

if i use my credit card in a euro zone country(€) to buy goods for 5.99 do i just get charged 5.99 to my account or a fee as its been used outside Ireland?

odonnell

I would recommend taking your irish bank card and leaving the credit card at home or in the hotel safe wherever you are. Take cash for changing on your street travels and the likes....take the card as a backup and to pay for meals in restaurants as you generally should be out and about with pockets full of cash, no matter the currency.

Be sure to let your bank know youre travelling outwith Europe...sometimes the bank will refuse a transaction outwith europe, suspecting it to be a cloned card. Happened with me and I had to call them to say...yep, its me...im in Mexico...please activate my card.

but yeah - cash for small things, bank card for big things.

undo

Within the euro zone, there should be no additional charges. In fact, there are laws that mandate many transactions in euro countries must be treated the same as domestic ones. Still, to be extra sure, check your bank's terms & conditions.

When venturing outside the euro zone, there generally are fees and these differ from bank to bank/from card issuer to card issuer. For example, with my bank, getting cash at an ATM is free (other than the exchange rate which I am sure is slightly in the bank's favor, there are zero fees) while paying at a store or restaurant incurs a 1.75% foreign exchange fee. So for me, it is best to hop out, get some cash at a nearby ATM and then pay my restaurant bill. With other cards, the exact opposite will be true - paying incurs little or no charge; getting cash costs you a fee.

When you need cash, unless you know there are no extra charges, it is usually advisable to get out a bigger lump sum, paying fees only once.

snaps

Ok thanks, So when you say Bank card you mean LASER? So if i use my Laser in France (€) to pay for something i will only incurr the cost of the item and no fee? I know when ive used my Laser in UK (£) ive incurred a fee as well.

BOI's T & C regarding Laser abroad:

"Charges for using your card abroad

Cirrus/Maestro transactions in euro within the EU and certain non-EU countries to which the relevant EU regulations apply are charged at the same rate as domestic ATM/Laser transactions. Where account transactions fees are free as part of a package these euro transactions are also free.

All other Cirrus and Maestro transactions are charged as follows and are not included free as part of any packages or fee waivers:

* Cirrus (ATM) transactions - there is a 3.5% transaction charge with a minimum of €3.17 and a maximum of €11.43 per transaction
* Maestro (Point-of-Sale) transactions - there is a 1.75% transaction charge with a minimum of €0.46 and a maximum of €11.43 per transaction"


So if i use my laser in the euro zone, there is no charge?

the_syco

Get yourself a decent money belt (ie: one that looks like an actual belt), and put €200 within a plastic bag into it. Just in case you loose your card, and need somewhere to stay whilst you sort it out.

undo

@snaps:

As you can see in your bank's T&Cs, they are forced by law to treat all euro zone transactions on your Laser card as if they were domestic transactions. Thus, if you pay no fees in Ireland, you will pay no fees abroad either. For non-euro countries, it looks like paying at a shop/restaurant costs you less in fees than getting money out at an ATM.

Unshelved

Abroad, you can't use your debit (Laser) card to pay for items in a shop or restaurant - you can just use it to withdraw cash from ATM's. If you wish to use plastic to pay for hotel or restaurant bills, or goods from shops then you'll have to use a credit card.

It's best to withdraw cash from ATM's as you go and bring a credit card with you as back up.

As an aside, if you use a credit card abroad, be sure to be charged in local currency. If you are asked whether you want to be charged in euro's say no, otherwise you'll be fleeced with a ridiculous exchange rate. Also, when withdrawing cash, always use an ATM attached to a bank, while the bank is open - thus minimising the chances of debit card fraud.

Pythia

You can sometimes use your Laser in shops abroad too but it's touch and go, depending on banks and what terminal they have so I wouldn't count on it at all. I did successfully use my BOI Laser as a 'Maestro' in Portugal a few years ago.

GenuineFan

I used my laser card to buy groceries in a supermarket in Portugal last year, but it has Maestro and Cirrus on the back.

What is the maximum amount you can withdraw from an ATM in Portugal?