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Price Collusion in the Irish Banking Sector

  • 12-08-2010 10:19pm
    #1
    Yag reuoY
    Closed Accounts Posts: 214 ✭✭


    I'm planning a 6 month South East Asian voyage, and obviously will need access to my cash abroad. I've discovered something quite irritating: since the departure of Halifax, none of the Irish banks offer any meaningful difference in the cost of withdrawing from foreign ATMs.

    Halifax had a total fee of 1.75% of the transaction value, while Ulster Bank(my current bank) charges a lofty 3.5%. :eek: This is TWICE THE PRICE. :eek:

    The shocking thing is the other banks have an almost identical rate.:mad:

    An absolute disgrace!:rolleyes:


Comments

  • #2
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    However, unlike Halifax, I believe most of them have a cap. So depending on how much you're spending/taking out, you may end up better off..


  • #3
    Yag reuoY
    Closed Accounts Posts: 214 ✭✭Yag reuoY


    BuffyBot wrote: »
    However, unlike Halifax, I believe most of them have a cap. So depending on how much you're spending/taking out, you may end up better off..

    You'd have to take out upwards of 700 euros for it to make any difference, which most ATMs won't even allow. Plus, it's not advisable taking out large amounts while abroad.

    Why oh why did did Halifax have to leave! UK banks are so much better when it comes to competition. :mad:

    Cannot wait to leave this country!


  • #4
    almalahide
    Registered Users, Registered Users 2 Posts: 69 ✭✭almalahide


    Yag reuoY wrote: »
    You'd have to take out upwards of 700 euros for it to make any difference, which most ATMs won't even allow. Plus, it's not advisable taking out large amounts while abroad.

    Why oh why did did Halifax have to leave! UK banks are so much better when it comes to competition. :mad:

    Cannot wait to leave this country!

    I know how you feel! I was so used to Halifax, I think the minimum charge for a purchase is 50cent for Ulster bank even on a cup of coffee if you pay with card up north so for me it seems to work out more expensive. But it's Irish peoples fault, they would have stayed if people had given them a try! I say that to all my mates in BOI/AIB who dare complain about charges etc. :P

    Ulster bank charge a minimum of 25cent and up for traslating into euro and then 25cent for the fun of it listed as a charge.....


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