How do I avoid banking fees BOI? Money bookers or PTSB

Thraxen

I am to the point I can't sleep. I am trying my very best to budget, I made sure every single cent has a job. However I am 23 and just found out I will have to start paying quarterly fees. I never took that into account. I has 37 transactions in one month already.

I can see two options, and if there is more please please tell me!

I need a card of some sort to be able to pay for shopping around town. I would like to set up so I just use cash but I worry I may over spend if I do that.

Should I look at the moneybookers mastercard? (Debit/Prepay card btw)

• Only €10 annual fee, no monthly fees
• Free online/offline shopping transactions
• ATM cash withdrawal at fixed €1.80 fee, in Ireland or abroad
• Foreign exchange fee: 2.49% on top of our wholesale rates

I am unsure as I use paypal if I get charged in my own currency. Would that mean the foreign exchange fee is not anything to worry about? I purely use paypal to pay for most items, however I use amazon too but I know they only charge in your local currency.


Okay I looked at PTSB and realised I would need to be lodging 1k a month. I do not make that much so I guess it is outa the question.

Should I transfer (or open) from BOI to PTSB?

My balance right now is €55 so yeah the whole keeping 3k is not something I can do.
Does PTSB really have no fees? I am so confused by the way they phrase everything.
If I just open a PTSB account would I get charged for it? I mean if I open one and have a BOI account but for instance find no use for PTSB would I get charged?


Thank you for any help. I feel like such an idiot with all this

coylemj

Thraxen wrote: »

I need a card of some sort to be able to pay for shopping around town. I would like to set up so I just use cash but I worry I may over spend if I do that.

That is upside down logic. Cards allow you to overspend, lack of cash does not.

Even if you're talking about debit cards where the money is coming from a positive balance in your current a/c, you need to bear in mind that with free banking all but disappearing, it makes sense to take out cash from an ATM and use that to pay for transactions that you are currently now paying with a debit card. It looks like you need to reduce the number of transactions and making occasional withdrawals from an ATM and paying cash will help to reduce the number of transactions on your account.

Thraxen

coylemj wrote: »

That is upside down logic. Cards allow you to overspend, lack of cash does not.

Even if you're talking about debit cards where the money is coming from a positive balance in your current a/c, you need to bear in mind that with free banking all but disappearing, it makes sense to take out cash from an ATM and use that to pay for transactions that you are currently now paying with a debit card. It looks like you need to reduce the number of transactions and making occasional withdrawals from an ATM and paying cash will help to reduce the number of transactions on your account.

Aye should have been clear it is a debit card I would be using. I do not have a credit card and I won't either.
Would not the money bookers basically be free banking? I mean 10euro to use the card and I can use it online and also in the shops.
The problem with ATMs is that there is only one near me. Yet that is in the town 10 mile away. Where I actually do my shopping has no ATMs at all. I don't drive so getting money out is extremely hard
Before the laser card I was basically stuck without money a lot of the time.

RoverZT

Ulster Bank.

Still free banking isn't it?

Nino Brown

RoverZT wrote: »

Ulster Bank.

Still free banking isn't it?

Yeah, but that's changing this year, so he'd only get free banking for a few quarters at best.

wmpdd3

ask in you credit union if they do a atm card. Would you qualify for a student account?

Thraxen

Nino Brown wrote: »

Yeah, but that's changing this year, so he'd only get free banking for a few quarters at best.

Um -cough- am a she lol

wmpdd3 wrote: »

ask in you credit union if they do a atm card. Would you qualify for a student account?

Ah see I am in the ass end of no where, we have an AIB and a BOI in the town. There is a credit union but to be honest I have never seen an ATM machine for a credit union around here. I think there is an PTSB about 30mil away which is okay as I don't really go into the branch anyway.


I just wonder if the moneybookers card would be my best bet, I mean for going around the shops and paying online it should not cost me anything (except 28cent from BOI to transfer it to the card).

dobsdave

To pay no fees to PTSB

If you look on their website, you need to do the following:

1. Use your Visa Debit Card to pay for purchases like petrol or groceries, 18 times per quarter

2. Lodge at least €3,000 to your account every quarter like your salary

3. Make at least one transaction through Open24 every quarter (this could be a funds transfer or bill payment)

4. Keep your account within agreed limits

I think they will be starting a different account shortly that has less conditions.

Tar.Aldarion

The new account needs a deposit of 1500 pm, or per 3 months, not sure.

daithijjj

Thraxen wrote: »

Um -cough- am a she lol




Ah see I am in the ass end of no where, we have an AIB and a BOI in the town. There is a credit union but to be honest I have never seen an ATM machine for a credit union around here. I think there is an PTSB about 30mil away which is okay as I don't really go into the branch anyway.


I just wonder if the moneybookers card would be my best bet, I mean for going around the shops and paying online it should not cost me anything (except 28cent from BOI to transfer it to the card).

Im sure you have checked it all out yourself but anyway.....

Comparing Charges on Prepaid Cards

Moneybookers – prepaid Mastercard
€10 annual fee (First Year FREE)
Usage Fees – Nil
Top Up charges : – Free if done by laser or bank transfer But a 1.9% fee for top ups from a credit card .
No inactivity charges

Swirl Prepaid Mastercard
€5.95 purchase
Loading fees : Under €350 = €2.99 ; Over €350 = €3.99
Usage charge – when purchasing online or in shops = 2.95% (min 75c, Max €2.95)
Inactivity Fee = €3.50 a month after 2 months of no usage.

O2 Money – Prepaid Visa
Initial Fee €9.99
Loading fees range from 39c to €2.55 when done via your bank
or from 49c to €2.99 max when topped up in store
Usage Fees – ATM €1 – Purchases – Nil
Inactivity Fee – after no usage for 15 months : €1.50 per month

Payzone - Prepaid Mastercard
Purchase = €6
Loading fees €3.50 for Under €350 and €5.95 for more than €350
Usage charge – 2.95% of purchase price
Inactivity Charge = €3.50 per month after 3 months

Example of Fees - To purchase something costing €300 using one of these cards – including any purchase and loading fees.

Moneybookers (assuming worst case scenario of loading via non laser card)
€10 fee (annual) , Loading fee €5.85 – Total €15.85.
(Note: If you loaded via laser or your bank – there would be no loading fee.)
For every €100 you load and spend – it will cost you a maximum of €1.90 – (but it will cost you nothing if you don’t use a credit card to load)

O2 Money – €9.99 one off purchase , Loading fee €2.99 (in store) , Total €12.98
For every €100 you load and then spend it will cost you a max of – €1.99 Min €1.70

Swirl €5.95 to buy , €2.99 loading fee and usage fee €2.95 = Total €11.89
For every €100 you load and then spend – it will cost you €5.94

Payzone – €6 to buy it , top up fee = €3.50 and usage fee €8.85 = Total €18.35. For every 100 you load and spend – it will cost you €6.45

Over the course of a year- if someone used one of these cards once a month to load it with €1300 from their bank account and spend the €100 in 4 different €25 transactions - this is how much it would end up costing you.(including initial purchase cost of card) ….

Moneybookers - €10
O2 Money €30.39
Payzone €71.20
Swirl €77.83

All debit cards should also incur a €2.50 government stamp duty charge each year too.

http://www.moneyguideireland.com/prepaid-debit-cards-visa-and-mastercard.html

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My 2 cents. Moneybookers seems like its what you need right now yourself personally. I would get it if i were you, provided none of the above has changed, that data is dated Dec 2012.

In the future, check out Ulster banks charges and if you continue to not need a branch maybe that's an option for you. Im with Ulster, never use ATM, only point of sale, costs me 2.50 for the year, 5 euro for the year if use of both ATM and point of sale. That's it. However that will change, and at that point i will 'vote with my feet' if need be.

cnocbui

Just use cash. Withdraw as much in one go as you have/can from an ATM. I have an O2 debit card but I reserve it for online purchases in Euros.

Tar.Aldarion

if you want to just do transactions online without a card you can use a rabo direct savings account. It's free banking, they give you 30e to open an account with them if you enter a code and you can link the account to paypal.

Thraxen

Tar.Aldarion wrote: »

if you want to just do transactions online without a card you can use a rabo direct savings account. It's free banking, they give you 30e to open an account with them if you enter a code and you can link the account to paypal.

Hun you can just transfer money from your bank to paypal. So using rabo would technically be adding a step that is not needed.

daithijjj wrote: »

msg

Hehe that is the article I was looking at
I was thinking it would be a good idea but then realised I would only be able to send money from my bank, which I can do with paypal anyway.

I think I will try and use cash from now on. Tis just hard to figure out what is the amount I need to take out and make sure I do not get stuck a couple euro short lol

Thank you all for the help!

Tar.Aldarion

Thraxen wrote: »

Hun you can just transfer money from your bank to paypal. So using rabo would technically be adding a step that is not needed.

The point of adding rabo is that it is a bank account with no fees that gives you 2.45% interest on your money, instead of 0%, and gives you money for even opening it.
It is also far higher rated than our banks, securing your money.

wmpdd3

^^^, so you could get paid into a rabo direct account and transfer some money into the moneybookers card for purchases.

Use Rabodirect to pay your bills and DD from.

If so, that sounds like a real competitor to a usual bank.

Ogham

wmpdd3 wrote: »

^^^, so you could get paid into a rabo direct account and transfer some money into the moneybookers card for purchases.

Use Rabodirect to pay your bills and DD from.

If so, that sounds like a real competitor to a usual bank.

Rabo Direct is not like a normal current account - you can't do Direct Debits.

That Moneybookers card is a good option - it's safer than using cash. You don't want to be walking round with loads of cash all the time - or with not enough cash and no card . You need a debit card these days in my opinion.
(also less chance of losing money in the washing machine !)

Thraxen

Ogham wrote: »

Rabo Direct is not like a normal current account - you can't do Direct Debits.

That Moneybookers card is a good option - it's safer than using cash. You don't want to be walking round with loads of cash all the time - or with not enough cash and no card . You need a debit card these days in my opinion.
(also less chance of losing money in the washing machine !)

Yeah exactly I mean my mam had her purse out to pay for something, set it down on the counter to pack the shopping and forgot it there! She thankfully got it back but the worry of just losing all the money and there is no way to replace it. At least if you lose just some cards you can stop them and then your safe, no real loss.

I will definitely look into rabo direct, even the interest alone seems to be great. I'll mention it to family who have some money in the bank lol

Tar.Aldarion

You can get a debit card with paypal cant you, and it'#s free? Can you pay direct debits with paypal?

Thraxen

Tar.Aldarion wrote: »

You can get a debit card with paypal cant you, and it'#s free? Can you pay direct debits with paypal?

Just been researching it the paypal debit Mastercard. It is only available if you are invited They said they are sending out batch invites to people. Basically test it out and see if everything goes okay lol. I am really hoping to get an invite as it looks brilliant! However it does only seem to be in England. I was given two numbers:
08453035303
08455058801
and then they tried to just give me the Irish paypal number 1890943220 which goes through to an english call center.

I did find something interesting that is coming out, a papal app for the phone which allows you to scan a credit card (anywhere!!) and you simply input what you want to charge them and yeah goes straight to your account. It should come out in the summer tis epic!!