Best value cash for abroad

HeidiHeidi

I'm heading to Malta and Sicily next week (yippeee!)

I'm trying to figure out what the best means of getting/having money is.

Both countries use the euro. I don't really want to go around carrying wads of cash with me if I can avoid it.

So, given that I don't have to exchange currency, should I just use ATMs over there? That's my default position, although I've got stung HORRIBLY when withdrawing sterling in the UK before. Do mad ATM charges apply when withdrawing euros???

The other option I've used in the past is to preload my visa card. This used to be the cheapest means of accessing cash via machines, although that's years-old information. Is this still the way to go? Something in the back of my head says there's a serious downside to this, but I can't remember what that might be....

FWIW, both my current account and visa account are with pTSB.

I could ring the bank and enquire from them, but any dealings with them, in person or by phone, usually raises my blood pressure to dangerous levels, so I'd prefer to avoid that (and them) if I can.

Thanks in advance for any advice/tips

ardmacha

There are no charges for withdrawing Euros with your ATM card.

HeidiHeidi

Seriously? Even abroad???

Can't believe banks missed a trick like that!

(can you tell I'm a bit cynical about our beloved banks?)

If that's the case, then happy days

ger664

HeidiHeidi wrote: »

Seriously? Even abroad???

Can't believe banks missed a trick like that!

(can you tell I'm a bit cynical about our beloved banks?)

If that's the case, then happy days

No charges but is most likely a low daily limit of €200 as is the case in Portugal. Luckily it applies per card.

BuffyBot

No trick, it'd simply not permitted for them to charge extra when withdrawing Euro or paying by debit card in another Euro using country.

Sully

BuffyBot wrote: »

No trick, it'd simply not permitted for them to charge extra when withdrawing Euro or paying by debit card in another Euro using country.

Why do some ATMs say there may be extra charges? What about cash back abroad (not sure if you can do that tho)?

ProudDUB

Sully wrote: »

Why do some ATMs say there may be extra charges?

Because the owner/operator of the ATM has no way of knowing where the cards being used originates from. If the card was issued by a bank that is also in the eurozone, no fees. But if the card was issued by a bank in the US, Canada, Australia etc etc, they can and will take the card holder to the cleaners with fees.

BuffyBot

Why do some ATMs say there may be extra charges? What about cash back abroad (not sure if you can do that tho)?

The charges are up to the ATM operator, not your bank. So if there is a charge, obviously your bank don't have a choice in that. If The Bank of BuffyBot decides to charge everyone who uses it's ATM's €1.50 a pop, your bank has no choice but to pass that on (as you've accepted it - hence why you have to agree to such charges before proceeding).

Cash back is generally only available domestically.

coylemj

BuffyBot wrote: »

The charges are up to the ATM operator, not your bank. So if there is a charge, obviously your bank don't have a choice in that. If The Bank of BuffyBot decides to charge everyone who uses it's ATM's €1.50 a pop, your bank has no choice but to pass that on (as you've accepted it - hence why you have to agree to such charges before proceeding).

+1 this is a phenomenon we're not familiar with in Ireland but in most other countries, that ATM in the convenience store is a nice little earner for the shopkeeper as he/she gets a kickback for every withdrawal and the person withdrawing the money has to pay the charge which is over and above your normal bank transaction charges. That's why there are so many ATMs in drug stores, hotel lobbies, liquor stores, McDonalds etc. in the US.

Stick to ATMs on the wall of bank branches and you should be ok.

zagmund

I travel a couple of times a year, and I tend to go for the easy route of just using the ATM. I know that sometimes I may be hit with a charge for the transaction (or a poor rate of exchange), but I've learned to live with it. I might save €2.50 here or there, but equally I might spend that amount more on a burger or a drink somewhere because I didn't know the place around the corner served the same stuff at a lower price. I just treat it as a cost of being away.

I'm not trying to sound all Celtic Tiger - if I knew that one machine charged me a fee and the one beside it didn't then I would use the cheaper one - but when I'm away I opt for the easy route.

If I was changing/withdrawing/spending serious amounts of money over a period then that would focus my mind a little. 10 transactions costing €2.50 becomes €25 for example. When I'm away I would normally take out money maybe twice over a week, so that's just a cost of doing business to me. Everything 'large' goes on the credit card - hotels, groceries, etc . . .

z

Sully

So its still possible that ATMs in Europe may add a charge for the transaction, on behalf of the ATM owner?

coylemj

Sully wrote: »

So its still possible that ATMs in Europe may add a charge for the transaction, on behalf of the ATM owner?

Yes, if the ATM is not stuck to the wall of a bank, it's almost guaranteed that you will have to pay extra.

The convenience of being able to use an ATM at a filling station or Spar shop at midnight and it not costing you a cent extra is a privilege we have in Ireland but it's almost unknown in other countries where virtually every ATM outside bank branches whack you with an additional charge.

schemingbohemia

The serious downside the OP was worried about in relation to pre-loading the credit card is that if it's stolen, any pre-loaded money is not covered it's only where the credit part is used that the Bank becomes liable. For the OP just using your Laser Card (or equivalent) at an ATM is the only sensible option.

ardmacha

The advantage of the Euro zone (although it may have ruined the Irish economy) is that you can just bring some cash with you, use your regular atm and credit card without charges. This should lead to a 3.5% cheaper holiday!

chancer12

daughter heading away on the LC holiday next Monday and with the whole fuss of the exams we didn't realise that her laser card should have been replaced with a Visa Debit and there wasn't enough time to organise a replacement cards (7 - 9 working days). I'm looking at buying her an 02 card which I can top up during the hols. It can only be pre-loaded with a max of €150. Anyone got any other suggestions? tnx

ScouseMouse

chancer12 wrote: »

daughter heading away on the LC holiday next Monday and with the whole fuss of the exams we didn't realise that her laser card should have been replaced with a Visa Debit and there wasn't enough time to organise a replacement cards (7 - 9 working days). I'm looking at buying her an 02 card which I can top up during the hols. It can only be pre-loaded with a max of €150. Anyone got any other suggestions? tnx

Where is she going to? Why should it have been replaced?

If its in the eurozone, can she not use it in banks atms as required?

If you have her account number, can you not lodge money into it while she is out wherever she is going?

If you are unsure if she will go mad, how about giving her so much a week to spend and at start of week two, lodge money for her to access?

chancer12

Her Laser card has become inactive because they rolled out the VisaDebit, they sent her a form to apply for the new car but she was prepping for the LC and didn't do anything about it. By the time she realised that she needed a card it was too late. Have gotten her an 02 money card now which I can top up from here - periodically!