Currency exchange

masterboy123

Is there any currency exchange office in town?
Looking to convert euros into dollars.

slimjimmc

For US Dollars the post office is good place.
They'll give you cash or you can get a MasterCard currency card which can be used just about anywhere in the US, including ATMs.
http://www.anpost.ie/AnPost/MainContent/Personal+Customers/Money+Matters/Foreign+Exchange/?utm_source=feature&utm_medium=image&utm_campaign=ForeignExchange

masterboy123

the Mastercard currency card looks like a good option. thanks for letting me know about it.

masterboy123

Monthly inactivity fee debited from your Card if it has not been used for 12 months - US$3.50

can i not close this prepaid mastercard after coming back from USA? Because I won't use it and don't want to pay US$3.50 every month onwards...

slimjimmc

masterboy123 wrote: »

Monthly inactivity fee debited from your Card if it has not been used for 12 months - US$3.50

can i not close this prepaid mastercard after coming back from USA? Because I won't use it and don't want to pay US$3.50 every month onwards...

Yeah, just cash out the card at a post office in Ireland. And even if you didn't, any inactivity fee would be drawn on the balance on the card only, it's not linked to any bank account or anything , but may be deducted if you top-up the card later. Alternatively, you could just use the card at home at least once a year to avoid the inactivity fee.

PaulKK

I generally find the AIB to have the best rates for FX. You will pay a small commission fee but its usually as cheap if not cheaper than the post office overall. You don't need to be a customer, just walk in and go to the counter.

I've read conflicting things about the post office mastercard.

Generally going to the states I will get some cash in the bank or post office and load the rest on to my own credit card (i.e. putting it in credit), you will get the best rate that way when buying things as the credit card company's rate is much better than the banks. If you have a credit card anyway I'd look in to that.

masterboy123

I am AIB customer but I don't have credit card.

What conflicting things did you hear about post office Prepaid Mastercard? Please give your opinion so I don't end up in trouble in US.

Do you think I should apply for credit card?

Thanks

PaulKK wrote: »

I generally find the AIB to have the best rates for FX. You will pay a small commission fee but its usually as cheap if not cheaper than the post office overall. You don't need to be a customer, just walk in and go to the counter.

I've read conflicting things about the post office mastercard.

Generally going to the states I will get some cash in the bank or post office and load the rest on to my own credit card (i.e. putting it in credit), you will get the best rate that way when buying things as the credit card company's rate is much better than the banks. If you have a credit card anyway I'd look in to that.

catbear

If you have a debit card check if it's got a mastercard/visa symbol, debit cards are becoming more acceptable globally. Check with your provider for more details about where it's accepted.

PaulKK

masterboy123 wrote: »

I am AIB customer but I don't have credit card.

What conflicting things did you hear about post office Prepaid Mastercard? Please give your opinion so I don't end up in trouble in US.

Do you think I should apply for credit card?

Thanks

Just that they were not accepted in some places and that you had to go in to a branch here to top them up so its awkward from that perspective.

I would avoid using the Debit card too much over there, you will have to pay fees on each transaction and currency conversion fees, not to mention you will get the banks exchange rate on the transaction which is worse than the credit card companies.

I would apply for a credit card myself. Just keep the limit low on it if you don't think you'd be disciplined and put it in credit before you go. Its always handy to have the extra bit of security that a credit card brings anyway.

That's just my opinion though, its what I do myself but I'm sure others have used the an post one and have had no problems.

slimjimmc

I never had any trouble using the currency card in the US, it was accepted without question in every place I went, including ATMs (note many ATMs charge a withdrawal fee no matter which card you use).
You can only top up a currency card in An Post so it's advisable to bring a debit or credit card as a backup anyway or if you're making large purchases. The currency card will avoid transaction fees and reduce exposing you bank accounts to potential fraud. Bear in mind that chip-and-pin is not widely used in USA, the less secure swipe-and-sign seems the norm.

masterboy123

Yes I am aware of high currency conversion rates charged by banks. That's why I thought using a prepaid dollar $ Mastercard would be a better option. It will avoid currency exchange rate.

I will try to get a credit card this week just so I won't have any problems there renting a car or for hotel bookings. But I am not sure if I would be given a credit card as I am working in Ireland since starting of this year.

Dozen Wicked Words

You'll have to pay the 30 euro Government Stamp Duty if you get a Credit Card.

masterboy123

Is that every year in December or from day of getting card till next year?

Dozen Wicked Words wrote: »

You'll have to pay the 30 euro Government Stamp Duty if you get a Credit Card.

slimjimmc

masterboy123 wrote: »

Is that every year in December or from day of getting card till next year?

1st April
http://www.citizensinformation.ie/en/money_and_tax/tax/duties_and_vat/stamp_duty_on_financial_cards.html

Dozen Wicked Words

masterboy123 wrote: »

Is that every year in December or from day of getting card till next year?

Not sure tbh, mine comes out in April but cant for the life of me remember if that's when I got my Credit Card or if its a financial year thing. If you ask in the bank they should be able to fill in the blanks for you.

Edit: slimjimmc has answered much more succinctly than I did!

masterboy123

I updated my employment details with my bank and now trying to apply for a credit card online.

what is Percentage of balance to pay by Direct Debit? shall i set it as 100%? to avoid any extra interest?

thanks everyone