interesting article about bringing cash on hols.

daveg

http://archives.tcm.ie/businesspost/2005/05/22/story4921.asp

Don't give banks your spending money Sunday, May 22, 2005 - By Louise McBride When saving for a holiday, most of us make little sacrifices so we can splash out while abroad. However, unless you're careful, a big chunk of your spending money could be wasted on foreign exchange charges or bank fees. By avoiding such charges, you can keep your spending money for the lavish meals or wacky trips for which you intended it. Anyone taking spending money abroad has a range of options, including cash, travellers' cheques, ATM and credit cards, and money transfer. Travellers' cheques Charges for travellers' cheques vary, depending on the value of the cheque, the currency and whether you are buying or selling. Ironically, it usually costs more to buy a euro travellers' cheque than one in a non-euro currency. With AIB, the charge is 3.5 per cent if you are buying a euro currency cheque under €600 in value. The maximum charge is €19. If the travellers' cheque is for between €600 and €3,000, the charge is 2.5 per cent, up to a maximum of €60.The charge is 1.5 per cent for travellers' cheques over €3,000, with a minimum charge of €60. If you are cashing in a travellers' cheque with AIB, the same commission charges apply. If buying travellers' cheques in non-euro currencies from AIB, you pay foreign exchange charges plus 1.5 per cent of the value of the cheque. When cashing in a non-euro travellers' cheque with AIB, you pay foreign exchange charges plus 1 per cent of the face value. With Bank of Ireland, the charge for buying foreign currency travellers' cheques is 1.5 per cent of the value, up to a maximum of €50. Charges for euro currency travellers' cheques are 3 per cent on amounts less than €875, and 2 per cent on amounts over €875, subject to a maximum charge of €63. If you don't cash in your travellers' cheques abroad, you can encash them with Bank of Ireland free of charge on your return, as long as you can prove that you bought them from that bank. National Irish Bank charges 2 per cent commission if buying a euro currency travellers' cheque, or 1 per cent for non-euro currency. Permanent TSB charges 2.3 per cent commission for euro currency travellers' cheques or 1 per cent if it's a non-euro currency. Ulster Bank charges 1.5 per cent commission for all travellers' cheques. If you buy American Express travellers' cheques, you can cash them free of charge in certain American Express branches in Europe and the US. A list of the branches is available on its website. Banks that sell American Express travellers' cheques include Bank of Ireland and National Irish Bank. Some banks, such as AIB, may not charge commission on travellers' cheques if you are a student or over 60. Shop around It is worthwhile shopping around for travellers' cheques and foreign exchange. According to today's survey by The Sunday Business Post, the bank that offers the best value on converting €1,000 into dollars is Bank of Ireland. National Irish Bank offered the worst value on a dollar exchange. ATMs If you use your ATM card to withdraw money elsewhere in the eurozone, you should pay no more in transaction charges than you do at home. However, using your ATM card outside the eurozone costs substantially more. For example, with AIB it costs 20 cent to withdraw money using your ATM card in the eurozone. If you withdraw money outside the eurozone, you pay third party charges up to 1 per cent of the amount withdrawn, a commission charge of 1 per cent, plus the 20 cent transaction fee. With Bank of Ireland, there is a 3.5 per cent transaction charge if you use your ATM card to withdraw money outside the eurozone, subject to a minimum charge of €3.17 and a maximum charge of €11.43. National Irish Bank and Ulster Bank have no transaction charges for ATM withdrawals within the eurozone. Otherwise, the charge is 3.5 per cent of the value of the transaction with National Irish Bank and 2 per cent with Ulster Bank. It costs 25 cent to make an ATM withdrawal in the eurozone with Permanent TSB or 3.5 per cent of the transaction value if outside the eurozone. Credit cards Using your credit card in the eurozone to make purchases shouldn't cost any more than doing so at home. You will normally not have to pay any interest on your credit card account if it is in credit. If you use your credit card to withdraw money, you normally have to pay cash advance fees which vary, depending on the bank. For example, with AIB, the charge is 1.5 per cent of the value of the withdrawal for euro transactions. For non-eurozone countries, you pay currency commission fees of up to 2.75 per cent, plus a cash advance fee of 1.5 per cent of the value. With Bank of Ireland, if you use your credit card to buy goods outside the eurozone, the charge is 1.75 per cent. For withdrawing cash from an ATM using your credit card in the eurozone, you pay a cash advance fee of 1.5 per cent. If outside the eurozone, a cash advance fee of 1.5 per cent applies, along with a cross-border handling fee of 1.75 per cent of the value of the transaction. Money transfer Some banks offer money transfer services, which allow you to transfer money abroad. AIB's Paylink Euro service, which allows the transfer of euro currency to eurozone countries, costs 75 cent per transaction as long as you can give the bank the international bank account number (IBAN) and bank identifier code (BIC). AIB also has a Paylink service, which allows you to transfer money to countries outside the eurozone, at a cost of €20 plus foreign exchange rates. Bank of Ireland's Interpayplus service allows you to transfer up to €12,500 to a bank account in another EU member state for 50 cent if you have the IBAN and BIC. If transferring the money outside the EU, it costs €25.25. National Irish Bank and Permanent TSB offer a Swift money transfer service. With National Irish Bank, it costs 50 cent to transfer €12,500 if the bank receives instructions by 11am,or €25 later in the day. It costs 50 cent to transfer up to €12,500 with Permanent TSB with IBAN and BIC - otherwise, it costs €10. Payments outside the eurozone cost €31.50. Ulster Bank's money transfer service costs from 51 cent per transaction within the EU. Although An Post does not have a foreign exchange service, it sells sterling bank drafts and has a Eurogiro service. It also offers Western Union's money transfer service, which allows customers to send €1,000 to any country at a cost of €53.

Roddy23

In ref, to the above, how long does it take in working days for a bank to give you a new atm card. I'm heading away Tuesday week, and need my ATM card back before next Friday, just wondering anybody know for defo.
thanks.

John R

Above article with paragraphs:




Don't give banks your spending money
Sunday, May 22, 2005 - By Louise McBride
When saving for a holiday, most of us make little sacrifices so we can splash out while abroad. However, unless you're careful, a big chunk of your spending money could be wasted on foreign exchange charges or bank fees.

By avoiding such charges, you can keep your spending money for the lavish meals or wacky trips for which you intended it.

Anyone taking spending money abroad has a range of options, including cash, travellers' cheques, ATM and credit cards, and money transfer.

Travellers' cheques

Charges for travellers' cheques vary, depending on the value of the cheque, the currency and whether you are buying or selling. Ironically, it usually costs more to buy a euro travellers' cheque than one in a non-euro currency.

With AIB, the charge is 3.5 per cent if you are buying a euro currency cheque under €600 in value. The maximum charge is €19.

If the travellers' cheque is for between €600 and €3,000, the charge is 2.5 per cent, up to a maximum of €60.The charge is 1.5 per cent for travellers' cheques over €3,000, with a minimum charge of €60.

If you are cashing in a travellers' cheque with AIB, the same commission charges apply.

If buying travellers' cheques in non-euro currencies from AIB, you pay foreign exchange charges plus 1.5 per cent of the value of the cheque. When cashing in a non-euro travellers' cheque with AIB, you pay foreign exchange charges plus 1 per cent of the face value.

With Bank of Ireland, the charge for buying foreign currency travellers' cheques is 1.5 per cent of the value, up to a maximum of €50.

Charges for euro currency travellers' cheques are 3 per cent on amounts less than €875, and 2 per cent on amounts over €875, subject to a maximum charge of €63.

If you don't cash in your travellers' cheques abroad, you can encash them with Bank of Ireland free of charge on your return, as long as you can prove that you bought them from that bank.

National Irish Bank charges 2 per cent commission if buying a euro currency travellers' cheque, or 1 per cent for non-euro currency.

Permanent TSB charges 2.3 per cent commission for euro currency travellers' cheques or 1 per cent if it's a non-euro currency. Ulster Bank charges 1.5 per cent commission for all travellers' cheques.

If you buy American Express travellers' cheques, you can cash them free of charge in certain American Express branches in Europe and the US.

A list of the branches is available on its website. Banks that sell American Express travellers' cheques include Bank of Ireland and National Irish Bank.

Some banks, such as AIB, may not charge commission on travellers' cheques if you are a student or over 60.

Shop around

It is worthwhile shopping around for travellers' cheques and foreign exchange. According to today's survey by The Sunday Business Post, the bank that offers the best value on converting €1,000 into dollars is Bank of Ireland. National Irish Bank offered the worst value on a dollar exchange.

ATMs

If you use your ATM card to withdraw money elsewhere in the eurozone, you should pay no more in transaction charges than you do at home. However, using your ATM card outside the eurozone costs substantially more.

For example, with AIB it costs 20 cent to withdraw money using your ATM card in the eurozone.

If you withdraw money outside the eurozone, you pay third party charges up to 1 per cent of the amount withdrawn, a commission charge of 1 per cent, plus the 20 cent transaction fee.

With Bank of Ireland, there is a 3.5 per cent transaction charge if you use your ATM card to withdraw money outside the eurozone, subject to a minimum charge of €3.17 and a maximum charge of €11.43.

National Irish Bank and Ulster Bank have no transaction charges for ATM withdrawals within the eurozone.

Otherwise, the charge is 3.5 per cent of the value of the transaction with National Irish Bank and 2 per cent with Ulster Bank.

It costs 25 cent to make an ATM withdrawal in the eurozone with Permanent TSB or 3.5 per cent of the transaction value if outside the eurozone.

Credit cards

Using your credit card in the eurozone to make purchases shouldn't cost any more than doing so at home. You will normally not have to pay any interest on your credit card account if it is in credit.

If you use your credit card to withdraw money, you normally have to pay cash advance fees which vary, depending on the bank.

For example, with AIB, the charge is 1.5 per cent of the value of the withdrawal for euro transactions. For non-eurozone countries, you pay currency commission fees of up to 2.75 per cent, plus a cash advance fee of 1.5 per cent of the value.

With Bank of Ireland, if you use your credit card to buy goods outside the eurozone, the charge is 1.75 per cent. For withdrawing cash from an ATM using your credit card in the eurozone, you pay a cash advance fee of 1.5 per cent.

If outside the eurozone, a cash advance fee of 1.5 per cent applies, along with a cross-border handling fee of 1.75 per cent of the value of the transaction.

Money transfer

Some banks offer money transfer services, which allow you to transfer money abroad.

AIB's Paylink Euro service, which allows the transfer of euro currency to eurozone countries, costs 75 cent per transaction as long as you can give the bank the international bank account number (IBAN) and bank identifier code (BIC).

AIB also has a Paylink service, which allows you to transfer money to countries outside the eurozone, at a cost of €20 plus foreign exchange rates.

Bank of Ireland's Interpayplus service allows you to transfer up to €12,500 to a bank account in another EU member state for 50 cent if you have the IBAN and BIC.

If transferring the money outside the EU, it costs €25.25.

National Irish Bank and Permanent TSB offer a Swift money transfer service.

With National Irish Bank, it costs 50 cent to transfer €12,500 if the bank receives instructions by 11am,or €25 later in the day. It costs 50 cent to transfer up to €12,500 with Permanent TSB with IBAN and BIC - otherwise, it costs €10. Payments outside the eurozone cost €31.50.

Ulster Bank's money transfer service costs from 51 cent per transaction within the EU.

Although An Post does not have a foreign exchange service, it sells sterling bank drafts and has a Eurogiro service.

It also offers Western Union's money transfer service, which allows customers to send €1,000 to any country at a cost of €53.