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ATM or pre-load CC when abroad- best option?

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  • 01-08-2007 12:15pm
    #1
    Delboy05
    Closed Accounts Posts: 171 ✭✭


    hi,

    heading to south america for a few weeks and was wondering which is the best option in terms of fees and charges - to pre-load my CC and use it to withdraw cash or to use my ATM card which has cirus.

    Any advice much appreciated


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    #2
    chrislad
    Registered Users Posts: 8,324 ✭✭✭chrislad


    I'd just preload my CC. Be easier, but keep the ATM as a backup. ATMs outside the EU (afaik) can be liable for withdrawal charges also.


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    #3
    Gran Hermano
    Closed Accounts Posts: 9,330 ✭✭✭Gran Hermano


    ATM is the safest option.

    If you pre-load your credit card, you are not covered for loss of those
    funds if your card is lost/stolen/cloned. Pre-load at your own risk.


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    #4
    BC
    Registered Users Posts: 1,326 ✭✭✭BC


    If you pre-load your CC and it gets stolen then the CC company will not cover that money so an ATM card is safer.


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    #5
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭Colonel Sanders


    also a lot of CC companies stilll charge you when you're in credit even though you're actually withdrawing your own money.


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    #6
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    I'd use the ATM and keep the CC as a backup. You can always move funds back and forth as required.


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    #7
    eamon234
    Registered Users Posts: 1,924 ✭✭✭eamon234


    I'd do half and half if you can plus some cash too - last time I did that bloody ATM swallowed my card and I would have been stranded if I hadn't been lucky enough to have some cash on me as well.


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    #8
    spurious
    Moderators, Category Moderators, Education Moderators Posts: 27,215 CMod ✭✭✭✭spurious


    Pre-load costs you less but ATM is more convenient.

    Check with your bank what the charges for withdrawing on the ATM are - if it's a per transaction fee then only withdraw sizeable amounts - if it's a percentage you can't do anything about it.


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    #9
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    Colonel Sanders wrote:
    also a lot of CC companies stilll charge you when you're in credit even though you're actually withdrawing your own money.

    This claim should be substantiated.

    The ATM fees will run c 4.5% : a backup plan might include Western Union


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    #10
    mcaul
    Closed Accounts Posts: 1,493 ✭✭✭mcaul


    CC Companies charge a withdrawal fee up up to 2.5% + an exchange rate fee. If the card is pre-loaded the only fee you won't pay is interest.

    Cash from CC / ATM card - the fees will be much the same. They also usually have a maximum fee, so taking $400 out at a time will be cheaper than 4 x $100 withdrawals.


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    #11
    Sully
    Moderators, Education Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 24,056 Mod ✭✭✭✭Sully


    I have a student credit card and im protected if the card is lost/stolen.. Its with AIB. However, I get charged a few euro ("Cash Advance Fee") for withdraws from my Credit Card.

    While abroad, I use mostly cash and have the CC as backup.


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    #12
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭Colonel Sanders


    ircoha wrote:
    This claim should be substantiated.

    Its not a 'claim' its a fact. Go to:

    http://www.ifsra.ie/frame_main.asp?pg=%2Fconsumer%2Fcr%5Fintr%2Easp&nv=%2Fconsumer%2Fcr%5Fnav%2Easp

    and click on 'latest surveys' and then on the credit card cost survey.


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    #13
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭miju


    Sully wrote:
    I have a student credit card and im protected if the card is lost/stolen.. Its with AIB. However, I get charged a few euro ("Cash Advance Fee") for withdraws from my Credit Card.

    all credit cards are protect when lost or stolen but if you read the T+Cs of most credit cards they will not cover you for any loss accrued if you pre-load your CC and then it gets stolen


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