Credit Card overseas charges

CantThinkOfANam

Hi all,

I'm going to Thailand and Dubai this month and I am planning on using my credit card over there. I'll have it topped up with my own money. I rang the banks card services today to enquire about what charges I would incur for using it over there and they said I'd be charged 1.75% because I'll be withdrawing the money in a foreign currency. But they were not able to tell me roughly how much that would work out at.

Can somebody explain to me what is the 1.75% based on?

Thanks a million.

Jack Bauer999

CantThinkOfANam wrote: »

Hi all,

I'm going to Thailand and Dubai this month and I am planning on using my credit card over there. I'll have it topped up with my own money. I rang the banks card services today to enquire about what charges I would incur for using it over there and they said I'd be charged 1.75% because I'll be withdrawing the money in a foreign currency. But they were not able to tell me roughly how much that would work out at.

Can somebody explain to me what is the 1.75% based on?

Thanks a million.

I believe its a Cross Border Handling Fee:
A cross-border handling fee will not apply to transactions in euro.
All other transactions will be subject to a cross-border handling fee of up to 1.75% of the transaction.

So how much it costs you depends on how much you withdraw over there.

GerardKeating

CantThinkOfANam wrote: »

Hi all,

I'm going to Thailand and Dubai this month and I am planning on using my credit card over there. I'll have it topped up with my own money. I rang the banks card services today to enquire about what charges I would incur for using it over there and they said I'd be charged 1.75% because I'll be withdrawing the money in a foreign currency. But they were not able to tell me roughly how much that would work out at.

Can somebody explain to me what is the 1.75% based on?

Thanks a million.

Also the ATM provider might also makes charages in addition to the CC charges.

Davy

What card provider do you have?

The reason i ask, because some provides still charge a cash advancement fee even if the account is in credit. This can be around €2 minimum a transaction depending on the type of card.

CantThinkOfANam

Its a BOI Mastercard. What would the charges likely be if I withdrew €100 for example?

Davy

CantThinkOfANam wrote: »

Its a BOI Mastercard. What would the charges likely be if I withdrew 100 for example?

With that card you dont get charged from transactions when the account is in credit. If its not in credit it would be 1.5% or a minimum of 2.54 for cash/ATM transactions. But you will be charged the currency fee on all transactions.

CantThinkOfANam

davton wrote: »

But you will be charged the currency fee on all transactions.

This is what I'm trying to work out;)

willy wonka

I'm in the same boat as yourself OP. BOI Mastercard but going To Australia and topping up my CC like you before I go. I wonder if it would be cheaper to just bring a wad of cash with me (but less secure obviously)

Also BOI exchange rates have been pretty crap so thats another reason why I dont want to use the CC. (1.87 bureau de change in bank, 1.96 booking a hotel online :eek:)

Davy

1.75% is the charge on top of the transaction amount.

$1.28 = €1.00

So a 100 dollar transaction would be €78.16 + €1.36 [1.75%] = €79.52

€79.52 is what you would see on your statement.

This is a fee for every payment and cash withdrawal in a currency other than euro.

CantThinkOfANam

Ah okay thanks for that davton. I think I'll stick with de credit card. Sure if I spend €1000 I'm going to be charged €17.50. It'll have to do.

I'll get a lazer card with cirrus for future trips as I heard there's no charge for using that.