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taking money out of atm abroad ?

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  • 08-06-2011 7:29am
    #1
    kristok 2
    Registered Users Posts: 124 ✭✭


    im in the states and wondering if i should take my money out of an atm or is that going to cost me allot ? should i just transfer it to my credit card ?

    which option is going to cost me less ?


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    #2
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    Relative to the cost of flying to the US and staying in a hotel, the charge for using an ATM isn't going to break you.

    If you use the credit card, make sure you're frontloaded the a/c with credit to cover the withdrawal or pay the money into the a/c as soon as you get home cause cash withdrawals on credit cards attract interest from day one.


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    #3
    NUTZZ
    Registered Users Posts: 4,101 ✭✭✭NUTZZ


    coylemj wrote: »
    Relative to the cost of flying to the US and staying in a hotel, the charge for using an ATM isn't going to break you.

    If you use the credit card, make sure you're frontloaded the a/c with credit to cover the withdrawal or pay the money into the a/c as soon as you get home cause cash withdrawals on credit cards attract interest from day one.

    If you have a Laser and Credit card are you better off using the Laser card for making ATM withdrawals abroad? Both cards are with AIB


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    #4
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    NUTZZ wrote: »
    If you have a Laser and Credit card are you better off using the Laser card for making ATM withdrawals abroad? Both cards are with AIB

    What does the AIB website say?


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    #5
    NUTZZ
    Registered Users Posts: 4,101 ✭✭✭NUTZZ


    AIB 'Click' Credit Card

    FX Transactions – Visa Europe Region 1.75% of transaction value
    FX Transactions – Visa Rest of World 2.75% of transaction value

    AIB Debit Card

    Purchase transactions in any currency other than euro attract a currency conversion fee of 1.75% (minimum EUR0.46, maximum EUR11.43)

    ATM withdrawal cash transactions in any currency other than euro attract a currency conversion fee of up to 3% (depending on the currency) and also attract a commission charge of 1% (minimum EUR1.27, maximum EUR6.35).


    Does that mean the debit and credit card have the same ATM fee in Euro countries?


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    #6
    Anatom
    Registered Users Posts: 1,165 ✭✭✭Anatom


    NUTZZ wrote: »
    AIB 'Click' Credit Card

    FX Transactions – Visa Europe Region 1.75% of transaction value
    FX Transactions – Visa Rest of World 2.75% of transaction value

    AIB Debit Card

    Purchase transactions in any currency other than euro attract a currency conversion fee of 1.75% (minimum EUR0.46, maximum EUR11.43)

    ATM withdrawal cash transactions in any currency other than euro attract a currency conversion fee of up to 3% (depending on the currency) and also attract a commission charge of 1% (minimum EUR1.27, maximum EUR6.35).


    Does that mean the debit and credit card have the same ATM fee in Euro countries?

    Yes, but wasn't the question about withdrawing money from an ATM in the US? That's not the same as an FX credit card transaction. You'll be charged your 3% (+1%) for the ATM withdrawal, but only 2.75% for the credit card transaction...

    Similar charges exist across all of the banks - here and abroad.

    ... credit card is the way to go, unless you really, really need the cash...


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    #7
    NUTZZ
    Registered Users Posts: 4,101 ✭✭✭NUTZZ


    Anatom wrote: »
    Yes, but wasn't the question about withdrawing money from an ATM in the US? That's not the same as an FX credit card transaction. You'll be charged your 3% (+1%) for the ATM withdrawal, but only 2.75% for the credit card transaction...

    Similar charges exist across all of the banks - here and abroad.

    ... credit card is the way to go, unless you really, really need the cash...

    I was actually asking for my own scenario not the OP's :). I'll be traveling abroad to Europe in September for a year and was just trying to find out which card would be be better value for withdrawing cash at ATM's, or which card over all would represent better value?


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    #8
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    I'd use the ATM card every time. If you want to know the comparative numbers for your personal circumstances, check the details of charges on your Bank and CC websites.


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    #9
    Decoda
    Registered Users Posts: 981 ✭✭✭Decoda


    coylemj wrote: »
    Relative to the cost of flying to the US and staying in a hotel, the charge for using an ATM isn't going to break you.

    If you use the credit card, make sure you're frontloaded the a/c with credit to cover the withdrawal or pay the money into the a/c as soon as you get home cause cash withdrawals on credit cards attract interest from day one.

    Not wanting to hijack this thread but a quick question. Does the bank cover you if you put credit into your credit card account and then your credit card is stolen and charges are racked up against it? I was just curious:confused:

    DC


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