Question re ATMs abroad

IMightKnow

Hi
I thought that when using my credit card in an ATM on holidays (I put money into it rather than use its credit function) that the rate I receive for my foreign money is the bank of Ireland rate. Is this true?
I read online that "ATMs give good rates". If the rate is being set by the card issuing bank rather than the bank that has the atm, how can this be?

Bank of Ireland: Linda

Hi IMightKnow,

On your credit card the exchange rate you receive when withdrawing money abroad is MasterCard/ Visa's exchange rate.

The rate that applies to the transaction is not the rate on the day that you take out the money. It is the rate on the day the transaction is billed to the credit card statement. Even if you are in credit, when you withdraw money in another currency, there will be a cross-border handling fee also applied which is calculated at 1.75% of the transaction.

I hope this clears it up.
Thanks
Linda

IMightKnow

Thats great yes, thank you.

One more question...am I right in thinking that at 1.75% fee, using credit card is cheaper than bank of ireland debit?

Bank of Ireland: Linda

Hi IMightKnow,

It would depend on the amount and type of the transaction you are doing as to which would be cheaper.

The fees for using your laser card abroad would be:
-At an atm machine is 3.5% and it does have a minimum charge of €3.17 with a maximum charge of €11.43 per transaction.
-At a point of sale, ie a retailer, is 1.75% and it has a minimum charge of €0.46 with a maximum charge of €11.43 per transaction.

These same fees and limits will apply when you get your Bank of Ireland Visa debit card as well.

If you have any other questions please ask.
Thanks
Linda

Terrontress

Bank of Ireland: Linda wrote: »

Hi IMightKnow,

It would depend on the amount and type of the transaction you are doing as to which would be cheaper.

The fees for using your laser card abroad would be:
-At an atm machine is 3.5% and it does have a minimum charge of €3.17 with a maximum charge of €11.43 per transaction.
-At a point of sale, ie a retailer, is 1.75% and it has a minimum charge of €0.46 with a maximum charge of €11.43 per transaction.

These same fees and limits will apply when you get your Bank of Ireland Visa debit card as well.

If you have any other questions please ask.
Thanks
Linda

Linda, can you tell me whether these figures you quote are the same in:

BOI machine up north
AIB / Northern / Ulster Bank machine in Northern Ireland
Other bank machine in NI
BOI machine in GB
Post Office ATM in GB
Other bank machine in GB, i.e. Halifax, Tesco, Barclays.

Bank of Ireland: Linda

Hi Terrontress,

The figures quoted in my previous two posts apply to using your credit/debit card outside the eurozone so would apply in Northern Ireland and UK as both use sterling. It doesn't apply if the transaction is in euro.

If using another bank's machine they may apply charges but you would have to check that with them.

I hope this helps.
Thanks
Linda

BKtje

Sorry if I'm being a bit stupid here but is there no fee then for withdrawing money from an atm in the eurozone apart from fees applied by the atm itself or from a merchant charging in euro's?

Thanks.

Bank of Ireland: Linda

Hi BKtje,

Regarding withdrawing money from an atm, you are correct once your credit card is in credit, as in you are taking your own money from the card. If it is not in credit the charges would be €2.54 or 1.5% of the amount you withdraw, whichever is higher, and this is known as the cash advance fee.
If it is a merchant, they may charge something for using the card but you would have to check that with them.

The charges for your laser card are the same as using your laser card in Ireland.

I hope this helps.
Thanks
Linda