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Using Credit card to withdraw money from ATM in UK

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  • 26-09-2012 11:50pm
    #1
    Captain Graphite
    Closed Accounts Posts: 1,272 ✭✭✭


    I recently moved to the UK and need to withdraw money from my BOI a/c back home. Before I left I spoke to someone at my local branch who told me that you didn't need to pay the conversion charges if you used your credit card to withdraw money, but she said that the money had to be in my "credit account". Now I'm not quite sure what she meant by this; as far as I can tell my credit card doesn't have a separate a/c associated with it and when I get my monthly credit card bill the money just comes out of my regular (Graduate) current account.

    So if my current account has sufficient money in it, and my credit card limit has not been reached, is it then better for me to withdraw money from an ATM using my credit card rather than my Visa Debit card? Is this what she meant by "having money in my credit account"? Or is there something I'm completely missing here?

    Thanks.


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    #2
    Bank of Ireland: Billy
    Closed Accounts Posts: 1,066 ✭✭✭Bank of Ireland: Billy


    Hi Captain Graphite,

    When withdrawing cash with a credit card, a cash withdrawal fee of €2.54 or 1.5% whichever is greater, applies unless your credit card is in credit when the transaction hits the account or has a zero balance after the transaction is completed. For example, if your credit card has a credit limit of €500 and you transfer €600 to the card, it would then be in credit by €100. Details on Credit Card charges can be found here

    Using your Visa Debit card in the UK, cross-border handling charges apply and these are 3.5% of transaction value. Minimum €3.17, Maximum €11.43 per transaction. Details on this can be found here

    Thanks for the post

    Billy


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    #3
    coylemj
    Registered Users Posts: 25,435 ✭✭✭✭coylemj


    Bank of Ireland: Billy wrote: »
    For example, if your credit card has a credit limit of €500 and you transfer €600 to the card, it would then be in credit by €100.

    Excuse me for butting in but I don't think that is correct. The credit limit on my BOI Mastercard is >€9,000, what you're saying is that in order for me to withdraw £100 cash in the UK from an ATM with no charges, I would need to lodge £9,100 in advance which is definitely not the case.

    I don't believe the credit limit has any bearing on this topic.


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    #4
    Bank of Ireland: Billy
    Closed Accounts Posts: 1,066 ✭✭✭Bank of Ireland: Billy


    Hi Captain Graphite and coylemj,

    Apologies, my example could have been clearer.

    If we take the same example of a credit limit of €500 and the credit limit has been used, you would need to transfer more than €500 to the card in order to have no cash advance fee when withdrawing from an ATM in the UK. Cross-border handling charges apply and these are 3.5% of transaction value. Minimum €3.17, Maximum €11.43 per transaction.

    I hope this clarifies things.

    Thanks

    Billy


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