Irish Credit Card

gary27

Whats peoples thoughts on using their credit card to get canadian cash say 300-500 dollars just to tide you over for the first few days until the canadian bank account is set up? or would you just get some from the bank before heading over?
Would you get the same exchange rate as the bank plus a administration levy for using credit card?

Solair

You'd be better off just withdrawing cash on your Irish ATM/Debit card.

Your credit card company will charge you interest on the withdrawal, usually from the moment you take it out (not the usual 30 day lag).

Irish Visa Debit / MasterCard Debit and even old Cirrus / Plus co-branded Laser/Maestro cards work perfectly in Canada and have done for many many years.

Notch000

it will cost you nothing if your account is in credit, debit card have a charge with each withdrawal, i used my CC all over the world without issues while backpacking

gary27

Notch000 wrote: »

it will cost you nothing if your account is in credit, debit card have a charge with each withdrawal, i used my CC all over the world without issues while backpacking

thanks I was thinking of using the credit card instead of carrying around a large cash amount, I definitley put cash in it before i go, I used my credit card in america before and didn't have any issues so I might just do the same in canada until i get sorted with the canadian bank account.

m.j.w

The only thing about putting credit onto a credit card is that you are not covered if the card is robbed for the ammount of money you put into it. Im gonna do the same myself. Just wont put to much in it just incase.

sheesh

i was over on holiday and brought a small amount of can$ and just brought cash euros with me as its cheaper to buy Can$ over there. if you brought a laptop with you you could transfer funds into your credit card account just before you widthdrew them thereby reducing the risk.


getting cash on credit from credit cards is very expensive and really an emergency fund.

Solair

If you've an online deposit account and current account with one bank, you can also keep a larger amount on deposit, and then just move it into your current account with online banking as you need it.

if it's the same bank, it will normally appear instantaneously and be immediately usable.

Technically speaking, you're not supposed to put a credit card into credit.
If you want to be completely safe, you should just use your credit card 'as intended'.

I'd make most purchases on my card directly and withdraw some cash to have handy then clear the card before the 30-day interest free period is up.

That way you've got fraud protection.

gary27

sheesh wrote: »

getting cash on credit from credit cards is very expensive and really an emergency fund.

Are you refering to using credit card outside the Ireland and EU?

gary27

Solair wrote: »

Technically speaking, you're not supposed to put a credit card into credit.

If your not supposed to put your credit card in credit then why is it allowed?

COYVB

Just use your ATM card

Solair

gary27 wrote: »

If your not supposed to put your credit card in credit then why is it allowed?

It's allowed, but they don't cover you for fraud / losses / insurance of goods purchased when you do because technically you're not in a 'credit agreement' with the issuer.

When you're actually within the terms of the credit agreement, you've all sorts of protections that you don't have when the account is 'overpaid'.

gary27

Solair wrote: »

It's allowed, but they don't cover you for fraud / losses / insurance of goods purchased when you do because technically you're not in a 'credit agreement' with the issuer.

ok that makes sense

Panthro

I booked myself into the hostel for a week prior to leaving Ireland, so that my money for accommodation sorted. Then had a few hundred with me. As soon as I came here I opened a bank account, and got the codes necessary so I could transfer money from my Irish account into my Canadian one online. Takes about a week/ten days for all the codes etc to come through.

gary27

Panthro wrote: »

I booked myself into the hostel for a week prior to leaving Ireland, so that my money for accommodation sorted. Then had a few hundred with me. As soon as I came here I opened a bank account, and got the codes necessary so I could transfer money from my Irish account into my Canadian one online. Takes about a week/ten days for all the codes etc to come through.

what codes are you refering to the bank account codes? how did it take a week/ten days to get the necessary codes? I'm using currencyfair to transfer funds into canadian bank acc.