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Money Abroad. Credit Card vs. Cash Exchange Rates

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  • 26-08-2013 3:11pm
    #1
    mikejpatterson
    Registered Users Posts: 2 ✭


    Hi,
     
    I'm travelling to the USA pretty soon. I have a BoI Current Account with Visa Debit Card and a BoI MasterCard.
     
    Could you confirm which exchange rate is used for non-Euro transactions on my BoI MasterCard? Either:
     
    1) the MasterCard exchange rate (here: https://www.mastercard.com/global/currencyconversion/index.html)


    -OR-


    2) the BoI exchange rate (here: https://personalbanking.bankofireland.com/bank/international-payments/daily-foreign-exchange-rates/).
     
    The reason I ask is that the MasterCard rate is a more accurate reflection of current market rates (more than the BoI website rate.)
     
    If I pre-load my BoI MasterCard with sufficient funds, withdrawing $500 cash from an ATM in the USA will cost €381.51.
     
    If I got $500 in cash from my branch, it would cost €389.09.
     
    I appreciate that rates vary and that the MasterCard Rate is applied at the time the transaction is settled, not the time of the transaction itself.


    If the MasterCard exchange rate applies then I'm better of at the ATM than in branch? I'm travelling for a while so the amounts will add up.


    Mike
     
    (BoI Rate = 1.2979. In branch Exchange apples a 1% Transaction Fee. Minimum Transaction Fee = €1.25, Minimum = €6.35).



    (MasterCard Rate = 1.3332. A Non-Euro transaction fee of 1.75% applies. Cash Advance Fee of 1.5% not applied while account is in Credit).


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    #2
    Bank of Ireland: Laura
    Closed Accounts Posts: 414 ✭✭Bank of Ireland: Laura


    Hi mikejpatterson.

    Thanks for getting in touch.

    The exchange rate used for non euro transactions on BOI Mastercards is the MasterCard exchange rate. A cross boarder handling fee of 1.75% will also apply to these transactions, which will show up separately on your billing statement.

    Hope this helps. If there is anything else we can help you with, please let us know.
    Laura


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