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Getting pound sterling cash

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  • 14-10-2014 12:31pm
    #1
    TheBandicoot
    Closed Accounts Posts: 879 ✭✭✭


    I am planning a trip to London in the next week or so- what is the best way of obtaining some GBPs for spending money? Any recommended bureau de changes near St Stephens Green?

    I am with Permanent TSB. Will my debit card work in ATMs over there to withdraw cash?


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Your debit card will work in ATM's and stores, just as it does here at home. Anywhere you see the Visa symbol, basically :)

    There are fees attached, and you should check with PTSB for the current charges. It's also worth giving them a heads up that you'll be using the card abroad before you go.


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    #3
    RossieMan
    Registered Users Posts: 6,766 ✭✭✭RossieMan


    Doesn't any post office change money?


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    #4
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Yes, but the rates are generally not all that competitive (hence they say "commission free"..they make it up in the rate they offer)


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    #5
    TheBandicoot
    Closed Accounts Posts: 879 ✭✭✭TheBandicoot


    Ah, good point about charges - https://www.permanenttsb.ie/about-us/need-help/productsupport/visa-debit-card-faqs/#d.en.3214 I guess the first and third item are applicable to the UK.
    The following charges will apply when using the Visa Debit Card.
    • When paying for goods or services outside the eurozone – 1.75% of the euro value of the transaction (min €0.46 max €11.43).
    • ATM transactions outside the EU will be charged 3.5% of the euro value (min €3.17 – max €11.43).
    • All non Euro withdrawals will be charged 3.5% of the euro value (min €3.17 – max €11.43).


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    #6
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Yup, they would be be applicable from my reading of it.


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    #7
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    TheBandicoot wrote: »
    Ah, good point about charges - https://www.permanenttsb.ie/about-us/need-help/productsupport/visa-debit-card-faqs/#d.en.3214 I guess the first and third item are applicable to the UK.

    That rate (1.75%) for purchases is very good - Mastercard (admittedly a credit card) charges me 2.25% for non-EU purchases and there's no way you'll get as good a rate as (interbank +) 1.75% if you try to get cash anywhere.

    For buying sterling, I've looked at today's rates and you'd be better off buying sterling from AIB and paying the 1% or €1.27 (whichever is lower) commission. The AIB rate today (Oct 14th) is 0.7805 so to buy £250 will cost you €323.51 - about €5 cheaper than An Post or BOI. That's an effective exchange rate of interbank +2.81% so paying with the card anywhere you can will be better than using cash.

    As usual the An Post rate is the worst of the three (AIB/An Post/BOI) - 0.7621 - because they rely on being recommended by word of mouth based on the 'no commission' nonsense.


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