# Withdrawing Cash In USA - Credit Card or ATM/Cirrus?



## rachel

Wondering the best method of withdrawing cash in the USA, I have a mastercard which is credited and a maestro card- also credited.


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## aonfocaleile

*Re: Withdrawing Cash In USA*

I have always used my ATM card. Once it has a cirrus symbol on the back you should be able to use it. My current maestro card has a "link" symbol on it. I only have it a while so I'm not sure if thats the same thing.


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## moneyhoney

*Re: Withdrawing Cash In USA*

Check the charges for withdrawing cash using either card......


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## rachel

*Re: Withdrawing Cash In USA*

my concerns are the charges! There's money in both accounts so which would be better to use?


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## moneyhoney

*Re: Withdrawing Cash In USA*

That depends entirely on who your card issuer is - every bank is different so you'll have to contact them.

On your cc - ask if you have to pay interest from date of withdrawal even if in credit and also ask if you have to pay cash withdrawal fees, again, even if in credit.


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## elgin

*Re: Withdrawing Cash In USA*

Was in the States a couple of weeks ago & withdrew money from both my BOI Mastercard & Laser/Cirrus card. The laser card has a higher fee but a better rate that the Mastercard.

Mastercard was slightly cheaper i.e about 2 euro on a withdrawl of 300 dollars.


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## ClubMan

*Re: Withdrawing Cash In USA*

I find preloading my _PTSB VISA _card with cash and making cash withdrawals (not advances which attract high interest charges immediately) is the cheapest way to access cash outside the € zone. The only charge is a 1.75% forex charge built into their exchange rate. In contrast [broken link removed] (via their _ATM/Laser _card) charges 3.5% subject to a minimum of €3.17 and a maximum of €11.43. I think that forex charges might be in addition to these charges. To reduce the charges below 3.5% you need to start withdrawing more than €327 at a time (i.e. €11.43 / 3.5 * 100 =~ €327).

Be aware that there may be security concerns with preloading a credit card as with some card agreements the holder is liable for losses due to cash withdrawals on an account in credit. Check the terms & conditions of your card to be sure. To mitigate this I generally use online banking while abroad to top up as I go although the delay in transferring money from current account to _VISA _with _PTSB _is a bit of a pain.


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## Alex

*Re: Withdrawing Cash In USA*

i use both my cirrus card and my credit card to withdraw cash while i am abroad.


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## adox

*Re: Withdrawing Cash In USA*

I have always preloaded my CC account and used that when visiting the US.
Cirrus/Maestro has much higher charges and all adds up especially with multiple withdrawels.


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## soc

*Re: Withdrawing Cash In USA*

I'm in the States for a couple of months, and thus need to have access to my 'irish' cash.  

From experience, best value for money is if I withdraw money from my Mastercard CC in comparison to my Maestro card.  E.g.  I had to withdraw $400 recently... from CC it cost me €5 cash adv. fee... but when I withdrew from my Maestro card it cost me €11!   

I always withdraw from my CC now, and when the money hits my CC (i check freq. online), I immediately transfer money from my Current A/C onto my CC.... so far so good...   

Apart from that... to save even more money, I try and use my CC as much as possible to buy/pay for stuff... it's cheaper then withdrawing the cash from an ATM, and I can also track my spending...

-soc


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## ClubMan

*Re: Withdrawing Cash In USA*

Note that you would have been charged a forex margin built into the converstion rate from US$ to € as well as any other cash advance fees. Best value for money is normally to avoid cash *advance *fees and make cash *withdrawals *from a credit card account that has been "preloaded" as I explained earlier.


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## ClubMan

*Re: Withdrawing Cash In USA*



			
				soc said:
			
		

> From experience, best value for money is if I withdraw money from my Mastercard CC in comparison to my Maestro card.


The best value is if the credit card account is preloaded and you make cash withdrawals of your own money and not cash advances of the credit card company's money - for which they will charge you!


> E.g.  I had to withdraw $400 recently... from CC it cost me €5 cash adv. fee... but when I withdrew from my Maestro card it cost me €11!


US$400 is c. €312. You would have also been charged a forex margin of at least 1.75% on this by _MC_. This is c. €5.46. Added to the €5 cash advance fee this is €10.46 which is only slightly less than the _Maestro _charge. Of course _Maestro _may also have charged a forex margin. 


> I always withdraw from my CC now, and when the money hits my CC (i check freq. online), I immediately transfer money from my Current A/C onto my CC.... so far so good...


You would be better off lodging the money to your _CC _account before making cash *withdrawals *and thereby avoiding the cash *advance *charges (and in some cases immediate interest charges) and only paying the forex margin. Also avoid those _ATMs _that charge additional local fees.


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## soc

*Re: Withdrawing Cash In USA*



			
				ClubMan said:
			
		

> US$400 is c. €312. You would have also been charged a forex margin of at least 1.75% on this by _MC_. This is c. €5.46. Added to the €5 cash advance fee this is €10.46 which is only slightly less than the _Maestro _charge. Of course _Maestro _may also have charged a forex margin.


I was only charged the €5 fee... not €10.46 




			
				ClubMan said:
			
		

> You would be better off lodging the money to your _CC _account before making cash *withdrawals *and thereby avoiding the cash *advance *charges (and in some cases immediate interest charges) and only paying the forex margin. Also avoid those _ATMs _that charge additional local fees.


Like I said, I RARELY withdraw money from ATM's over here... and given how easy it is to purchase stuff on CC and not have my signature on my card validated, I prefer NOT to load up my card... just incase my card goes walkabout.  Withdrawing cash from CC and paying off afterwards lets me track my spending, and make sure nothing funny is happening.


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## ClubMan

*Re: Withdrawing Cash In USA*



			
				soc said:
			
		

> I was only charged the €5 fee... not €10.46


 The forex margin will have been built into the exchange rate used to convert from US$ to € and is not itemised separately so is a "hidden" charge (albeit explained in the terms & conditions of your _CC _agreement). _Irish CCs _charge at least 1.75% forex margin with some charging a lot more. Your charges for this transaction will definitely be more than the explicit €5 cash advance fee once the forex charge have been factored in.


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## redchariot

*Re: Withdrawing Cash In USA*

You will get charged pretty much the same no matter if cirrus/mastercard/visa. I find that it is best not ot withdraw small amounts of cash because there is a fixed fee up to a certain point (Usually €250 I think - you will need to check with your lender) after that it is a percentage of the amount you withdrae.


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## redchariot

*Re: Withdrawing Cash In USA*

Oh and generally the exchange rate you get at ATMs is more reasonable than if you used a Bureau de Exhange


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## ClubMan

*Re: Withdrawing Cash In USA*



			
				redchariot said:
			
		

> You will get charged pretty much the same no matter if cirrus/mastercard/visa.


No - withdrawing small amounts with _Cirrus/Maestro _will mean higher charges. Even withdrawing larger amounts may still mean higher charges compared to cash withdrawals from a pre-loaded _CC _account depending in the _CC _forex margin.


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## bacchus

Resuscitating this 1 year old thread as i am heading off to the States soon.

The previous posts seem to recommend to preload a CC account in order to avoid interest on cash advances. I appreciate the T&Cs may differ between banks. 
My post therefore specifically addresses BOI VISA Advantage CC as this is the card i will use by abroad.

BOI Advance CC T&Cs state:
- cash advance fee of 1.5% (min €2.54) will be charged on the amount of any cash advance
- The cross-border handling fee of up to 1.75% (= Forex margin)

BUT most importantly, 

- "No interest in respect of the balance outstanding for cash advances will be charged if the balance is cleared in full by the due date"

As my CC balance is paid 100% by Direct Debit, i understand that i do not need to preload by account and will still not incur interest on cash advances.

Can any BOI VISA CC users confirm that ?


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## ClubMan

bacchus said:


> - cash advance fee of 1.5% (min €2.54) will be charged on the amount of any cash advance


This should be for cash advances but not for cash withdrawals from a "preloaded" account.


> As my CC balance is paid 100% by Direct Debit, i understand that i do not need to preload by account and will still not incur interest on cash advances.


I would be verys surprised if cash *advances *were free.


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## bacchus

Thanks for you feedback.  Like yourself, i am a bit dubious....

T&Cs are [broken link removed]. See ACCOUNT section for cash advance, and INTEREST section (first paragrah) for "no interest on cash advance".

The notion of "cash advance" vs "cash withdrawal" as mentionned in one of your previous post  does not seem to exist in the BOI CC context..


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## nlgbbbblth

*Re: Withdrawing Cash In USA*



rachel said:


> my concerns are the charges! There's money in both accounts so which would be better to use?



In my experience using the debit card (CIRRUS) is better.

Your main concern however should be having a good holiday.
If I had a choice between

(a) Withdrawing funds from an ATM using a credit card and paying charges
or
(b) Not doing the above and as a result having no cash and a crap holiday

I would pick (a)


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## ClubMan

*Re: Withdrawing Cash In USA*



nlgbbbblth said:


> In my experience using the debit card (CIRRUS) is better.


But not necessarily *cheaper*? I have always found making cash withdrawals outside the € zone from a preloaded _CC _cheaper than _Cirrus _and no hassle to manage even when using online banking to topup while away.


> or
> (b) Not doing the above and as a result having no cash and a crap holiday
> 
> I would pick (a)


 Fine but who ever mentioned this as a possibility/risk?


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## nlgbbbblth

*Re: Withdrawing Cash In USA*



ClubMan said:


> But not necessarily *cheaper*? I have always found making cash withdrawals outside the € zone from a preloaded _CC _cheaper than _Cirrus _and no hassle to manage even when using online banking to topup while away.



The machines to avoid are the ones off-site - in pubs etc that impose a set fee and a fairly small maximum withdrawal. Seems to be less of a charge when withdrawing a largish amount.

Topping up a current account from a savings account online while abroad is instant - not so for transfers to credit card (two day wait).


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## nlgbbbblth

*Re: Withdrawing Cash In USA*



ClubMan said:


> Fine but who ever mentioned this as a possibility/risk?



Nobody...

But in my experience some people tend to have an excessive hang-up about cash withdrawal charges when abroad. In some cases, the credit card will be their only option (say they have no cirrus card, have lost their cash etc) - while the alternative is doing without and having no money.

Not directed at original poster although it might seem that it is. Just an observation.


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## ClubMan

*Re: Withdrawing Cash In USA*



nlgbbbblth said:


> The machines to avoid are the ones off-site - in pubs etc that impose a set fee and a fairly small maximum withdrawal. Seems to be less of a charge when withdrawing a largish amount.


_Cirrus _levies charges and also charges a forex margin. Many _CCs _charge only the latter (_PTSB VISA _charges 1.75%) for example. If the margin is the same then _CC _is cheaper. Even if _Cirrus _charged no forex margin and their charges were capped at €11.43 (as is the case with _PTSB Cirrus_ for example) then you would have to be taking out c. €634 for it to be cheaper than the _CC _option. Obviously any local _ATM _charges must be factored in but they can generally be avoided.


> Topping up a current account from a savings account online while abroad is instant


 Not necessarily. Perhaps if both accounts are with the same bank (and branch?).


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## nlgbbbblth

*Re: Withdrawing Cash In USA*



ClubMan said:


> Perhaps if both accounts are with the same bank (and branch?).



Yes, in my case they are.


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## DingDing

Is there much to be saved by bringing Cash, and would it be better to exchange to dollars in Ireland or US.


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## MugsGame

There is a lot of misinformation in this thread. Hopefully I won't add to it too much!

 The Forex rate on credit cards is usually lower than that on Maestro/Cirrus cards, and both are usually lower than the Forex rate on foreign currency bought in Ireland (particularly if you change your currency in an airport!). 

 The Cash Advance fee on credit cards is usually lower than the foreign ATM withdrawal fee on Maestro/Cirrus . 

 Some credit cards charge interest from the date of a Cash Advance, some don't -- check the rates quoted on your statement carefully (if the cash advance interest rate is higher than the purchase interest rate, that's why). My standard AIB credit card does charge from the date of the advance, which is why I don't use cash advances. 

 Online transfers between Irish bank accounts are much quicker than they used to be. For example, transfers between my AIB current and savings accounts (in different branches) are instantaneous (The exception is paying an AIB VISA bill, which is usually next working day.). Transfers to third party AIB accounts in other branches are also instant (in my experience). Transfers to accounts with other Irish banks are guaranteed to be next working day (if made before lunch-time.). I'm sure AIB aren't the only ones offering such good transfer times.

So, in summary 

 If your card doesn't charge interest from the date of the advance, use your credit card in preference to Maestro/Cirrus (assuming you can pay the credit card bill off in time to avoid interest.). You will still pay a fixed Cash Advance fee, but it's not that significant when withdrawing larger amounts.
 To avoid the Cash Advance fee, or to avoid interest on Cash Advances, preload your card. If your card is stolen, some believe your bank won't cover you for cash you've preloaded. A compromise for a long trip might be to preload some of what you need, and transfer the rest part-way through your stay, using online banking. An extreme version of this is to withdraw a cash advance, but minimise interest by transferring money to your credit card immediately/just before the cash advance hits your account. That seems like a lot of hassle for a small saving.
 Otherwise, use your ATM card. Even if you don't plan to use, it's a useful backup if your credit card is lost/stolen. So bring it anyway, but keep it separate from your credit card and cash.
 Bring some cash as an additional safety net (e.g. in case the ATMs in the airport are empty when you arrive and you need cash for a taxi -- has happened to me!). Don't change your cash at an airport, if you can possibly avoid it.


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## Lauren

Lads..does anyone know what the max amounts that can be withdrawn are? Any specific machines better than others? I plan on using Maestro/Laser.


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## lornapoole

*Re: Withdrawing Cash In USA*



aonfocaleile said:


> I have always used my ATM card. Once it has a cirrus symbol on the back you should be able to use it. My current maestro card has a "link" symbol on it. I only have it a while so I'm not sure if thats the same thing.


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## lornapoole

I am heading to the USA on holiday and I have a credit card my boyfriend has not what is the best way for him to get the most out of his money abroad as I hear cirrus can work out expensive. Is there a better way??


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## ClubMan

There are many existing threads on this specific topic. Preloading a _CC _with cash and then withdrawing it may be the most cost effective way. There are certain caveats to be born in mind. The existing threads cover these and alternative ways of getting cash abroad and the various pros and cons. The _Cirrus/Maesto_ charges are not mysterious and are easily available from your bank (probably via their website).


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## JKForde

This applies to BoI Visa customers...

if the Visa account is in credit (i.e you've topped up; watch out for unpaid balances when topping up!) then no cash advance fee or interest is charged, it's your money that you're withdrawing.

if the Visa account is not topped up, there is a cash advance fee (1.5%) and a daily interest charge from the day of withdrawal but the interest charge is not paid if the account is cleared in full by the next statement's due date


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## theresa1

Is PTSB Visa Credit card still a good option for the states?


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