# buying us dollars



## tad (27 Oct 2004)

i am going on a holiday to the usa in december. should i buy us dollars now? where can i get the best deal?thanks in anticipation of a reply

tad


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## Coyote (27 Oct 2004)

*US dollars*

Hi, I'm interested in this too as we're going in November.  The rate seems pretty good at the moment so I rang around a few places this morning - PTSB seems to have the better rate ... see below:-

This is based on exchanging €800 into US Dollars:

PTSB - €800 = $1000 (rate of 1.25) incl. commission at €6.00
BOI - €800 = €993.00 (rate of 1.25) incl. commission at €6.35
AIB - €800 = $997.00 (rate of 1.25) incl. commission at €6.35

Not sure how they all differ when their rates are the same and in BOI and AIB's case the commission rates are also the same?  Both AIB and PTSB request that the money be ordered in and it takes a few days to arrive so obviously the rate could change in the meantime to what's above.  

Anyone know a bank where might get a better rate?


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## Guest (27 Oct 2004)

I always put € cash on my (PTSB) credit card and withdraw it while abroad - outside the € zone the charge is a 1.75% foreign exchange margin built into the conversion rate and no other charges have applied any time I've done this. It's also more secure than carrying large amounts of cash (assuming the card and PIN are kept separately) and avoids the problem of being stuck with unspend cash/travellers cheques.


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## Dan The Man (27 Oct 2004)

Credit Card is the only way to go, being doing it for years, just make sure you are in the black.


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## Jane (12 Nov 2004)

Hi Dan, would you mind explaining how it works?  If I buy Cash at the current rate today, which is good.  Will the Credit Card not work out worse if the rate drops?


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## Dan The Man (12 Nov 2004)

From a transactional point of view, the charges are less if you use your credit card than if you buy cash at a forex, can;t comment on rates, at the mo they could go anywhere.


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## rainyday (12 Nov 2004)

> the charges are less if you use your credit card


Are you taking into account the 1.5%-2.75% FX commission that the credit card provider will build into the rate charged on your bill?


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## Dan The Man (12 Nov 2004)

It still beats the bank rate which charges 3%, and I think on visa purchases it is less again (as opposed to atm's)


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## rainyday (13 Nov 2004)

> It still beats the bank rate which charges 3%


WHere do you get this from, Dan? Don't different banks charge different rates? Wasn't the whole AIB FX scandal about them charging 1% when they declared a rate of 0.5% to ODCA?


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## ClubMan (13 Nov 2004)

Stepping back a bit...

<!--EZCODE LIST START--><ul><li>A credit card will use a built-in foreign exchange margin when converting transactions to €. With mine (_PTSB VISA_) it's 1.75% but others charge more (don't think that anybody charges less but I could be wrong). Obviously interest may also apply on cash _advances_ but not on cash _withdrawals_ from "pre-loaded" account. Some foreign ATMs _may_ charge a local fee for withdrawals but I have yet to come across one that does (whatever about saying that they "might"!).</li><li>A bank will have a bid-offer spread on foreign exchange transactions _and_ will probably charge a commission. </li><li>To compare the two (or three if you add _Maestro/Cirrus/Plus+_ into the mix) you need to identify _all_ charges (which may vary depending on the amount transacted) and then do a comparison.</li><li>In my experience using the credit card pre-loaded with cash has always been the most cost effective way to access funds while outside the € zone.</li></ul><!--EZCODE LIST END-->


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## rainyday (13 Nov 2004)

> In my experience using the credit card pre-loaded with cash has always been the most cost effective way to access funds while outside the € zone


Mebbe - but the context of this post was about purchasing cash dollars here in Ireland before travelling. AFAIK, the FX commission rates charged on credit card transactions (1.75% - 2.5%) considerably outweights the commission charged on over-the-counter transactions.


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## Max Hopper (15 Nov 2004)

Methinks some FX defintions are in order -<!--EZCODE LIST START--><ul><li>[broken link removed]</li><li></li><li>[broken link removed]</li></ul><!--EZCODE LIST END-->Bearing in mind everything is


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