# Foreign Exchange



## Calendar (12 Nov 2008)

I am going to NY this weekend. The last time I used my aib euro credit card for all transactions to discover they charged me just under 3% for each transaction. What is the cheapest way fo rme to shop in NY?

Should I withdraw cash from the ATM while in NY, or should i buy USD here and bring them with me?


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## extopia (12 Nov 2008)

Calendar said:


> I am going to NY this weekend. The last time I used my aib euro credit card for all transactions to discover they charged me just under 3% for each transaction. What is the cheapest way fo rme to shop in NY?
> 
> Should I withdraw cash from the ATM while in NY, or should i buy USD here and bring them with me?



I'd just withdraw as needed from an ATM over there. But your bank might charge you for this too, so it's really a question of costing the options and deciding whether the convenience is worth it.


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## Calendar (12 Nov 2008)

I definitely want to buy a laptop for 2,500 USD, so looking for the cheapest option. 

Does anyone what is the cheapest?


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## extopia (12 Nov 2008)

Get a credit card that doesn't surcharge you 3%, and also gives you a decent exchange rate.


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## irash (12 Nov 2008)

Credit/debit card charges vary depending on wich bank you are with.
If you deside to use cash, not c/c, it is definitely better to bring cash with you (if you feel comfortable to do so). Exchange bureau in us is hard to find (airport is the only real option, but the rates there are very bad. If you want to change euro at the us bank, you need to have an account with them, so too much hassle)
Enjoy your trip and shopping!


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## Calendar (13 Nov 2008)

Thanks


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## Shell_Dub (28 Jan 2009)

Guys, similar issues. I bank with AIB. Have my Credit Card, laser etc however I am wondering when I travel to UK and US next month what way is best to bring cash. Exchange all into dollars/stg before going or use Credit Card and withdraw money as i go from ATM's? Do bank charges plus currency exchange rates for Int transactions generally exceed the rates that i would receive buying the currency directly from a bank ?


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## Smashbox (28 Jan 2009)

If you withdraw cash using your credit card, you will be charged a cash advance fee.

If you know you want to buy something, you could always bring travellers cheques or cash in high demoninators, just be very wary and keep the money close to your person, a money belt is ideal.


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## Celtwytch (28 Jan 2009)

As well as a cash advance fee, interest is charged on a withdrawal from your credit card account as soon as you withdraw the cash, unless you have preloaded it with funds.  You should be able to use your ATM card in both the US and the UK, but, again, there is a fee.  Bank of Ireland charges, I believe, 3.5% of the transaction amount; I would imagine most banks have a similar fee.  The trick is to make as few withdrawals as possible, and take out a decent amount each time.


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## Hummingbird1 (28 Jan 2009)

I have an AIB VISA credit card and I notice over the last few months the bank has added a 1.75% on foreign exchange transactions...........sneaky one AIB!
Have other banks started to add a similar surcharge? I would have thought the buy/sell spread was there to give the bank sufficient profit.


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## The Chairman (29 Jan 2009)

Guys, question on a similar note: I am buying a car in the UK. A lot of car traders accept credit card. I was wondering, if I preload my credit card with enough funds to buy the car and use it to complete the purchase what kind of fees would I incur and what exchange rate would I get?


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## WaterSprite (29 Jan 2009)

Celtwytch said:


> As well as a cash advance fee, interest is charged on a withdrawal from your credit card account as soon as you withdraw the cash, unless you have preloaded it with funds.



Interest is charged from the date of withdrawal if you don't pay your bill on time each month.  If you clear off your credit card bill each month, no interest is charged on cash advances.  There is no need to pre-load your card if you pay it off by the payment date.


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## The Chairman (29 Jan 2009)

There is if my cc limit is less than the value of the car : ) thank you...


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## 1carrot2 (2 Feb 2009)

I have just had a similar experience.
Bought tickets in the UK for a few hundred GBP using Ulster Bank VISA.
Got a really poor EUR/GBP rate.
I wasn't expecting it to be so far off the exchage rates quoted on the day, and feel really hard done by..
Had I realise that this was how VISA operated, I could have organised a bank transfer.


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