SBP article!!!

DublinTexas said:

3.5% of the value of the transaction is a "ripp off". Yes the charges are made clear but this fee is just outrages high.

The foreign bank usualy only charges 1.5% of the transaction to PTSB, so they get 2% on top of an exchange rate that is not the best anyhow.

Now 2% for doing nothing beside approving it is a good deal, don't you think. At least for the bank, not for me.

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There is also a cap on the charge of €11.43 which means that, say, for a withdrawal of €500 the charge would be c. 2.29%. In my opinion it's only a rip-off if the charges are unjustified and you have no other choice. I don't know if these charges are unjustified because I have no insights into the costs involved to the service provider. However there are alternatives as I have pointed out. With PTSB VISA, for example, you can lodge cash and withdraw it outside the € zone and just pay the 1.75% forex charge on these cash withdrawals (not advances!). In addition perhaps other banks offer better value on Cirrus/Plus+/Maestro cash withdrawals. Have you shopped around?

The maxiumun via the mastercard network is 1.5% so the rest is going to PTSB. But don't forget that in addition you don't get the best exchange rate (interbank) either but rather a mastercard set rate which usualy is 1.5% lower.

To get cash outside the € Zone I use my US bank account, no conversion, no ATM charge, nada. And should I ever withdraw cash in the € zone from it, it's only 1% conversion charge no cash advance charge. Now that is what I call service.