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

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?
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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)
 
Re: Withdrawing Cash In USA

nlgbbbblth said:
In my experience using the debit card (CIRRUS) is better.
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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)
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Fine but who ever mentioned this as a possibility/risk?
 
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.
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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).
 
Re: Withdrawing Cash In USA

ClubMan said:
Fine but who ever mentioned this as a possibility/risk?
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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.
 
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.
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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
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Not necessarily. Perhaps if both accounts are with the same bank (and branch?).
 
Is there much to be saved by bringing Cash, and would it be better to exchange to dollars in Ireland or US.
 
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.
 
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.
 
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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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??
 
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).
 
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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