best way to pay

hkim · Member

best way to pay

Rusty Stumps · Veteran Member

Hi, Susan,

This is a question I've been running through my head also as we leave in a bit over a week for Ireland.

Thing to remember is that your bank will also charge you an "exchange fee" of around 3-4% on each and every transaction you make in Ireland with a credit/debit card. This is on top of any bank fees for using an ATM machine.

We are using pre-paid vouchers for our B&B's so that's not an issue. You will hear both good and bad about using vouchers so I won't get into that.

I intend on taking money with me and converting it at the Atlanta airport before heading over. This is for incidental purchases. I also have a special credit card with me that can not be overdrawn and being a debit card it already has a set amount in it.

There are pros and cons to all methods. You have to go with what your comfortable with.

Walt

-- Edited by Rusty Stumps on Friday 20th of August 2010 08:17:35 PM

DeborahAnn · Veteran Member

Susan, I'm sure Michele will have good advice for you. I don't know when you're going to Ireland but if all your credit cards have conversion fees you can save some money by getting a Capital One Visa or Mastercard. They don't have a yearly fee and are one of very few credit cards that don't charge a conversion when you purchase something in Euros. I have both a Visa and Mastercard with Capital One and like saving some money.

Contact the bank of your ATM card, they will tell you their fee structure while in Europe. It's usually better to use an ATM debit card than a credit card cash advance because there will interest fees that start as soon as you withdraw your money. There should be no interest fees on an ATM card.

Whatever cc or atm you use in Europe be sure to call the company to let them know you are traveling or they may put a stop on your card for unusual activity. I'm always prepared for the worst to happen regarding my cards so I have two different ATM's. I'd really be in a mess if I couldn't access a bank account because we bring very little cash and depend on the ATM's

Another problem that can arise and I've heard it more about transactions in Ireland is called Dynamic Currency Conversion. DCC is not your friend. Basically that means you don't want the merchant charging your credit card in dollars instead of euros. They make it sound like it's more convenient for you but the conversion rate you are given is usually exorbitant and never to your advantage. I'm told you are suppose to refuse the transaction and insist it be given to you in euros. I may not have explained it very well but you can google Dynamic Currency Conversion for more information.

Have fun with your trip planning. Deborah

wckc · Guru

The AerLingus mastercard from Barclays also has no annual fees and no conversion transaction fees for charges in Euros. They use a very competitive conversion rate as well, Another nice plus is your purchases add up for points toward AerLingus flights. Our total airfare this year round trip Chicago to Dublin was just over $600 for the two of us!

We also have an account set up with BBVA Compass Bank. They do not charge ATM fees for use of your debit card. If you are travelling anywhere in the world and encounter fees from a non BBVA Compass ATM, you take your receipt to them and they will reimburse you the fee paid!

DeborahAnn is spot on with the DCC. On our first trip my husband paid at one shop and I hadn't realized he let them charge dollars vs wuros. The exchange rate was unbelievably high compared to euro charges the same day.

Our first trip we took dollars and converted at the airport = bad mistake. The conversion rate they used there was one of the worst we saw anywhere. The ATM is definately the way to go.

-wc

murphy · Guru

When we went to Ireland August of 09, we took American dollars in the form of $50 bills...the newer 50's that have the 3 pink stripes on them. We checked with our local banks, online, at the currency exchange booths in Portland Or, JFK New York, and at Shannon Airport. All of these had extremely high exchange rates. We were advised by a lady at Shannon Airport, to go to a larger bank (like Bank of Ireland) to get them changed into Euros for the best possible exchange rate. It did cost slightly more than the ATM debit card, which most agree will have the best possible exchange rate. We were unwilling to expose our bank account (via debit) to potential fraud, so my wife and I each took about $1,000 in 50's which we converted into 200-300 euros at a time, to be used for B&B's and small purchases like pints of beer, latte's and snacks. We used our VISA credit card for eveing pub meals, and larger purchases like souvenirs, and admission to see tourist sights. We did use our credit card only 1 or 2 times for lodging, most B&B's wanted cash.

We were advised NOT to take 100 dollar bills or the older all green 50's, as they are easy to counterfeit, and most banks won't accept them. In our experience the newer 50's were always accepted by large banks without question. It worked for us, and each of us carrying twenty 50 dollar bills in our money belt was no big hassle. We plan to do this again when we go to Ireland March, 2011.

If you decide to get some Euros in Atlanta, Walt, you would only need to get a small amount so that you have something in your pocket upon arrival. We always make sure we bring about 50 Euros home from Ireland, so that we have some "seed money" for arrival the next time in Ireland. smile

Regards, Dan

Michele Erdvig · Host

Susan,

Lots of good info here from everyone. Take a look at my Money and Tips & Tricks pages. I too have a Capital One card with no foreign exchange fees. It is a great card to take to Ireland.

One thing to note is that Irish banks do not charge to use their ATMs. All associated charges will be from your own bank or institution. I have found my best ATM rate by using my credit union card. Since it is owned by the members they have superior customer service than banks do.

I use my credit card everywhere possible: shops, petrol stations, restaurants, pubs, hotels, car. Have cash for admissions, incidentals and B&Bs that want cash. Generally I only hit the ATM a couple of times on a month-long trip.

Michele

P.S. Any time you exchange cash or traveler's checks inside a bank or at an airport bureau de change you get a less attractive exchange rate.

wckc · Guru

Dan -

I totally understand your fraud issues with the Bank. We actually opened a travel account at BBVA Compass. They don't have minimum balance fees or monthly charges. We keep about $100 in the account on a regular basis, and then transfer our travel cash to it (from our credit union account) the week before we travel. All has worked well for us.

-wc

egnolive · Veteran Member

wckc,

I was looking into the Barclay's Aer Lingus mastercard. Seems they no longer offer no foreign conversion fees. Instead, its 3%.

As the benefits can usually change without notice, you may want to look into this.

If I'm wrong, please let me know!

So far, my internet research so far indicates that only Capital One has no foreign transaction fees and no annual fee.

Michele Erdvig · Host

I can certainly vouch for my Capital One card. It saves me money and gives me double points with no fee. What more could you want?

Michele

hkim · Member

Which Capital One card do you use? Thanks.

wckc · Guru

I just got off the phone with Barclays Aer Lingus mastercard. One of the benefits of the card is no foreign transaction fees within the Republic of Ireland. When making purchases on the card elsewhere in the world (including N Ireland), you do incur the 3% foreign transaction fee.

This is the same benefit they ahve been offering since we got the card back in 2008.

-wc

egnolive · Veteran Member

wc,

Glad you still have your benefit.

Aer Lingus should promote that on their website. That's a nice incentive for their card.

hkim,

You can go to the Capital One website and stroll the different cards. They have a couple that offer no foreign transaction fees and mileage. It depends on your credit score which one you can get. Venture and Venture One are two of them. If you feel comfortable doing so, you can apply and get approved online. Then it takes a week or two to send your card.

wckc · Guru

We also have a Capital One card, so we are safe with two cards and no transaction fees!

-wc