Euro

[jennyjoan]

I am going down south Ireland on Wednesday and it has been years since I have travelled. Would it be better to use my at the ATM down there to get Euros.

[jennyjoan]

unsure of that answer Spathy - I just wanted to know ATM or not. Somebody did tell me the bank (mine Santander) take a fee

[Flonska]

Check with your bank which card you intend to use to see if there are any additional charges at an ATM and what the fee/percentage% rate is. Then you can see if it is better to buy some before you go or not.

[jennyjoan]

^^^^^even when using the ATM

[jennyjoan]

Oh I won't be going into town to Santander - can i find out online

[jennyjoan]

oh sorry always debit - don't own a credit card - never have done

[Flonska]

Also, if you use a credit card, an ATM cash withdrawal (local currency or not) is likely to attract an interest charge which may apply immediately and until you repay the whole of the o/s balance of your credit card, if any, - not just on the amount you withdraw.

[Mamyalynne]

Check FAQs here JJ for an idea of their fees.

https://tinyurl.com/ycwfvt2a

[alavahalf]

Current fee is 2.75% per €100 for using your debit card in Eire.

[sunny-dave]

Santander are one of the worst banks for using a debit card in the euro zone.

They’ll charge you 1.5% (minimum £1.99) for withdrawing cash and £1.25 for other debit card transactions.

Then they’ll rip you off for another 2.75% on the currency conversion.

So £100 in euros from a cash machine will cost you £4.74 in charges - outrageous.

[jennyjoan]

ok - thanks for that - the thing is I am only there for a day or two - like staying overnight so won't be using much money hence I don't want to lift more than I want. My local credit union (where I was once worked) do travel money. may ring them later and see what their rate is. Ta again

[jennyjoan]

ok SD - I will find out what I need ie for hotel and some spending money so it will only be one debit I would do

[sunny-dave]

Many places will let you pay in Sterling with your debit card - normally I’d advise against this (they take about 2.5% commission), but it would actually be better than letting Santander rip you off.

[Buenchico]

Santander's website gives some examples of how their fees work out on their website. (The examples are based upon the exchange rates which were in force on 1 June, so they only provide a rough guide).

Using those examples, if you purchased something for €100 they'd take £88 from your account as the equivalent amount in sterling PLUS £3.67 in fees. If you took €100 out of a cash machine they'd again take £88 as the sterling equivalent but PLUS £4.41 in fees.

https://www.santander.co.uk/uk/help-support/faqs

The problem with comparing those costs with what you'd end up paying if you got some Euros from, say, the Post Office in Belfast is that you don't know how their RATES compare. Obviously you'd avoid those bank fees but if the rate you got at a Bureau du Change was 5% inferior to the inter-bank rate (as it typically is) it would cost you can extra £4.40 (on top of the £88 in my example) to buy those €100. As far as I can tell from looking online though, the difference in the rates is probably closer to 3%, so you MIGHT be very slightly better of by getting Euros in Belfast.

If it was me, I'd just use my debit card as normal in the Republic (because there's probably no significant difference in what you end up paying, due to the better exchange rate you get through doing so) but, if you're worried about every single penny it could possibly be very slightly better to take some Euros with you.

[jennyjoan]

thanks Chris - I don't worry about every single penny as I waste enough- so I'll use the ATM for a one-off transaction.

[bednobs]

except if you use less than you thought you would, you'll have leftover euros and will either have cash lying around you cant use or you'll have to pay to change it back

[jennyjoan]

thanks bednobs - am sure I'll always use it - come to think of it do think I have some euros in a cupboard somewhere

[Flonska]

You say you will do a "one off" ATM transaction. The amount you can withdraw will be set by either your bank (e.g. £250 or equiv per day) and/or by the institution whose ATM you are using. Typically this is likely to be circa €200 - €300. If you are staying in a Hotel, perhaps use your debit/credit card to pay your bill so as to leave room for manoeuvre on the amount of cash you withdraw and not have to carry a "wad" around with you.

[jennyjoan]

that's good to know Flonska