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The Financial Regulator has published two new fact sheets for consumers travelling abroad this summer. They contain information on how to access money abroad, how to get the best value on foreign currency and what to expect to pay in fees and charges, when travelling in and outside the eurozone .
Consumer Director, Mary O'Dea said "Choose the most convenient way to access your money when on holiday. Plastic cards mean you can use your money as you go, but may not be widely accepted in all destinations. In this case, it is good to have some foreign currency with you. Whether you use foreign currency or purchase travellers cheques, do not carry large amounts of cash, as this is a security risk. Using your cards can be a safer option when abroad, but, make sure to bring the phone number for lost and stolen cards for your card supplier with you. An easy way to carry this is to put it in your mobile phone if you have one."
"Many consumers use credit cards to withdraw cash when travelling. However, outside the eurozone, euro conversion charges and cash advance fees make this one of the most expensive ways of getting foreign currency." she added.
"If you use your credit card to withdraw cash, whether in Ireland, or anywhere abroad, you will have to pay cash advance fees. Some card providers will not charge cash advance fees if your card is in credit, while others always charge for cash advances even if you have lodged your own money into your credit card account. These fees can add up to a considerable amount if you withdraw small amounts regularly. When you use your credit card to make purchases outside the eurozone, a euro conversion charge will also apply to all transactions. The percentage charge varies so check the charge with your credit card provider, or in our credit card cost survey. You should ask your card provider about the cash advance fee and conversion charge before you go."
Both fact sheets have information on using ATM cards (with the Cirrus or Visa Plus symbol) or debit or laser cards (with the Maestro symbol) to make purchases abroad. Fees for using ATM and debit cards will vary depending upon the destination; euro transactions in EU member states will cost the same as transactions in Ireland. This would include, for example, withdrawing euros from an ATM in the UK, but not withdrawing sterling from a UK ATM. Outside the eurozone, a minimum transaction fee is charged for all ATM and debit card transactions. This fee varies from one bank to another, so consumers should check the charges on their own account.
The foreign currency fact sheet also outlines the main charges associated with foreign exchange and travellers cheques. Commission can vary widely between various banks, bureaux de change and airport outlets. Generally, locations that offer the most convenience, such as airports, ports and outlets with long opening hours may charge higher commission.
The fact sheets, entitled 'Foreign currency - get the best value' and 'Travelling in the eurozone - how you can get your money' are available by phoning the consumer help-line on lo-call 1890 77 77 77, from 8am - 8pm Monday to Friday and 9am - 1pm on Saturday or by calling into the Financial Regulator's consumer Information Centre at College Green, Dublin 2.
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