USD for Euros

We will visit Ireland next month. Our visit will be part motorcoach tour,
followed by five days self-drive and B&B. Tour, car and B&B have been
prepaid. We will need euros for many things, so I've been following the
increase in valuation of the euro. If I were to purchase euros through my
bank today the cost would be $1.347465. 800 euros would cost me $1,025.28.
They charge about 6.5 percent transaction fee. My question is: Can I save
some money by taking USD to Ireland and exchange dollars for euros at the
bank at the airport? - Jimmie

In article <q5AXb.233873$rj7.1370538@twister.tampabay.> , Jimmie
<jbarne17@tampabay.> wrote:

> We will visit Ireland next month. Our visit will be part motorcoach tour,
> followed by five days self-drive and B&B. Tour, car and B&B have been
> prepaid. We will need euros for many things, so I've been following the
> increase in valuation of the euro. If I were to purchase euros through my
> bank today the cost would be $1.347465. 800 euros would cost me $1,025.28.
> They charge about 6.5 percent transaction fee. My question is: Can I save
> some money by taking USD to Ireland and exchange dollars for euros at the
> bank at the airport? - Jimmie

ATM is the best way, and a totally free checking account like
Washington Mutual (No fee ATM) is the cheapest.

BofA is now $3.00 per ATM transaction. If I need, I just
electronically transfer funds from BoA to Wash. Mutual.

Credit cards are the best way to go generally, either can be as cheap
as 1% clearing charge.

jay
Sat Feb 14, 2004
mailto:gofig@mac.com


jay
Sat Feb 14, 2004
mailto:gofig@mac.com

>
>

Jimmie wrote:

> We will visit Ireland next month. Our visit will be part motorcoach tour,
> followed by five days self-drive and B&B. Tour, car and B&B have been
> prepaid. We will need euros for many things, so I've been following the
> increase in valuation of the euro. If I were to purchase euros through my
> bank today the cost would be $1.347465. 800 euros would cost me $1,025.28.
> They charge about 6.5 percent transaction fee. My question is: Can I save
> some money by taking USD to Ireland and exchange dollars for euros at the
> bank at the airport? - Jimmie

No. But you CAN save money by taking an ATM card, and getting cash in Euros
from an ATM over there. You can also get a better rate here from American
Express Travel Services. But you will get the best rate by charging as much as
you can to a major credit card.

Larry


--
Larry Finch

N 40° 53' 47"
W 74° 03' 56"

Ditto, as other posters recommend go ATM for cash and use credit cards for
hotels, cars, restaurants or other major purchases.

"Jimmie" <jbarne17@tampabay.> wrote in message
news:q5AXb.233873$rj7.1370538@twister.tampabay.rr. com...
> We will visit Ireland next month. Our visit will be part motorcoach tour,
> followed by five days self-drive and B&B. Tour, car and B&B have been
> prepaid. We will need euros for many things, so I've been following the
> increase in valuation of the euro. If I were to purchase euros through my
> bank today the cost would be $1.347465. 800 euros would cost me
$1,025.28.
> They charge about 6.5 percent transaction fee. My question is: Can I
save
> some money by taking USD to Ireland and exchange dollars for euros at the
> bank at the airport? - Jimmie
>

"Miguel Cruz" <mnc@admin.u.nu> wrote in message
news:V4FXb.13805$5W3.4394@nwrddc02.gnilink.net...
>
> Of course, you can bring the transaction fee down to 1% by using an ATM
and
> an ATM card (but don't use a credit card for cash, only to charge
purchases).
>
If a traveller has only a credit card then it is just fine to use it in an
ATM. For instance for my Visa Classic ATM fees are identical to my Visa
Electron ATM fees outside Europe. That's why I don't use Electron outside
Europe (it is much less flexible too and has had lots of reported
malfunctioning processing too).

"Markku Grönroos" <hassuserveri@kolumbus.fi> walked up to the
microphone and mumbled:

>
>"Miguel Cruz" <mnc@admin.u.nu> wrote in message
>news:V4FXb.13805$5W3.4394@nwrddc02.gnilink.net. ..
>>
>> Of course, you can bring the transaction fee down to 1% by using an ATM
>and
>> an ATM card (but don't use a credit card for cash, only to charge
>purchases).
>>
>If a traveller has only a credit card then it is just fine to use it in an
>ATM. For instance for my Visa Classic ATM fees are identical to my Visa
>Electron ATM fees outside Europe. That's why I don't use Electron outside
>Europe (it is much less flexible too and has had lots of reported
>malfunctioning processing too).

While it will work, most American credit card issuers impose monstrous
fees for cash advances. I suspect that was the reason behind Miguel's
admonition.



--
Dogs flew spaceships! The Aztecs invented the vacation! Men and
women are the same ! Our forefathers took drugs! Your brain
is not the boss! Yes, that's right - Everything you know is WRONG!

>
> While it will work, most American credit card issuers impose monstrous
> fees for cash advances. I suspect that was the reason behind Miguel's
> admonition.

Cast advances have higher interest and are the last to paid for. Even if
the cash advance is $1.00 it cannot be paid until the entire card balance is
paid. The interest is like 21%.

"Jimmie" <jbarne17@tampabay.> wrote in message
news:a_UXb.43153$Bb.527110@twister.tampabay. ...
>
> >
> > While it will work, most American credit card issuers impose monstrous
> > fees for cash advances. I suspect that was the reason behind Miguel's
> > admonition.
>
> Cast advances have higher interest and are the last to paid for. Even if
> the cash advance is $1.00 it cannot be paid until the entire card balance
is
> paid. The interest is like 21%.
>
I am certain you have it all wrong. This 21% is an *annual* interest and you
pay day interests in your card bill.

Markku Grönroos wrote:

> I am certain you have it all wrong. This 21% is an *annual* interest and you
> pay day interests in your card bill.

Nobody said you pay 21% interest per day. If you carry any balance on
your card the cash advance amount is paid last. That means that until
you pay the rest of your card off, the cash advance amount will carry
the 21% annual rate which is incredibaly high.

"gerald" <gerald@slaweck.bz> wrote in message
news:n6h130pqejuqekjtier2qti43n9bq9hik3@...
> On Mon, 16 Feb 2004 13:10:32 +0200, "Markku Grönroos"
> <hassuserveri@kolumbus.fi> wrote:
>
> >>
> >I am certain you have it all wrong. This 21% is an *annual* interest and
you
> >pay day interests in your card bill.
> >
>
> It is correct that interest is 18-21% per year. It is incorrect that
> you pay day interest on your card bill after an advance.
>
> It has been my experience that if you take a cash advance even with a
> positive balance(overpayment) in your account, then run up a negative
> balance,followed by an immediate payment, you will still pay
> interest on the largest part of the negative balance for the full
> reporting period on the card.
>
This still sounds quite reasonable to me and is not very much different from
what I thought it is. What is this reporting period typically then? 30 days?

> Similarly, you run up a balance and include a cash advance, but pay
> off the entire balance, and the interest within the reporting period,
> you will pay full interest on the largest balance for the full
> reporting period.
>
My Finnish card (Visa Classic) works a bit differently. Actually it isn't a
credit card in this respect. It never has a positive balance but always a
negative one which is neutralized (paid back in full) until the last
banking day of the following month. Vendors always pay the necessary
frictional fees to the credit company (except in many parts of Asia
regardless of what the local laws say about it). I start paying interest
only if I haven't followed the policy (I haven't paid the check in time). In
any ATM transaction a 2,5% interest and a flat 2 euros is added to the bill.
Hence ATM transactions have nothing to do with the interest of the maximum
negative balance simply because such an interest doesn't exist.