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  #1  
Old 26-06-2006, 11:24 AM
rachel
 
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Default Withdrawing Cash In USA - Credit Card or ATM/Cirrus?

Wondering the best method of withdrawing cash in the USA, I have a mastercard which is credited and a maestro card- also credited.
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  #2  
Old 26-06-2006, 01:35 PM
aonfocaleile aonfocaleile is offline
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Default Re: Withdrawing Cash In USA

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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  #3  
Old 26-06-2006, 02:45 PM
moneyhoney moneyhoney is offline
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Default Re: Withdrawing Cash In USA

Check the charges for withdrawing cash using either card......
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  #4  
Old 26-06-2006, 03:41 PM
rachel
 
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Default Re: Withdrawing Cash In USA

my concerns are the charges! There's money in both accounts so which would be better to use?
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  #5  
Old 27-06-2006, 10:04 AM
moneyhoney moneyhoney is offline
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Default Re: Withdrawing Cash In USA

That depends entirely on who your card issuer is - every bank is different so you'll have to contact them.

On your cc - ask if you have to pay interest from date of withdrawal even if in credit and also ask if you have to pay cash withdrawal fees, again, even if in credit.
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  #6  
Old 27-06-2006, 10:08 AM
elgin elgin is offline
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Default Re: Withdrawing Cash In USA

Was in the States a couple of weeks ago & withdrew money from both my BOI Mastercard & Laser/Cirrus card. The laser card has a higher fee but a better rate that the Mastercard.

Mastercard was slightly cheaper i.e about 2 euro on a withdrawl of 300 dollars.
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  #7  
Old 27-06-2006, 11:18 AM
ClubMan ClubMan is offline
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Default Re: Withdrawing Cash In USA

I find preloading my PTSB VISA card with cash and making cash withdrawals (not advances which attract high interest charges immediately) is the cheapest way to access cash outside the € zone. The only charge is a 1.75% forex charge built into their exchange rate. In contrast Cirrus (via their ATM/Laser card) charges 3.5% subject to a minimum of €3.17 and a maximum of €11.43. I think that forex charges might be in addition to these charges. To reduce the charges below 3.5% you need to start withdrawing more than €327 at a time (i.e. €11.43 / 3.5 * 100 =~ €327).

Be aware that there may be security concerns with preloading a credit card as with some card agreements the holder is liable for losses due to cash withdrawals on an account in credit. Check the terms & conditions of your card to be sure. To mitigate this I generally use online banking while abroad to top up as I go although the delay in transferring money from current account to VISA with PTSB is a bit of a pain.
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  #8  
Old 02-07-2006, 08:16 PM
Alex Alex is offline
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Default Re: Withdrawing Cash In USA

i use both my cirrus card and my credit card to withdraw cash while i am abroad.
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  #9  
Old 02-07-2006, 08:21 PM
adox adox is offline
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Default Re: Withdrawing Cash In USA

I have always preloaded my CC account and used that when visiting the US.
Cirrus/Maestro has much higher charges and all adds up especially with multiple withdrawels.
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  #10  
Old 07-07-2006, 11:14 PM
soc soc is offline
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Default Re: Withdrawing Cash In USA

I'm in the States for a couple of months, and thus need to have access to my 'irish' cash.

From experience, best value for money is if I withdraw money from my Mastercard CC in comparison to my Maestro card. E.g. I had to withdraw $400 recently... from CC it cost me 5 cash adv. fee... but when I withdrew from my Maestro card it cost me 11!

I always withdraw from my CC now, and when the money hits my CC (i check freq. online), I immediately transfer money from my Current A/C onto my CC.... so far so good...

Apart from that... to save even more money, I try and use my CC as much as possible to buy/pay for stuff... it's cheaper then withdrawing the cash from an ATM, and I can also track my spending...

-soc
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  #11  
Old 07-07-2006, 11:22 PM
ClubMan ClubMan is offline
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Default Re: Withdrawing Cash In USA

Note that you would have been charged a forex margin built into the converstion rate from US$ to € as well as any other cash advance fees. Best value for money is normally to avoid cash advance fees and make cash withdrawals from a credit card account that has been "preloaded" as I explained earlier.
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  #12  
Old 07-07-2006, 11:30 PM
ClubMan ClubMan is offline
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Default Re: Withdrawing Cash In USA

Quote:
Originally Posted by soc
From experience, best value for money is if I withdraw money from my Mastercard CC in comparison to my Maestro card.
The best value is if the credit card account is preloaded and you make cash withdrawals of your own money and not cash advances of the credit card company's money - for which they will charge you!
Quote:
E.g. I had to withdraw $400 recently... from CC it cost me 5 cash adv. fee... but when I withdrew from my Maestro card it cost me 11!
US$400 is c. 312. You would have also been charged a forex margin of at least 1.75% on this by MC. This is c. 5.46. Added to the 5 cash advance fee this is 10.46 which is only slightly less than the Maestro charge. Of course Maestro may also have charged a forex margin.
Quote:
I always withdraw from my CC now, and when the money hits my CC (i check freq. online), I immediately transfer money from my Current A/C onto my CC.... so far so good...
You would be better off lodging the money to your CC account before making cash withdrawals and thereby avoiding the cash advance charges (and in some cases immediate interest charges) and only paying the forex margin. Also avoid those ATMs that charge additional local fees.
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  #13  
Old 09-07-2006, 01:23 AM
soc soc is offline
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Default Re: Withdrawing Cash In USA

Quote:
Originally Posted by ClubMan
US$400 is c. 312. You would have also been charged a forex margin of at least 1.75% on this by MC. This is c. 5.46. Added to the 5 cash advance fee this is 10.46 which is only slightly less than the Maestro charge. Of course Maestro may also have charged a forex margin.
I was only charged the 5 fee... not 10.46


Quote:
Originally Posted by ClubMan
You would be better off lodging the money to your CC account before making cash withdrawals and thereby avoiding the cash advance charges (and in some cases immediate interest charges) and only paying the forex margin. Also avoid those ATMs that charge additional local fees.
Like I said, I RARELY withdraw money from ATM's over here... and given how easy it is to purchase stuff on CC and not have my signature on my card validated, I prefer NOT to load up my card... just incase my card goes walkabout. Withdrawing cash from CC and paying off afterwards lets me track my spending, and make sure nothing funny is happening.
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  #14  
Old 09-07-2006, 10:55 AM
ClubMan ClubMan is offline
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Default Re: Withdrawing Cash In USA

Quote:
Originally Posted by soc
I was only charged the €5 fee... not €10.46
The forex margin will have been built into the exchange rate used to convert from US$ to € and is not itemised separately so is a "hidden" charge (albeit explained in the terms & conditions of your CC agreement). Irish CCs charge at least 1.75% forex margin with some charging a lot more. Your charges for this transaction will definitely be more than the explicit €5 cash advance fee once the forex charge have been factored in.
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  #15  
Old 14-07-2006, 08:34 PM
redchariot redchariot is offline
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Default Re: Withdrawing Cash In USA

You will get charged pretty much the same no matter if cirrus/mastercard/visa. I find that it is best not ot withdraw small amounts of cash because there is a fixed fee up to a certain point (Usually €250 I think - you will need to check with your lender) after that it is a percentage of the amount you withdrae.
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  #16  
Old 14-07-2006, 08:35 PM
redchariot redchariot is offline
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Default Re: Withdrawing Cash In USA

Oh and generally the exchange rate you get at ATMs is more reasonable than if you used a Bureau de Exhange
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  #17  
Old 14-07-2006, 10:11 PM
ClubMan ClubMan is offline
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Default Re: Withdrawing Cash In USA

Quote:
Originally Posted by redchariot
You will get charged pretty much the same no matter if cirrus/mastercard/visa.
No - withdrawing small amounts with Cirrus/Maestro will mean higher charges. Even withdrawing larger amounts may still mean higher charges compared to cash withdrawals from a pre-loaded CC account depending in the CC forex margin.
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  #18  
Old 04-04-2007, 10:44 AM
bacchus bacchus is offline
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Default Re: Withdrawing Cash In USA - Credit Card or ATM/Cirrus?

Resuscitating this 1 year old thread as i am heading off to the States soon.

The previous posts seem to recommend to preload a CC account in order to avoid interest on cash advances. I appreciate the T&Cs may differ between banks.
My post therefore specifically addresses BOI VISA Advantage CC as this is the card i will use by abroad.

BOI Advance CC T&Cs state:
- cash advance fee of 1.5% (min €2.54) will be charged on the amount of any cash advance
- The cross-border handling fee of up to 1.75% (= Forex margin)

BUT most importantly,

- "No interest in respect of the balance outstanding for cash advances will be charged if the balance is cleared in full by the due date"

As my CC balance is paid 100% by Direct Debit, i understand that i do not need to preload by account and will still not incur interest on cash advances.

Can any BOI VISA CC users confirm that ?
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  #19  
Old 04-04-2007, 12:13 PM
ClubMan ClubMan is offline
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Default Re: Withdrawing Cash In USA - Credit Card or ATM/Cirrus?

Quote:
Originally Posted by bacchus View Post
- cash advance fee of 1.5% (min 2.54) will be charged on the amount of any cash advance
This should be for cash advances but not for cash withdrawals from a "preloaded" account.
Quote:
As my CC balance is paid 100% by Direct Debit, i understand that i do not need to preload by account and will still not incur interest on cash advances.
I would be verys surprised if cash advances were free.
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  #20  
Old 04-04-2007, 12:19 PM
bacchus bacchus is offline
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Default Re: Withdrawing Cash In USA - Credit Card or ATM/Cirrus?

Thanks for you feedback. Like yourself, i am a bit dubious....

T&Cs are here. See ACCOUNT section for cash advance, and INTEREST section (first paragrah) for "no interest on cash advance".

The notion of "cash advance" vs "cash withdrawal" as mentionned in one of your previous post does not seem to exist in the BOI CC context..
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