Rick Steves suggests that we get money - Euros, in Ireland at a ATM. We are in Canada and our bank says the ATM fee will $5 per transaction and as of June 17th the exchange rate was 1.553. What are or have most people done get money here or there?
Thanks We head to Ireland in August
I can only speak from the US banking end of things, so here goes.
I always wait until I get to my destination to get cash from an ATM. This gives the best exchange rate. I use a bank operated ATM and always refuse to be charged in dollars. You want to be charged in the local currency. There are lots of ATMs in every airport in Europe, Ireland is no different, one of them will be working. Also, since everywhere takes credit cards, you can just use your card to pay for your taxi, train, or bus to your hotel if you don't feel good about hitting the ATM right on arrival. Just make sure to inform your credit and ATM debit card banks of where and when you will be traveling so they don't cut you off thinking it is fraud when transaction suddenly start coming from Europe. And check what daily limits there are on your ATM card so you don't try and get more than that amount per day. With the fee your bank charges, it would be best to get larger withdrawals of cash fewer times to minimize the fees.
On the 1.553 rate: is that for ATM withdrawal, or cash sold to you at your bank? If it is for ATM, that represents about a 0.05 markup on the current exchange rate in addition to the $5 fee, I can see where this could get expensive.
I think you have two options:
1) Ask your bank to raise your daily withdrawal limit and then take out the maximum amount of cash that you can in each transaction so that you incur fewer $5 fees (plus any percentage your bank may or may not add to the exchange rate). The ATM itself will also have a per-transaction maximum, which varies. If a particular ATM declines an amount you believe to be allowed, then you might try a different bank (versus making more, smaller withdrawals).
2) Set up a bank account with fewer attached fees. Some banks will waive fees for customers with a certain amount of money on deposit, or a certain type of account, and sometimes you just want a friendlier bank.
Of course, you'll sometimes be able to use credit cards, but it's wise to keep cash on hand. See also https://www.ricksteves.com/travel-tips/money.
Dont confuse fees with an exchange rate. You are buying euro anyway, and your bank or whoever you buy from can and do set any price they want on them.
Your bank's exchange rate of $1.553 CAD to buy 1 EUR on June 17, 2109 is about Interbank plus 3% using the Oanda converter:
https://www1.oanda.com/currency/converter/
Currency Converter
CAD/EUR for the 24-hour period ending Sunday, Jun 16, 2019 22:00 UTC @
+/- 3% (Typical Credit Card rate)Selling 1.55120 CAD you get 1.00000 EUR
https://www1.oanda.com/fx-for-business/historical-rates
Interbank rate for June 17: 1.5046 CAD = 1.00 EUR
Short story long: My recent experience was interesting with ATM's at Dublin Airport. At larger airports like Frankfurt, Schipol, Heathrow or CDG there are multiple ATM's as you walk through the terminal. I've always advised getting cash at one of the ATM's. Bank owned ATM's in Europe don't charge you for the transaction.
Your bank will charge you. In the U.S. the big banks charge $5 plus 3 percent on every transaction. My bank, and lots of smaller banks and credit unions, charges a flat one percent of the transaction (100 euro would cost me one euro rather than, roughly, eight with the big banks).
Before ATM's, debit cards and improved international transactions, people carried cash (or traveler's checks) and converted to local currency at exchange booths. Both are expensive options that are virtually outdated by the convenience and cost savings of bank-owned ATM's. The exchange companies are clever enough to have created ATM looking exchange booths. I'd guess most people never notice they aren't bank owned. They come with the same expensive transaction fees that made most people avoid exchange booths in the first place.
In Dublin, the first ATM's you will notice in Terminal 2 are Euronet, which is an exchange - not a bank owned ATM. I looked at them and decided I'd look for a bank owned ATM. It was somewhat of a search but I found a Bank of Ireland downstairs. For whatever reason, I stuck my card in and it said my card didn't qualify for 24/7 cash. I found another Bank of Ireland in Terminal 1 and it worked fine. Aside: I had several similar issues with Bank of Ireland, some worked, some didn't, which caused me to brand them the cash nazi (a play on Seinfeld's soup nazi, "NO SOUP FOR YOU!"). I'd guess when the machine senses it's low on cash, it stops giving cash to non-customers.
I've been seeing more of these Euronet machines in airports. In Orly (Paris) there's a big ATM sign and under it is an exchange machine (not an ATM). Surprisingly, I saw a lot of Euronet machines in downtown Dublin as well. It (literally) pays to pay attention to whose machine you are using. Sometimes you need to pass one up and find the bank owned machine.
there are banks out there that don't charge the withdrawal fee only the exchange....Look around and see what banks offer this.
I'm going to link you to this thread, not because I think you are trying to open a Charles Schwab account in Canada, but because if you read through the thread their are several suggestions on what has worked for Canadians.
