Using your money and cards abroad

If you're going abroad, whether for work or a holiday, it pays to give some thought to your finances before you go. There are a number of ways you can make sure you have enough money to meet your needs when you are overseas. Get more information on:

Tips before you go

Using your cards abroad

Tips to protect your money when abroad

Commission on foreign currency and travellers cheques

Tips before you go

Check with your travel agent prior to departure about the best way to carry money in the country you are going to.
Buy some foreign currency or travellers' cheques before you go but make sure you shop around to get the best value. The two main factors to consider are the exchange rate and the commission you are charged. They determine the amount of foreign currency you will get for your euro.
Carry a small amount of local currency to pay bus or taxi fares or make small purchases such as food or telephone calls.
Decide whether to buy some foreign currency or travellers' cheques.
Make sure you have read our information below about using your cards abroad.

Using your cards abroad

ATM card - cash withdrawals

You can use your ATM card to withdraw cash abroad if your card and the ATM machine has a Maestro, Cirrus, Plus or Link symbol on it. Check your card before travelling.

If you use your ATM card to take out euro in another euro area country, you will not pay anything more than you would to take out money in Ireland. But if you take out foreign currency, like Sterling or Dollars from an ATM, you will pay extra charges, such as a foreign-exchange fee and a transaction fee. Our current account cost comparison has more details.

For security reasons, your bank may also reduce the amount of cash you can withdraw each day from an ATM outside the EU. Make sure to check this limit with your bank before you travel.

Many banks have minimum charges - as much as €3.00 each time you take out money, so bear in mind that taking out lots of small amounts can add up to be expensive.

Using your cards to pay for goods and services

You can use your debit card (if it has a Maestro symbol or the outlet accepts it) and credit cards when shopping or paying for services when you are abroad. Be aware that in some countries, you may be asked for identification such as a passport when you use your debit or credit card.

If you are in a euro-area country and the transaction is in euro, you pay the same amount as you would for using your card in Ireland. But if you are outside the euro-area, you will pay a transaction fee and your card provider will also charge you for coverting the transaction into euro. You can compare the transaction fee for your credit card using our credit card cost comparison.

Sometimes, you may be given the option of having the payment converted to euro at the point of sale by the retailer. If you choose this option, you will receive a record that shows:

the local currency amount
the exchange rate that applies
the total amount in euro

However, the end cost to you will usually be higher than if you paid in the foreign currency and let your own provider convert it to euro. So, when using your card abroad, paying in the local currency will usually cost you less.

Credit Card - cash withdrawals

You can also use your credit card to get cash from an ATM, but you will have to pay a cash withdrawal fee. Some people lodge money to their credit-card account to avoid paying cash withdrawal fees. But you should check with your credit-card provider before doing this, as you may still be charged these fees, even when you are withdrawing your own money.

You should also check whether the money you lodge to your credit-card account would be covered if your card was lost or stolen, and used by someone else, as some providers will not give you back your money if this happens.

If you withdraw foreign currency either at an ATM machine or over the counter in a bank abroad, you will have to pay a currency-conversion fee.

With some cards, you do not get an interest-free period for cash withdrawals so you pay interest from the moment you take out the money. Our credit card cost comparison compares costs across the main providers.

Tips to protect your money when abroad

You should make a note of the serial numbers of your travellers' cheques so you can replace them if they are lost or stolen. You may encounter difficulties cashing travellers' cheques if the name on your travelers' cheques or credit card is different to that on your passport.
Make sure that you write down your ATM, debit or credit card numbers as well as the 24-hour telephone number for your bank or credit card Company. This allows you to quickly report lost or stolen cards while overseas.
Don't carry large amounts of cash - keep some in a safety deposit as emergency reserve in case your wallet gets stolen.

Commission on foriegn currency and travellers cheque's

You will have to pay a commission, or charge, to buy foreign currency or travellers' cheques. This usually ranges from 1 to 1.5 per cent of the euro value of the currency. The amount of commission you pay can vary widely between various banks, bureau de change and airport outlets.

Generally, locations that offer the most convenience, such as airports, ports and outlets with long opening hours, will charge you higher commission.

Foreign currency limits

From 15 June 2007 if you are entering or leaving the EU and carrying €10,000 or more cash you must make a declaration to the customs authority of the Member State you are entering or leaving.

You must lodge the declaration at the airport, seaport or land frontier through which you are entering or leaving the EU. You can get more information on the Revenue website.