Life Hack: How to get the best deal when exchanging currency — and the fees you can avoid
Exchanging Fees Currency? To When Avoid Want
Planning a trip across the pond or beyond? If you’re exchanging currency you’ll want to find the best value exchange rate so your money can go further. Whether you’re topping up a card or think cash is king, here’s what you need to know
Many of us probably associate exchanging physical cash with a trip to the bank. However, going to your bank usually incurs a commission charge when buying or selling foreign currencies. For example, AIB charges commission at a rate of 1% of euro value of the foreign currency order value. To avoid this, you don’t need to look too far.
If you’re going to USA, UK, Australia, Canada, or Poland you can buy commission-free dollars, zloty or pounds in your local post office — and you don’t need to order it in advance. You can get US dollars and British pounds at any post office while Canadian and Australian dollars and Polish zloty are available at selected outlets. If you are changing €1,000 or more, remember to bring your EU driving licence or passport with you.
However, keep in mind that the post office will not buy foreign currencies from you. Instead, head check out your local credit union, some of which offer commission-free currency exchanges when buying or selling cash.
For those who prefer to rely on their flexible friends, Bonkers.ie says banks will charge from 1.75% to 3% for purchases made with your debit card outside the Eurozone.
There is an easy alternative to avoid these fees: use a card like Revolut or An Post’s prepaid currency card.
With a prepaid currency card from An Post you can carry up to 15 currencies card powered by Mastercard. The An Post Money app will also hep you monitor your spending on that card while abroad and you can freeze your card with one tap if it’s lost or stolen. You will avoid transaction fees when paying with the card but note there is a fee for ATM withdrawals. You can apply for the card at a post office or through the An Post Money app, and you’ll need your passport or EU driving licence and a bank statement or utility bill to prove your address.
With Revolut, you can quickly convert your Euro balance to another currency within its app, allowing you to pay in the local currency of wherever you’re visiting. When paying with your Revolut card, it automatically detects the local currency, so you don’t need to switch between Euro and the other currency. If your concerted money runs low, Revolut will switch to pay from your Euro balance. It is worth noting, however, that while currency conversions are free midweek, all customers will be charged a 1% fee on all exchanges made on the weekend between 5pm on Friday and 6pm on Sunday.