Travel money and the best ways to spend abroad
If you’re going abroad, you’ll need to decide whether to use travel cash or your cards. Here’s how to pick the best way to spend on holiday and get a better deal on foreign currency.
Ways to spend abroad
There are various ways you can spend abroad and each has advantages and disadvantages. We compare the different ways to spend when you’re travelling.
Here are three main ways to pay whilst on holiday abroad:
- Travel cash: This will need to match the currency of the country you’re visiting. Work out how much you need for your trip so you’re not left short, or carrying around too much.
- Prepaid travel cards: You can load the currency you need onto one of these cards before you go and use it like a debit card. You won’t be able to spend more than the amount you load.
- Credit or debit cards: You can usually take your existing cards, but they may have expensive fees and charges.
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Spending with foreign currency
Using the local foreign currency is often the easiest travel money option, but it’s not always the best choice.
Ordering foreign currency
Each travel money provider will offer a different exchange rate, so always check rates and additional charges before you order.
If you order travel money online, the rate may be better, but there could be additional costs like commission fees and home delivery charges.
Make sure you work out the overall price of the transaction before you order currency online.
Where to get travel money
If you opt for foreign currency, here are some of the places you can order, collect or choose delivery. Each travel money provider will have individual rates and charge different fees, so work out the cheapest and easiest option before you buy.
- Your bank
- A travel agent
- An exchange bureau (airport or high street)
- An Post
- An online travel currency specialist
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Tips for getting the best exchange rate
Getting a good exchange rate gives you more travel money for your euro. Here are a few tips:
If you have currency left over at the end of your trip, you can get larger notes converted back to euro, but you may be charged.
Spending with a prepaid currency card
If you don’t want to carry your travel money as cash, but want to control your spending, a prepaid card could work for you.
How to find the right prepaid card for your trip
An Post Money Currency Card
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Spending with a debit or credit card
Taking your debit or credit card away with you seems like a simple solution, but there are many hidden costs you may not be aware of.
Debit card charges depend on things like:
- Whether your purchase is in euro or another currency
- Who you bank with
- Whether you’re withdrawing cash or purchasing goods or services on your card
Each time you use your debit card outside the EU, you’re likely to be charged a percentage of the transaction’s value - up to 3%, or the maximum capped amount if lower.
If you travel abroad often, you could save by getting a debit card with zero fees on foreign transactions. Be aware of charges for ATM withdrawals because these can be much higher.
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Here’s the advantages and disadvantages of using your bank cards abroad
Some credit cards in Ireland promise no foreign transaction fees on euro transactions and add nothing to the Mastercard exchange rate.
Outside the EU, you’ll be charged a currency conversion fee (around 1% of the purchase) each time you use your credit card or withdraw money. Typically you’ll pay a percentage of the transaction value, up to 3% too.
Avoid withdrawing cash with your credit card as you’ll also be charged a cash advance fee. Plus, you’ll be charged interest even if you pay your balance in full at the end of the month.
So, what is the best travel money option?
The best way to spend abroad will depend on lots of things like:
- Where you’re going: If it’s within the EU, cash withdrawals won’t cost any more than normal so using your card is a reasonable option.
- How long you’ll be away for: Using cash on a short trip may be more feasible than a long-haul trip because budgeting is easier and you’re likely to need less.
- Your budget: If you want to control your spending, cash or a prepaid card is a good option.
- Your spending needs: If you want easy access to more funds, a debit or credit card will give you this, but look for one with low foreign transaction fees.
- The type of trip you’re going on: An all-inclusive holiday will keep spending to a minimum and foreign currency may be all you need, while a shopping trip to New York may require the flexibility and protection of a credit card.
Tips for spending while you’re abroad
Now you’ve sorted out travel money for your foreign trip, here are some other ways to save money and keep costs down whilst travelling abroad.
Not sure how much you’ll need? Think about how much money you’ll use for food and drink each day, plus travel and excursions, then add a bit extra for emergencies.
Travel money FAQs
Can I use chargeback on foreign transactions?
A chargeback is where you dispute a transaction on your debit or credit card, usually because:
- You didn’t authorise the transaction (may be fraudulent)
- The transaction went through twice
- You didn’t get the goods or services you paid for
If you have disputed transaction occur while on a foreign holiday or business trip, you can still initiate a chargeback process, but contact your bank or card issuer as soon as possible.
If you want to know more about how chargeback works, see our helpful guide about refund rights.
How will my travel money be delivered?
Your travel money will be sent via An Post registered mail if you order within the Republic of Ireland. This means it will be fully insured and a signature will be required upon delivery.
Should I pay in euros or local currency when using my card abroad?
It is recommended that you pay in local currency when on holiday or a business trip. This is to stop extra fees or poor exchange rates being applied at ATMs, shops or restaurants.
If you plan on using a debit or credit card, it’s a good idea to choose one that has zero foreign transaction fees on purchases.
What is the maximum I can load on a prepaid currency card?
Prepaid travel cards typically have maximum load limits between €5,000 and €10,000 euros and minimum loads of €50.
You will need ID like your EU driving licence or passport if you are buying sterling or dollars over €250.
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