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Stallings says one upside to chip and PIN prepaid debit cards is they can be used in an automated payment machine to buy train tickets and to pay at unstaffed gas pumps and highway toll booths in Europe. They can be a good option for Americans traveling without a card using chip and PIN technology. It also snubs foreign transaction fees, and it charges the same rate as its regular credit card when converting currency.Īnother company offers a prepaid chip and PIN card, which allows travelers to load up on euros or pounds and use it like a debit card.

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For example, one major card company has started to offer prepaid cards free of the typical recurring fees. Prepaid cards for foreign use are becoming more widespread. Each bank has its own fees for ATM debit card withdrawals. Heads up: Meyers advises to call your bank before you go to ask about fee structures for ATM withdrawals. Stallings says if you take money out of a bank that has a relationship with your bank, you may be able to avoid some fees. 'If your bank charges a flat rate for the withdrawal, you should certainly minimize your trips to the ATM by withdrawing larger sums each time you go,' Meyers says.Īnd do your homework. To save money, keep ATM trips to a minimum. Some charge a flat rate, others charge a percentage, and still others charge both, Meyers says. 'We consider the ATM to be the best choice in terms of convenience, exchange rates and fees,' Meyers says.įees vary by institution. Using your debit card at ATMs is one recommended way to get cash when traveling abroad. The 'PIN' refers to a personal identification number that the cardholder enters to authorize payment. The 'chip' refers to a microchip embedded into the card to secure account information. Maria Brusilovsky, spokeswoman for Travelex Currency Services, says chip and PIN technology is now the preferred way of making credit card and debit card transactions in Europe, and some vendors only accept chip and PIN cards. In addition to cards without fees, think about getting a card with the latest technology. Others are just offering a few cards without foreign fees. Some major card companies have eliminated foreign transaction fees on all of their cards. You can save money on fees by making some calls before you go and knowing which cards to use,' says Tom Meyers, editor in chief of, a guide to budget travel in Europe. 'Most people have multiple credit cards, and each could have a different fee structure. Foreign transaction fees are a different story. Card companies base their exchange rates on wholesale prices offered to bigger institutions, so you're bound to get a fair rate. While some desks advertise 'no-fee' exchanges, they still build in a hefty profit by offering a high rate.īefore your next trip, take a look at the best and worst methods of currency exchange by following Bankrate's 'thumbs-up' or 'thumbs-down' rating: Currency exchange methodsĬredit cards offer some of the lowest currency exchange rates. In lieu of foreign currency exchange desks at airports and major hotels, there are more convenient and cheaper ways to exchange currency, Stallings says. 'Many options carry extraordinary hidden fees, and some places are just more difficult to negotiate since they are more cash-based than the typical American is used to,' Stallings says.

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dollar abroad, update your knowledge of currency exchange.Īccording to Douglas Stallings, senior editor for Fodor's Travel, travelers need to be aware of currency exchange options abroad because of costs. By proceeding any further you will be deemed to have read our Terms and Conditions and Privacy Statement.If you're not careful, currency conversion fees can cost more than you expect.

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Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Authorised by the Prudential Regulation Authority and with deemed variation of permission. In the UK, Bank of Ireland is authorised and regulated by the Central Bank of Ireland. Bank of Ireland Group plc, whose shares are listed on the main markets of the Irish Stock Exchange plc and the London Stock Exchange plc, is the holding company of Bank of Ireland.īank of Ireland is regulated by the Central Bank of Ireland. Bank of Ireland Group plc is a public limited company incorporated in Ireland, with its registered office at 40 Mespil Road, Dublin 4 and registered number 593672.

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