IFSRA publishes fact sheets for travellers

The Irish Financial Services Regulatory Authority has published two new fact sheets for consumers travelling abroad this summer.

They contain information on how to access money abroad, how to get the best value on foreign currency and what to expect to pay in fees and charges when travelling in and outside the eurozone.

Consumer Director Mary O'Dea said: "Choose the most convenient way to access your money when on holiday.

“Plastic cards mean you can use your money as you go, but may not be widely accepted in all destinations.

“In this case, it is good to have some foreign currency with you.

“Whether you use foreign currency or purchase travellers cheques, do not carry large amounts of cash, as this is a security risk.

“Using your cards can be a safer option when abroad, but make sure to bring the phone number for lost and stolen cards for your card supplier with you.

“An easy way to carry this is to put it in your mobile phone if you have one."

"Many consumers use credit cards to withdraw cash when travelling. However, outside the eurozone, euro conversion charges and cash advance fees make this one of the most expensive ways of getting foreign currency." she added.

Both fact sheets have information on using ATM cards (with the Cirrus or Visa Plus symbol) or debit or laser cards (with the Maestro symbol) to make purchases abroad.

The foreign currency fact sheet also outlines the main charges associated with foreign exchange and travellers cheques.

Commission can vary widely between various banks, bureaux de change and airport outlets.

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