We are coming into one of the busiest times of the year - especially for our wallets! Here are here are some tips that will hopefully help you cut some costs associated with your daily banking in the coming months.
1. If you are an AIB customer, use mobile wallets for purchases over €50
Mobile wallets allow you to make fee-free contactless payments. While you don't have pay a fee on contactless payments under €50 euros with your card, you are charged 20 cent for each one over €50 (where you must enter your PIN number).
If you use Google Play or Apple Pay on these higher value transactions you don’t have to pay this fee.
2. Get cashout when doing your weekly shop instead of ATM withdrawals
Most supermarkets let you withdraw money using your debit card at no extra cost. Save money by getting cash out when doing your shop.
AIB 35 cent per ATM withdrawal while An Post charges 60 cent per ATM withdrawal. BOI and PTSB withdrawals are included in their monthly subscription fees. These banks don’t charge a per transaction fee. However a 12 cent government stamp duty fee per with withdrawal applies to all banks.
3. Never use your credit card to withdraw cash from an ATM
If you ever needed cash quickly it can be tempting to use your credit card. If you do, the bank will usually charge you a cash advance fee which can 1.5 - 2% of the amount you withdraw.
In addition, with most credit cards, you're immediately charged interest on the amount you withdraw. If you delay paying off your balance you could receive a significant bill.
4. AIB and An Post charge for over-the-counter branch transactions
Banks want to minimise the number of people using their branches so often charge higher transactions as a deterrent e.g. An Post charge 50 cent for an cashier/over the counter transaction, while AIB charge 39 cent. In both instances you have to pay to access your own money! Avoiding using these, were possible, will result in savings.
As Bank of Ireland and PTSB charge monthly subscription fees and don’t charge extra for cashier transactions.
5. When shopping online always pay in the local currency if buying from a UK, US or other non-EU site. Don’t let the site convert it to Euros for you.
Ignoring this tip can really catch people out. Sites like Amazon or payment platforms like Paypal will often suggest or default to converting the cost of an item into euros for you. However, when they do that, they can take quite a hefty fee.
In the below example, if I paid Amazon in Euros it would have cost €544. If I instead used Revolut to convert the money into sterling and then paid for it with my Revolut it would save me nearly €20.