Withdrawing money from a foreign bank account - Germany

Is an ATM the cheapest method of getting cash?


murphaph
Hello all,
Does anyone have any ideas for the cheapest way to get money from Ireland to my hand in Berlin? Any 'outside the box' methods maybe transfering cash to a credit card and withdrawing from an ATM? Interested in hearing any ideas.
Small Town Boy
Take your debit card to an ATM. It's as simple as that.
mere
I've used my US debit card and my US credit card to pull money from an ATM. Granted, i do large big chunks of money not daily piddly amounts, but it works just fine.
murphaph
Really? I always thought I'd get stung with exorbitant withdrawal charges for using the 'wrong' ATM. I don't have a german bank account yet btw, should have probably stated that!
Small Town Boy
Unless your Irish bank has a reciprocal agreement with a particular German bank, then all ATMs are from the "wrong" bank in the sense that you will be charged a fee. This fee is levied by your Irish bank, whose website will tell you what the fee is. It will probably only be around €3, and the exchange rate will be the commercial rate rather than the tourist rate, so unless you are looking to transfer thousands then you have neither a need to worry nor any real alternative.
murphaph
Cheers.I had a look at my bank's T&C's and ATM withdrawals are free in the Eurozone. That'll do nicely. Apparenty I can also use my debit card in shops just like at home. Never tried that abroad before and with so few shops in Germany accepting credit cards it's pretty welcome.
perdido
Sparkasse charges me about €5 per withdrawl via their ATM while my home bank with charge me about $1.50 so about €6 over all. I usally will do this with a ldecent chunk say €200 to make it worth it.
Don Giovanni
I think if you are trying to get a big amount (< 200 EUR) then it would make sense to withdraw through an ATM.
Keep in mind that some ATMs limit your daily withdraw allowance to 500 EUR.

You will be hit by a one-time charge from your bank, and the bank here, when I withdraw from my US bank they charge a $ 2,75 for every transaction and here the SPK takes $ 5,00.

I would advise against using your ATM as a credit card as they might charge you a fee for international usages.
I had inquired about this charge with my bank and it is something like 3% of the amount you spend (everytime)

So at the end, using the ATM to withdraw is a much better approach especially if you take larger amounts (500 EUR)

Cheers!
Small Town Boy
The German bank shouldn't be charging you. The German bank makes its money by charging your home bank. This charge is covered by the fee your home bank levies you (along with a nice fat profit on top). If you are being charged by the German bank then use a different ATM.

Avoid using credit cards to withdraw cash from an ATM as they frequently calculate interest from the first day, so you have to pay interest even if you pay off your bill in full at the end of the month.
murphaph
It should be pointed out that the rules are totally different for money drawn on banks outside the Eurozone due to the EU directive which means ATM transactions cannot cost more in a foreign Eurozone country than your own country.
Mik Dickinson
I always use my E.C card when abroad.I get charged € 5 when using a foreign bank so i always draw out the maximum amount possible.You also get a better exchange rate
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