Depending on the destination and the type of trip you are taking, you will need some combination of cash, travellers cheques and plastic cards.
Cash: It is generally recommended that travellers bring enough cash to cover the basic arrival costs but not too much, for reasons of safety. Travel insurance policies only cover losses of a maximum of £500 so carrying more than that is obviously risky. Some banks now take back unspent foreign cash commission-free, so remember to retain the original receipt. If you return from abroad with unspent euro-zone currency the Central Bank will convert notes back into punts for free up to a daily limit of #1,000 or 50 bank notes, whichever is less.
By the same token it is possible to change Irish notes free in the central banks of the other euro-zone countries - Austria, Belgium, Finland, France, Germany, Italy, Luxembourg, the Netherlands, Portugal and Spain. Many of these countries have dozens of central bank branches and a list of addresses and opening hours is available at http://www.evz.de/pub/geldindex.html or from the European Consumer Centre in O'Connell Street, Dublin.
Travellers cheques: Cheques are safer than cash and according to the Consumers' Association of Ireland (CAI) they are relatively easy to replace when lost or stolen.
The CAI advises that if the currency of your destination is not available, you should opt for a widely used currency such as the US dollar $ or sterling. You are required to sign your travellers cheques when you receive them, but don't countersign them until you are about to cash them. Don't forget to keep a note of the serial numbers and the issuer's replacement phone number in a safe place separately from the cheques. According to the CAI, American Express and Thomas Cook travellers cheques - the two main issuers - can be cashed without paying commission at their respective branches worldwide. In some areas the cheques can be used to pay for goods.
Credit cards: It's hard to beat credit cards for flexibility and convenience but card users have to be vigilant against fraud and try to ensure the card remains in sight when it is being swiped.
In general there is no charge for cash withdrawals in the euro zone when the account is in credit. Tusa, Ulster Bank and the Irish Permanent are the exceptions and charge 1.5 per cent on these transactions.
The European Consumer Centre recommends lodging money to your credit card in advance of a trip for free access to cash, but beware of cashadvance charges outside the euro zone and on an account that is not in credit. There should be no charge for euro-zone purchases but purchases in other countries attract a charge of 1.75 to 2 per cent from most providers, with the exception of Irish Permanent.
ATM cards: You will need to ask your bank what withdrawal facilities your ATM card has abroad. Cards with Cirrus and Plus symbols can be used to withdraw cash abroad but there are usually charges incurred.
AIB ATM cardholders have access to withdrawal facilities from 200,000 ATM machines in Europe, 133,000 within the euro zone. The bank charges a flat fee of £3 per withdrawal in the euro zone and £1.50 or 1.5 per cent of the value, whichever is greater, elsewhere plus a 1.75 per cent currency conversion charge.
The Cirrus service is used by Bank of Ireland and it has 600,000 cash machines in 90 countries. The charge for the facility is 3.5 per cent of the amount of the withdrawal, subject to a minimum of £2.50 and a maximum of £9.
Some banks, including National Irish Bank and Ulster Bank do not charge for ATM withdrawals in the UK.
Debit cards with the Maestro symbol can be used to make purchases and withdraw cash abroad.
