Sorting your holiday cash is one of the things often left to the last moment, along with the sun-tan lotion. But it pays to think about how you're going to buy those drachmas or deutschmarks before you arrive at the airport.
Following the introduction of the euro, the foreign exchange market has undergone some changes with the banks introducing new charging structures for foreign currency, while further advances in technology have increased the electronic payment options open to the holiday-maker.
Depending on your destination and your determination, it is even possible to get hold of your holiday cash without incurring any commission at all as the central banks in the euro zone will change other euro currencies into their own national currency without any charge.
However, the service is only available at central bank premises and while some of the European central banks boast a number of branches, the Central Bank of Ireland offers the service only at its Dublin headquarters.
For those not resident in the capital, there are a number of other options, some of them equally cost effective. Since the euro was launched in January, the cross-border handling fees involved in using your credit card for purchases made in the euro zone have been abolished by many providers including the two main banks.
But even if you use your credit card to cover costs such as meals and shopping, most holiday-makers will still need some cash for the small and routine costs like buying a beer.
One way of obtaining local currency is to use services such as AIB's Visa Plus or Bank of Ireland's Cirrus which can be used in more than 300,000 ATM machine in more than 80 countries.
With Cirrus, which you have added to your Pass card, you can withdraw up to £200 (€254) per day at any ATM displaying the sign. Each withdrawal costs 2 per cent in Europe, with a minimum fee of £2, and 2.5 per cent in the rest of the world.
AIB's Visaplus service costs £3 per transaction in the euro zone and up to £250 can be withdrawn each day using a Banklink card. Outside the euro zone, the charges are the same as for buying foreign cash over the counter.
Meanwhile, the Tralee-based foreign exchange company Fexco, offers a Visa Travel Money Card which, it says, resembles a plastic travellers' cheque as it has similar safeguards. You load it up before you go away, up to a maximum of £6,000, at a cost of 2 per cent up to a maximum of £25. You then get a PIN number and can use it at 400,000 ATMs worldwide. The first three transactions are free but after that you are charged the equivalent of $1 (97 cents).
But for those who haven't the time or patience to ferret out the central bank branches overseas, the most effective way to avoid charges may be to lodge money to your credit card account before you go away. AIB, Bank of Ireland and TSB all say that once it's in credit, their customers can withdraw cash overseas - subject to the usual daily limits - free of charge. "We are pushing the plastic side because it's such good value," an AIB spokesman says. "For us plastic is cheaper to operate than physical cash and paper which makes electronic means cheaper and better value for the customer."
However, there are drawbacks to having just plastic methods of payment. You could lose your card, forget your PIN number or have your bag, wallet or purse stolen.
As a result, banks generally advise customers to have some cash or travellers' cheques as back-up. For those who take this advice, it is worth comparing charges because they vary quite considerably.
Following a directive issued by the Director of Consumer Affairs last year, all banks have been forced to publish their rates, allowing customers to shop around.
The locking of the exchange rates of the euro currencies means consumers now face a single handling charge, usually of 2 to 4 per cent. The old system, which still applies to currencies outside the euro zone, involves a commission charge and a bid/offer spread or the difference between the rate at which the banks buy and sell foreign currency. In addition to the traditional sources of foreign exchange - the banks, building societies and credit unions - a growing number of other outlets including travel agents and department stores are now providing bureau de change services, some at more competitive rates than the banks.
Again, Dubliners are at an advantage because some of the most competitive charges are to be found in and around the centre of the capital.
EBS Building Society, for example, charges commission of just 1 per cent for those looking for foreign cash, up to a value of £500, or for travellers' cheques.
The downside is that the service, which is among those being reviewed by the building society, has been rationalised back to just one branch - head office in Dublin's Westmoreland Street. Of the eurozone currencies, EBS only stocks French francs, Portuguese escudos and Spanish pesetas so those heading to other euro destinations need to order at least three days in advance.
Along with Arnotts and Clerys, Marks & Spencer also offers a bureau de change service but again it is confined to its Grafton Street store. The retailer charges 2.5 per cent for those buying euro-zone currencies, below the rate offered by many of the banks and building societies.
The service is also available during store opening hours, which are far longer than those of financial services companies, and include weekends.
The banks' charges vary with AIB charging 3.5 per cent for notes in other euro-zone currencies up to a value of £500, while Bank of Ireland charges 2.25 per cent for amounts under £700 and TSB charges 3 per cent.
Travellers should also bear in mind that older people and students are charged no commission for foreign exchange by many providers while some, such as AIB, will turn left-over travellers' cheques back into Irish pounds at the same rate as they were bought and free of charge up to a value of £100.
Holiday-makers may also be enticed to do their foreign exchange business with certain banks because of the draws and incentives on offer. If you buy American Express travellers' cheques through TSB, you are entered in a draw for a Toyota Yaris, while those getting their foreign exchange at AIB are entered in a draw to have their holiday money refunded up to a value of £1,500 per person.
Euro zone central bank telephone numbers
Banque Nationale de Belgique, 00 322 221 2111
Deutsche Bundesbank, 00 49 69 95661
Banco de Espana, 00 34 91 338 5000
Banque de France, 00 33 1 42 92 42 92
Central Bank of Ireland, 01 671 6666
Banca d'Italia, 00 39 6 47921
Banque Centrale du Luxembourg, 00 352 4774 4240
De Nederlandsche Bank, 00 31 20 524 9111
Oesterreichische Nationalbank, 00 43 1 404 20 6666
Banco de Portugal, 00 351 1 346 2931
Suomen Pankki, 00 358 9 183 2290
