One Island, Two Currencies: Money in Ireland
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I’m going to take a shot in the dark and say that if you are going to Ireland, you may want some money to spend. In this post we will cover some of the common things you will need to know about getting and spending money while on your trip.
What Currency do I Need for my Trip?
The currency or currencies you will need in Ireland depends on your itinerary.
If your trip keeps you solely in the Republic of Ireland you will only need euro. One euro is made up of 100 cent. Commonly accepted notes are €5, €10, €20, and €50. Notes also come in denominations of €100, €200, and €500, but you may have a hard time finding vendors who accept those high bills. Coins are 1c, 2c, 5c, 10c, 20c, 50c, €1, and €2.
If you trip includes time in Northern Ireland, you will also need pound sterling. One pound is equal to 100 pence. Notes come in denominations of £5, £10, £20, £50, and £100. Coins come in 1p, 2p, 5p, 10p, 20p, 50p, £1, and £2.
How can I get the Currency I Need?
The easiest (and cheapest) way to get euros or pounds is withdrawing cash from an ATM. Always use a bank branded ATM both for the safety of your information, and to save a little bit of money. Bank ATMs in Ireland will not charge you fees because you don’t have their ATM card, so the only fees you might be charged are ones from your bank and maybe a fee for using your debit card abroad. If you are arriving at Dublin airport terminal 2, there are Bank of Ireland ATMs to the right as you exit baggage claim and there is a Bank of Ireland branch in terminal 1.
you can find a bank atm along many irish main roads like this one in greystones co. wicklow
If you are more comfortable bringing U.S. currency and exchanging it at an exchange service desk, be aware you will get charged a fee, and the exchange rate will not be as good as simply withdrawing money from an ATM. That being said, I do recommend you bring about $100 in cash you could exchange in an emergency.
Can I use my Debit and Credit Cards in Ireland?
The answer to this question depends on the type of cards you have in your wallet. If your card is a Visa or Mastercard, they will be accepted at most places that takes cards. I recommend having one of each just in case. If you have American Express cards you may find some vendors that take them, especially in cities, but I would not count on them being accepted in Ireland. If you have a Discover card, leave it at home. No vendor in Ireland takes Discover.
In addition to having the right type of card, make sure you have a card that does not charge foreign transaction fees. Getting charged 1%-3% per transaction adds up over the course of a two week trip. I recommend the Chase Sapphire Preferred, but if you want a card without an annual fee try the Capital One VentureOne card.
There are two other things you have to be aware of when using credit cards in Ireland.
The first is that your card may not work in unmanned ticket machines unless you have a card with Chip-and-PIN capability. This is a slightly different technology than what is found in most U.S. Credit Cards. It is called EMV, and requires a 4-digit PIN to verify a transaction. This is different than the 4-digit cash advance PIN that may have come with your credit card. If you run into a machine that requires a PIN to use a credit card and your card does not have a PIN, use a debit card instead and you will be fine. I do not think it is worth applying for a new card with Chip-and-PIN for one trip. You can get along fine without one. I just thought you should be aware of something you may run into.
Second, and this is something I ran into for the first time on our last trip, is that there are some places that can only take your card if you have the ability for contactless payment. Check to see if your card has contactless payment by looking for a symbol that looks like the semicircle wifi symbol turned on its side. If your card does not have that symbol, call your card issuer and see if they can send you a card with contactless payment technology. This is important because I ran into this while trying to buy AirCoach tickets at Dublin Airport. I did not have a contactless payment card at the time, and had to run back into the terminal to find an ATM.
Do I Need to let my Banks know I will be Traveling?
Yes. There are two ways you can do this depending on your bank. There is a number on the bank of your card you can call to set up a travel notification on your account, or you might be able to set up a travel notification on your online banking portal. If your trip takes you to Northern Ireland, remember to include the United Kingdom on your list of countries in addition to the Republic of Ireland.
you can set travel notifications on your chase online banking portal in the “things you can do” dropdown menu
One more thing. There are international collect numbers on the back of your cards. Write those numbers down in a couple of places. These are the numbers you need to call from Ireland in the event you lose your wallet or your cards stop working while abroad. I recommend keeping a backup credit card in your suitcase in the event you misplace your wallet.
Should I Pay in Dollars or the Local Currency?
You probably will not make very many transactions abroad with your debit or credit card before a clerk asks if you want to pay in dollars or euros/pounds. ALWAYS pay in the local currency. If you pay in dollars, you might get hit with dynamic currency conversion fees. Dynamic Currency Conversion is the process of the merchant converting the currency to dollars for you. This rate will probably be terrible, and you will probably get charged a fee for the service. I recently read an account of someone who was hit with a currency conversion fee of 4.8% because he chose to pay in dollars. Save yourself some money and pay in the local currency. Oh, and don’t forget to use a card with no foreign transaction fees.
How can I See the Currency Exchange Rates?
There are a couple of phone apps that will give you up-to-date exchange rates. I use one called Currency because it works even when I don’t have data or wifi. I open the app once in the morning while I have wifi in our room, the app updates, and then I have an accurate exchange rate for day.
What about Travelers Cheques?
Don’t waste your time. I doubt you will find anywhere in Ireland that will take them.
In Conclusion
I hope that answers some of your more pressing questions about money in Ireland. It is not that much different than withdrawing and spending money at home, you just have to jump through a couple extra hoops. If you have any other questions about money in Ireland, please leave them in a comment below or on our Facebook page. I will try to get back to you as soon as I can. Promise!
In the meantime, Happy travels!
