The Republic of Ireland uses the euro and Northern Ireland still uses the pound sterling. The currency chart below is based on August 2007 exchange rates between local currency and Australian dollars (AUS$), Canadian dollars (CDN$), European Union euro (EUR€), New Zealand dollars (NZ$), British pounds (UK£), and US dollars (US$). Check the currency converter on websites like www.xe.com or www.bloomberg.com, or a large newspaper for the latest exchange rates.
As a general rule, it’s cheaper to convert money in Ireland than at home. While currency exchange will probably be available in your arrival airport, it’s wise to bring enough foreign currency to last for the first 24 to 72 hours of your trip.
When changing money abroad, try to go only to banks or bureaux de change that have at most a 5% margin between their buy and sell prices. Since you lose money with every transaction, convert large sums (unless the currency is depreciating rapidly), but no more than you’ll need.
If you use traveler’s checks or bills, carry some in small denominations (the equivalent of US$50 or less) for times when you are forced to exchange money at disadvantageous rates, but bring a range of denominations since charges may be levied per check cashed. Store your money in a variety of forms; ideally, at any given time you will be carrying some cash, some traveler’s checks, and an ATM and/or credit card. All travelers should also consider carrying some US dollars (about US$50 worth), which are often preferred by local tellers.
Traveler’s checks are one of the safest and least troublesome means of carrying funds. American Express and Visa are the most recognized brands. Many banks and agencies sell them for a small commission. Check issuers provide refunds if the checks are lost or stolen, and many provide additional services, such as toll-free refund hotlines abroad, emergency message services, and assistance with lost and stolen credit cards or passports. Traveler’s checks are readily accepted in most cities and large towns. Ireland also accepts Thomas Cook checks (☎1800 411 021; www.travelex.co.uk). Ask about toll-free refund hotlines and the location of refund centers when purchasing checks, and always carry emergency cash.
Where they are accepted, credit cards often offer superior exchange rates—up to 5% better than the retail rate used by banks and other currency exchange establishments. Credit cards may also offer services such as insurance or emergency help, and are sometimes required to reserve hotel rooms or rental cars. MasterCard (a.k.a. EuroCard in Europe) and Visa (e.g., Carte Bleue) are the most frequently accepted; American Express cards work at some ATMs and at AmEx offices and major airports, but are almost never accepted elsewhere.
The use of ATM cards is widespread in Ireland. Depending on the system that your home bank uses, you can most likely access your personal bank account from abroad. ATMs get the same wholesale exchange rate as credit cards, but there is often a limit on the amount of money you can withdraw per day (usually around US$500). There is typically also a surcharge of US$1-5 per withdrawal.
Debit cards are as convenient as credit cards but withdraw money directly from the holder’s checking account. A debit card can be used wherever its associated credit card company (usually MasterCard or Visa) is accepted. Debit cards often also function as ATM cards and can be used to withdraw cash from associated banks and ATMs throughout Ireland. The two major international money networks are MasterCard/Maestro/Cirrus (emergency services US ☎800-622-7747, Ireland 1-800 557 378; from Northern Ireland 0800 964 767; www.mastercard.com) and Visa/PLUS (for assistance US ☎800-847-2911, Ireland 800-55-8002; www.visa.com). Most ATMs charge a transaction fee that is paid to the bank that owns the ATM.
If you run out of money while traveling, the easiest and cheapest solution is to have someone back home make a deposit to your bank account. Failing that, consider one of the following options.
It is possible to arrange a bank money transfer, which means asking a bank back home to wire money to a bank in Ireland. This is the cheapest way to transfer cash, but it’s also the slowest, usually taking several days or more. Note that some banks may only release your funds in local currency, potentially sticking you with a poor exchange rate; inquire about this in advance. Money transfer services like Western Union are faster and more convenient than bank transfers—but also much pricier. Western Union has many locations worldwide. To find one, visit www.westernunion.com, or call in Australia ☎1800 173 833, in Canada and the US ☎800-325-6000, in the UK ☎0800 833 833, or in Ireland ☎1800 395 395. To wire money using a credit card (Discover, MasterCard, Visa), call in Canada and the US 800-CALL-CASH, in the UK ☎0800 833 833. Money transfer services are also available to American Express cardholders and at selected Thomas Cook offices.
In serious emergencies only, the US State Department will forward money within hours to the nearest consular office, which will then disburse it according to instructions for a US$30 fee. If you wish to use this service, you must contact the Overseas Citizens Service division of the US State Department (☎202-647-5225, toll-free 888-407-4747).
The cost of your trip will vary considerably, depending on where you go, how you travel, and where you stay. The most significant expenses will probably be your round-trip (return) airfare to Ireland (see Getting to Ireland: By Plane) and a railpass or bus pass. Before you go, spend some time calculating a reasonable daily budget.
To give you a general idea, a bare-bones day in Ireland (camping or sleeping in hostels/guesthouses, buying food at supermarkets) would cost about US$47 (€35); a slightly more comfortable day (sleeping in hostels/guesthouses and the occasional budget hotel, eating one meal per day at a restaurant, going out at night) would cost US$94 (€70) and for a luxurious day, the sky’s the limit. Don’t forget to factor in emergency reserve funds (at least US$200) when planning how much money you’ll need.
Some simpler ways include searching out opportunities for free entertainment, splitting accommodation and food costs with trustworthy fellow travelers, and buying food in supermarkets rather than eating out. Bring a sleepsack to save on sheet charges in European hostels, and do your laundry in the sink (unless you’re explicitly prohibited from doing so). Museums often have certain days once a month or once a week when admission is free; plan accordingly. If you are eligible, consider getting an ISIC or an IYTC; many sights and museums offer reduced admission to students and youths. For getting around quickly, bikes are the most economical option. Renting a bike is cheaper than renting a moped or scooter. Don’t forget about walking, though; you can learn a lot about a city by seeing it on foot. Drinking at bars and clubs quickly becomes expensive. It’s cheaper to buy alcohol at a supermarket and imbibe before going out. That said, don’t go overboard. Though staying within your budget is important, don’t do so at the expense of your health or a great travel experience.
Some restaurants in Ireland figure a service charge into the bill; some even calculate it into the cost of the dishes themselves. The menu often indicates whether or not service is included. If gratuity is not included, consider leaving 10-15%, depending upon the quality of the service. Tipping is very uncommon for other services, such as taxis and hairdressers, especially in rural areas. In most cases, people are usually happy if you simply round up the bill to the nearest euro. Never tip in pubs—it’s considered condescending. In general, do not tip bartenders, though some bartenders at hip urban bars may expect a tip; watch and learn from other customers.
Both the Republic and Northern Ireland charge a value added tax (VAT), a national sales tax on most goods and some services. In Ireland, the 21% VAT does not apply to food, health services, agricultural fertilizers, insurance and banking services, and children’s clothing. The VAT is almost always included in listed prices. The British rate, applicable to Northern Ireland, is 17.5% on many services (such as car rental, hairdressers, hotels, and restaurants) and on all goods (except books, food, and medicine). Refunds are available only to non-EU citizens and only for goods taken out of the country. In Ireland, VAT refunds are available on goods from stores displaying a “Cashback” sticker (ask if you don’t see one). Request a voucher with your purchase, which you must present at the Cashback service desk in Dublin or Shannon airport. Purchases greater than €250 must be approved at the customs desk. Your money can also be refunded by mail.
Visitors to Northern Ireland can get a VAT refund on goods taken out of the country within three months of purchase through the Retail Export Scheme. Look for signs like “Tax Free Shopping” or “Tax Free for Tourists” and ask the shopkeeper about minimum purchases (usually €65-130) and get a form. Keep purchases in carry-on luggage so a customs officer can inspect the goods and validate refund forms. Some places give on-the-spot refunds, but most require that you mail the stamped forms back to the store in the envelope provided.
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For 52 years, we have published the world’s favorite budget travel guides, written entirely by students and updated every year. With pen and notebook in hand and a few changes of underwear stuffed in our backpacks, we spend months roaming the globe in search of travel bargains.
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