The euro (EUR) has been the official currency of Ireland since 1999, when it superseded the Irish pound (IEP). However, the Irish pound served as legal tender until 9 February 2002. Circulation of euro-denominated currency began only in the beginning on 2002.
If you want to transfer money to an Irish bank account, you will need the receiving bank’s SWIFT code, sort code, and IBAN. Given below are SWIFT codes on some popular banks in Ireland.
|Allied Irish Bank (AIB)||Dublin||AIBKIE2DXXX|
|Central Bank of Ireland||Dubline||IRCEIE21HAM|
|Ulster Bank of Ireland||Dublin||UIBLIE21XXX|
Daniel’s work required that he spend two years in the UK. Given his imminent return, his wife and daughter continued living in Dublin. They had recently purchased a car, and while Daniel’s wife would have all other expenses covered in his absence, he had to continue making repayments toward his car loan. He decided to compare a top UK bank with leading overseas money transfer companies, and this is what he found.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||GBP 1 = EUR 1.0833||GBP 1 = 1.1354|
|Transfer fee||GBP 15||GBP 0|
|Amount received for GBP 1,650||EUR 1,771.20||EUR 1,873.41|
|Transfer time||2 to 6 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 102.21|
Using the services of the money transfer company instead of the bank helped Daniel in multiple ways. Given the better value for money he received, the payments he made toward his loan were slightly bigger. He could schedule his transfers according to his needs, so he did not have to remember carrying them out each month. In addition, if he found exchange rates to be favorable, he could lock them for up to six months.
Popular money transfer companies such as MoneyGram, Western Union, and Ria have extensive agent networks in Ireland. You may use the services of these companies if you want to send money to Ireland quickly, or if you do not have the recipient’s bank account details.
|WESTERN UNION IN IRELAND|
|Dublin GPO O'Connell Street Dublin||Skyline Travel 93 Marlborough Street Dublin|
|Cork Blarney Street Post Office 342 Blarney Street Cork||Bandon Road Post Office, Bandon Road Cork|
|MONEYGRAM IN IRELAND|
|Dublin Joe Walsh Tours (Forex) Ltd 69 O'Connell Street Upper Dublin||C & S Company 8 O'Connell Street Upper Dublin|
|Cork CDL Ventures 12 Kyle Street Cork||Inside Africa 81 Shandon Street Cork|
While levels of serious crime in Ireland are low, take precautions against petty crime such as bag snatching and pickpocketing. Most incidents are reported in and around Dublin, and from areas frequented by tourists. Carry large sums of money and valuables on your person only when necessary.
Instances of car break-ins and thefts have increased in recent times, and thieves often target rental vehicles. Keep your vehicle secured properly at all times. Park in designated and secure parking areas when possible.
The information you need varies according to your preferred mode of transfer.
Being part of the Eurozone, there are no restrictions when it comes to sending money to or from Ireland. The Central Bank of Ireland oversees the country’s payment systems whereas the European Central Bank (ECB) is responsible for setting the single monetary policy.
You may bring in or take out any amount of money to or from Ireland. However, any transfer that exceeds EUR 10,000 is reported to the relevant European Union authorities.
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