Understanding Dublin Ireland Currency and Economy

Dublin, Ireland is a fantastic destination, and understanding its currency and economy is essential for a smooth trip.

The official currency of Ireland is the Euro, which is widely accepted in Dublin.

You can exchange your money for Euros at banks, currency exchange offices, or even some hotels and shops.

The Irish economy is a high-income economy, driven by services, industry, and agriculture.

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In Ireland, one euro is made up of 100 cents, with eight different coin denominations available, including one cent, 2 cents, 5 cents, ten cents, 20 cents, 50 cents, €1, and €2.

The coins are made of different materials, with the one, two, and five-cent coins being copper, the ten, 20, and 50 cent coins being gold, and the €1 and €2 coins being silver and gold.

Using bank cards is a convenient way to pay for things in Ireland, especially in cities, and most shops and ATMs accept cards with Visa and Mastercard logos.

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The Republic of Ireland uses the euro, represented by the symbol € and the currency code EUR. Northern Ireland uses the pound sterling (symbol: £ and currency code: GBP) because it is part of the United Kingdom.

You may be able to use currencies interchangeably in border regions, but this shouldn't be taken for granted. In shops that do accept foreign Irish currency, they will use their own exchange rate, which can sometimes be quite favourable.

One euro is made up of 100 cents. There are eight coin denominations for the Irish euro, including one cent, 2 cents, 5 cents, ten cents, 20 cents, 50 cents, €1, and €2.

The one, two, and five-cent coins are copper. The ten, 20, and 50 cent coins are gold, while the €1 and €2 coins are silver and gold.

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Using your bank card in Ireland is a convenient way to pay for things, although you might have better luck using them in cities than in rural areas.

Bank cards with Visa and Mastercard logos are the most widely accepted in shops and at ATMs.

American Express and Diners Club are accepted in fewer places, so it's best to stick with the more widely accepted brands.

If you're asked whether to pay in local currency or your home currency, opt for the local currency, as the exchange rates are far better.

Using a credit or debit card with a chip and PIN is the way to go, as retailers may still accept swipe cards but this is not always guaranteed.

You can withdraw cash from ATMs with your Mastercard or Visa debit card, but be aware that fees will still be charged, although at a lower rate than credit cards.

Contactless payment is increasingly popular, and you can "tap" your debit card to pay for purchases of up to €50 or £45.

Make sure your bank card has a Cirrus, Maestro, or Plus logo, as this will ensure you can use it to get cash from ATMs.

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Some bank cards are far superior to others when it comes to international travel, so do your research before choosing one.

The Wise Travel Card is a great option, as it doesn't have purchase, load, or reload fees and offers the same exchange rates as those you see on Google or XE.com.

Be aware that you may be hit with multiple fees from both your own bank and the bank of the ATM, including a local bank fee, a foreign transaction fee, a currency conversion fee, and more.

If your bank is partnered with an Irish bank, you may be able to cut down on bank fees by using their ATMs.

If saving money is your priority, consider exchanging cash before you arrive in Ireland to avoid exorbitant bank fees or poor exchange rates.

You can exchange your currency at currency exchange bureaus and Western Union branches, which often have the highest rates in Ireland.

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In Dublin, Belfast, and other touristic areas, you'll find banks and currency exchange kiosks where you can swap your money for euros.

Airports might be your immediate choice, but you might want to wait till you arrive in the city to get better exchange rates.

The euro is one of around 180 currencies worldwide, and exchange rates can fluctuate over time due to various economic, political, and market factors.

You can follow the live exchange rate to the euro and see which providers offer the best deals using tools like Monito's currency pages.

The Irish pound was replaced by the euro on January 1, 2002, and all Irish coins and banknotes, from the start of the Irish Free State onwards, may be redeemed for euros at Ireland's Central Bank in Dublin.

Here are some key facts about the euro in Ireland:

Exchanging cash before you arrive in Ireland is a good idea to avoid exorbitant bank fees or poor exchange rates.

You can exchange currency at a bank or currency exchange bureau before or upon arrival in Ireland.

Many convenience stores have their own ATMs, but be aware that they often incur an extra charge to use.

In general, currency exchange bureaus and Western Union branches have some of the highest rates in Ireland.

Dublin, Belfast, and other touristic areas have banks and currency exchange kiosks where you can swap your currency.

While airports might be your immediate choice, you might want to wait till you arrive in the city to get better exchange rates.

If you're struggling to locate a cashpoint, many convenience stores have their own ATMs, but be aware that they often incur an extra charge to use.

Your bank card must have a four-digit PIN as many Irish ATMs don’t allow for longer PINs.

Some Australian banks have partnerships with foreign banks, which can help cut down on bank fees by using their ATMs.

Here are some options to buy currency before you head to Ireland:

Try S Money or a similar online currency exchange store to get rates that reflect the comparisons you see on XE or Google.

If you choose online delivery or in-store pickup, check the processing time, which can take between two and five days.

Prefer in-store currency exchange? Head to the CBD of your nearest city for the most competitive exchange rates.

Currency exchange counters in Australia’s airports are infamous for their atrocious exchange rates, so it's best to avoid them if you can.

Bank cards are commonly accepted across Ireland, although you'll have better luck using them in cities than in rural areas.

Bank cards with Visa and Mastercard logos are the most widely accepted both in shops and at ATMs.

When using your bank card, it's generally a good idea to opt for the local currency, as the exchange rates are far better.

Hot tip! If you're asked whether you want to pay in the local currency or your home currency while paying with card, opt for the local currency.

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The Irish pound was first introduced in the late 10th century, with an £sd system of one pound divided into twenty shillings, each of twelve silver pence.

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The earliest Irish coins were minted in the late 10th century, with the first pound introduced. This system was later tied to the English economy, with parity established by King John around 1210.

In 1701, the relationship between the Irish pound and sterling was fixed at £13 Irish to £12 sterling, making it possible for Irish copper coins to circulate with English silver coins.

The Irish pound continued to circulate until January 1826, when it was merged with the pound sterling. Some Irish banks continued to issue paper currency denominated in sterling after this date.

The Saorstát pound was introduced in 1928, with the new currency pegged at 1:1 with sterling. This currency was defined by the 1927 Act to have exactly the same weight and fineness of gold as the sovereign at the time.

The Irish pound was decimalized in 1971, with the introduction of the "new penny" (pingin nua; symbol: p). The pound itself was not revalued by this act, but new coins were issued to replace the traditional shilling and penny.

Here's a brief timeline of the major events in the history of Irish currency:

The Saorstát pound was introduced in 1928, defined by the 1927 Act to have the same weight and fineness of gold as the sovereign at the time, making it pegged at 1:1 with sterling.

The new currency replaced the continuing use of sterling after Ireland's independence in 1922. The Irish names for the currency were punt, scilling, and pingin, with the £sd system used.

Distinctive coins and notes were introduced, with coins available in eight denominations from 1928, all but the 3d and 6d having the same dimensions as their British counterparts. The Irish coins were thicker nickel coins, in contrast to the thin silver ones issued in the UK.

Sterling specie continued to be accepted on a one-for-one basis everywhere, but Irish coin was not generally accepted in the UK, except in parts of Northern Ireland.

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Decimalisation was a significant change in Irish currency history, and it all started with the Report of the Metric System and Decimal Coinage Committee in 1959. Discussion on decimalisation continued into the 1960s.

The British government's decision to decimalise its currency led to Ireland following suit. The Decimal Currency Act 1969 replaced the traditional shilling and penny with a centesimal subdivision, the "new penny" (pingin nua; symbol: p).

The act didn't revalue the pound, so banknotes remained unaffected, but the 10/– note was replaced by a 50p coin due to spiralling inflation. New coins were issued of the same dimensions and materials as the corresponding new British coins.

The Irish Decimal Currency Board, created on 12 June 1968, oversaw the changeover and provided changeover information to the public. A pamphlet called Everyone's Guide to Decimal Currency was also made available to the public.

Decimal Day, 15 February 1971, marked the changeover to decimal currency. Prices were rounded up or down to the nearest five euro cents, with prices ending in one, two, six, and seven cents rounded down.

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Ireland's decision to join the European Monetary System in 1978 marked a significant turning point in its currency history. The country broke the one-for-one link with the UK pound sterling by introducing an exchange rate on March 30, 1979.

The creation of the Currency Centre at Sandyford in 1978 allowed Ireland to manufacture its own banknotes and coinage within the state. Before this, banknotes were printed in England and coins were struck by the British Royal Mint.

All decimal Irish coins were initially the same shape and size as their UK counterparts until 1986. After this, new denominations or redesigned coins were made to be different sizes from their UK counterparts.

The 20p coin introduced in 1986 and the £1 coin introduced in 1990 were completely different in size, shape, and composition from the previously introduced UK versions.

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The adoption of the euro in Ireland was a significant event in the country's currency history. On December 31, 1998, the exchange rate between the Irish pound and the euro was fixed at EUR1.00 = IEP0.787564.

The euro became the official currency of Ireland on January 1, 1999, but it wasn't until January 1, 2002, that the Irish pound was withdrawn from circulation and replaced with euro notes and coins. Irish pound coins and notes ceased to be legal tender on February 9, 2002.

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Ireland's Central Bank in Dublin still accepts Irish coins and banknotes, both decimal and pre-decimal, for redemption in euros. The euro has since become the dominant currency in Ireland, with no alternative currencies in use.

Here's a summary of the key facts about the euro in Ireland:

The first pound was introduced in Ireland in the late 10th century, with an £sd system of one pound divided into twenty shillings, each of twelve silver pence.

Parity with sterling was established by King John around 1210, making Irish silver coins interchangeable with English coins.

However, from 1460, Irish coins were minted with a different silver content than those of England, causing the values of the two currencies to diverge.

The relationship between the Irish pound and sterling was fixed at £13 Irish to £12 sterling in 1701, allowing Irish copper coins to circulate with English silver coins.

This relationship made it possible for thirteen Irish pence to have the same value as one English shilling, facilitating trade between the two countries.

The last copper coins of the Irish pound were minted in 1823, and in 1826 the Irish pound was merged with the pound sterling.

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