Recruitment Eire

BANKING IN IRELAND

The unit of current in Ireland is the euro (€) which is made up of eight coins in denominations of 2 euros, 1 euro and 50, 20, 10, 5, 2 and 2 cent pieces. There are one hundred cents in one euro. There are seven notes which come in units of 500, 200, 100, 50, 20, 10 and 5 euros. Euro coins and notes can be used as legal tender is any of the twelve member euro nations.

Banks and building societies in Ireland open between the hours of 10.00 am and 3.00 pm. You will need your passport, details of any previous bank accounts you have had and a utility bill giving proof of your address. As this can take up to two months to get hold of, you should be prepared for a delay. A bank account can be opened with cash or travelers checks. If you open a deposit account it will usually pay some modest interest.

In 2005 many of the Irish banks dropped their charges on current accounts. The main only which still has some charges is the Allied Irish Bank. The Ulster Bank, Bank of Ireland, Permanent TSB and NIB do not have charges but the Bank of Ireland needs a minimum balance of €500 and a minimum of three transactions per month either by telephone or online. Also bear in mind that you have to pay a 15 cent government tax on each cheque you write and €40 stamp duty on credit cards.

Debit cards are issued by all major banks in the form of a Laser Card. There is an annual government tax of £20 on each card.

AIB, Ulster Bank, Permanent TSB and the Bank of Ireland all provide internet banking facilities. If you are going to use this facility it is still worth opening an account with a bank which has a branch local to your home as you will always need to make the odd visit there to take out or deposit money.