Money & Banking – Education Ireland MY

Money & Banking

TEuro imagehe Euro is made up of 100 cents. coins come in denominations of 1c, 2c, 5c, 10c, 20c, 50c and 1. Paper notes come in denominations of 5, 10,

20, 50, 100, 200 and 500. Euro can be bought at all banks, major bus and train stations, ferry ports and airports. In addition, currency can also be exchanged in independent Bureaux de Change in cities and major towns.

Ireland was one of the first countries to qualify to join the “Euro-Zone” and on 1 January 2002.

Ireland has a thoroughly modern financial system and banking is simple and convenient. ATM machines are located in the towns and cities and international credit cards and other financial instruments are widely accepted. Banking costs vary. However, many banks offer special student rates or even ‘free banking’ so it is well worth shopping around before opening an account.

For up-to-date exchange rates see: http://www.x-rates.com/.

Students should open a bank account as soon as possible after arrival. In order to open a bank account, you will need two forms of identification. One should have your photograph on it and the other one should show your home address in your own country.  It can take up to two weeks for the international transfer of money through the banking system. You should allow for this when deciding how much currency to bring with you in order to meet your initial expenses in the first few weeks after arrival.