Spending in Ireland

Ireland is the land of a thousand welcomes and at least nine hundred and ninety nine of those are aimed at those visitors who make the decision to travel to our fair shores for a holiday. With it's warm and friendly atmosphere and breathtaking scenery, Ireland is the ideal place to get away. Every destination, however, has its financial foibles and it is good to be aware of some of the more painful pitfalls when it comes to spending abroad. Here are some essential money 'dos' and 'don'ts' to keep in mind when coming to Ireland:

Currency
Ireland is one of 22 European countries to use the Euro. Do remember though that this does not apply to Northern Ireland, which is part of the UK and so uses the Pound Sterling. Some places, however, will accept either. It is important to watch your money! It may sound simple, nay even obvious, but we have all experienced the monopoly effect, i.e spending your money as if it weren't real. It is far easier to lose track of money that is unfamiliar to you. It is, therefore, a good idea to plan a budget for your trip and stick to it!

Credit and Debit Cards
The most widely recognised cards in Ireland are Visa, MasterCard or American Express and will be accepted in all hotels, restaurants and retail stores. If you are using other cards like Amex or Links, you should ask in advance or check if that card is on display where you wish to use it. Maestro, Visa Debit and MasterCard debit are widely accepted, while other debit cards, not carrying the Maestro, Visa Debit or MasterCard logos are not. Irish Laser cards are also recognised, however, it is worth noting that non-Irish issued laser cards may not be used either over the phone or online and can only be used on the premises of purchase. With both credit and debit cards, the best thing to do is to check with your own card issuer before leaving home.

Traveller's Cheques and Money Transfers
It is never a good idea to carry large sums of money with you and so the most practical advice for the savvy traveller is to come with virtual finances in the form of travellers cheques. The most widely accepted cheques are Thomas Cook and Amex, although Eurocheques can also be cashed in Ireland. Be warned though. Travellers Cheques are rarely cashable outside banks or bureau de change facilities, both of which will charge you a handling fee for their trouble.
If you need to receive money from home then the best way to do it is through a wire transfer. The fastest way to do this is directly through either Thomas Cook or Western Union. Transferring money can be a serious hassle and not what you feel like doing on your holiday, however, it is a highly practical solution to potentially tricky financial situations abroad.

Customs and VAT Tax
Custom regulations on what goods and how much of them you are allowed to import or export can be confusing. However, here is a general guide: If you are travelling from outside the EU, you may import 200 cigarettes/100 cigarillos/50 cigars or 250g of tobacco. With alcohol, you can bring up to 1 litre of distilled alcohol or spirits up to 22%, or 2 litres of other alcoholic beverages falling under 22% which includes fortified or sparkling wine or 2 litres of table wine. Other goods that are permitted include 60ml of perfume and 250ml of eau de toilette. Most goods and services in Ireland are subject to a 21% rate of VAT (value added tax) which is higher than in most other countries. The advantage, however, of purchasing taxed items in Ireland, is that it is already included in the labelled cost price. This is much simpler than in the United States for example where you need to add the tax on yourself before buying. The good news here is that for non-EU residents there is a tax back scheme available in which you can claim back some of the tax that you pay on these items (services such as hotels and restaurants are not included). Full details and a list of taxed items can be found on the Irish Revenue Commissioner's website.

Top Tips for the Money-Minded Traveller

• Lesson the first, familiarise yourself with the local currency and make sure you know the denominations and what they mean. It's very easy to overspend with money that doesn't feel 'real'.

• Avoid 'Dynamic Currency Conversion'. Travellers coming from outside the EU should be wary of the DCC facility that will apply the charge in your own currency. It is often used in shops that are popular with foreign visitors and s if you are paying with your credit card, make sure that you are being charged in euro. Don't forget that the rate they use to convert your purchase is invariably worse than that which would be applied by your own credit card issuer, so you lose out.

• ATMs: nearly every ATM in Ireland has credit card withdrawals for Visa and Mastercard credit cards and ATM cards with the Cirrus or Plus logo. Amex and Link cards are also accepted at some. The best bet is to stick to ATM's belonging to the two largest Irish banks, AIB and Bank of Ireland. It is also worth noting that a lot of convenience stores and petrol stations will also have an ATM inside and these ones will not charge you any additional charges for withdrawing money. Charges for using the ATM are dependent on the Bank of the cardholder so check before you leave home.

• Bank Drafts: Best avoided. Bank drafts often involve a lot of unnecessary bureaucracy, including opening a bank account in order to cash the draft. The best way to receive money from abroad is by direct wire transfer through either Thomas Cook or Western Union. Transferring money through the agency of banks can be expensive and time consuming (a nominated bank transfer can take up to eight days).

• Banking Hours: Banks in Ireland generally open around 9.30am and close at about 4.30pm Monday to Friday. In Dublin they stay open till 5pm. ATM's are located at most banks and accept most credit and debit cards