The Euro
Euro notes and coins came into circulation in the European Union on 1 January 2002. One Euro (Û1) is worth approximately $1.20 US.
There are seven euro notes for amounts: 5, 10, 20, 50, 200, and 500 euros. There are eight euro coins for amounts: 1, 2, 5, 10, 20, and 50 cent. There are also 1 euro and 2 euro coins. There are 100 cent to one euro.
Personal Financed
Traveler's Checks: by far the safest way to transport a large sum of money. Traveler's checks can be cashed at any bureau de change or bank either in Dublin or during your travels; you will be charged a small commission fee to both purchase the checks and to cash them; it is a very good idea to have some US $ in traveler's check form for emergency situations. American Express are the most widely accepted traveler's checks.
Credit Cards: a good idea, especially in emergency situations; VISA is probably the most widely accepted (both in Ireland and the rest of Europe). You will get the best exchange rate of the day for your purchases and this method provides a great way to keep track of how much you are spending.
ATM Cards: most major bank cards (Cirrus, Star, PLUS, etc.) are accepted in Ireland and Europe; there is no ATM fee from the machines in Europe but your home bank might charge you for each transaction; make note of your card's PIN in numbers as many keypads do not have letters on them; withdrawals are taken directly from your checking account; you do not have the savings account withdrawal option as you do in the US. This is your best option for when you are traveling in Europe.
PASS / Banklink Cards: everyone has the option of opening a bank account in Dublin, with either AIB or Bank of Ireland, though this can sometimes be a complicated process. Upon opening your account, you will be issued with a pass/banklink card (an Irish ATM card) which enables you to take out money from any ATM in Ireland (only a Û6 government charge per year); moving all of your money at the start of the semester into an Irish bank account saves you the cost of multiple transaction fees.
US Personal Checks: can be deposited into an Irish bank account, but may take up to six weeks to clear. Bank drafts are a better way to transfer money, if you choose not to use traveler's checks, have the check written out to either AIB or Bank of Ireland. It is a good idea to bring a few of your own personal checks in case you need to send one to the States with an application or something similar.
Banking In Dublin
Irish Banks: Allied Irish Bank and Bank of Ireland are equally reputable; AIB tends to offer better exchange rates and are more student friendly. Both have branches on Grafton Street throughout the city and the country.
Exchange Rate: In Fall 2003 the euro has been at or near Û1= 1.20 US. Check the current exchange rate before you plan your budget.