Limerick

๐Ÿ’ฑ

Currency Exchange

Information about exchanging foreign currencies to Euros, which is the official currency in Limerick.

Sections

Currency in Ireland

  • The official currency of Ireland is the Euro (โ‚ฌ), abbreviated as EUR.
  • Banknotes are available in denominations of โ‚ฌ5, โ‚ฌ10, โ‚ฌ20, โ‚ฌ50, โ‚ฌ100, โ‚ฌ200, and โ‚ฌ500 (though โ‚ฌ200 and โ‚ฌ500 notes are rarely used in daily transactions).
  • Coins are available in denominations of 1, 2, 5, 10, 20, and 50 cents, as well as โ‚ฌ1 and โ‚ฌ2.

Where to Exchange Currency in Limerick

Limerick offers several options for exchanging foreign currency into Euros. Below are the most common and reliable places:

1. Banks

  • Major Banks in Limerick: AIB (Allied Irish Banks), Bank of Ireland, Permanent TSB, and Ulster Bank.
  • Services Offered: Banks provide currency exchange services for a wide range of currencies. They are reliable and secure, but may not always offer the best exchange rates compared to other options.
  • Locations:
    • AIB: 106 O'Connell Street, Limerick City Centre.
    • Bank of Ireland: 125 O'Connell Street, Limerick City Centre.
    • Permanent TSB: 94 O'Connell Street, Limerick City Centre.
  • Fees: Banks typically charge a commission or a flat fee for currency exchange. This can range from โ‚ฌ3 to โ‚ฌ10 per transaction, depending on the bank and the amount exchanged.
  • Procedure:
    1. Visit the bank during business hours (usually 9:30 AM to 4:30 PM, Monday to Friday).
    2. Bring a valid ID (passport or national ID card).
    3. Request the currency exchange service at the counter.
  • Tips: Call ahead to confirm the availability of the currency you need, as some banks may not stock all currencies on-site.

2. Currency Exchange Bureaus

  • Specialized Currency Exchange Offices: These are less common in Limerick compared to larger cities like Dublin, but some travel agencies and financial service providers may offer currency exchange.
  • Example: Travel Money services at certain travel agencies or post offices.
  • Fees: Exchange bureaus may offer competitive rates but often include hidden fees or less favorable rates compared to banks.
  • Tips: Always ask for a breakdown of fees and compare rates with other providers.

3. Post Offices

  • An Post: The Irish postal service, An Post, offers currency exchange services at select locations.
  • Location in Limerick: General Post Office, 1 Lower Cecil Street, Limerick City Centre.
  • Fees: An Post typically charges a small commission, and their rates are competitive.
  • Procedure:
    1. Visit the post office during business hours (usually 9:00 AM to 5:30 PM, Monday to Friday).
    2. Bring your ID and the currency you wish to exchange.
  • Tips: Check online or call ahead to confirm the availability of the currency you need.

4. ATMs (Automated Teller Machines)

  • Using ATMs for Currency Exchange: If you have a foreign debit or credit card, you can withdraw Euros directly from ATMs in Limerick. This is often the most convenient option.
  • Locations: ATMs are widely available throughout Limerick, especially in the city centre, shopping areas, and near banks.
  • Fees:
    • Your home bank may charge a foreign transaction fee (typically 1-3% of the amount withdrawn).
    • The Irish bank operating the ATM may charge a small fee (usually โ‚ฌ2-โ‚ฌ3 per transaction).
  • Tips:
    • Use ATMs affiliated with major banks (AIB, Bank of Ireland) to avoid excessive fees.
    • Check with your home bank about international withdrawal fees before traveling.

5. Currency Exchange at Shannon Airport

  • If you are arriving in Ireland via Shannon Airport (approximately 25 km from Limerick), you can exchange currency at the airport.
  • Services: Currency exchange desks and ATMs are available in the arrivals and departures areas.
  • Fees: Airport exchange services often have higher fees and less favorable rates compared to banks or ATMs in the city.
  • Tips: Only exchange a small amount at the airport to cover immediate expenses, and use other options in Limerick for better rates.

6. Online Currency Exchange Services

  • Some online platforms allow you to order Euros in advance and pick them up at a designated location in Limerick.
  • Example: CurrencyFair or Revolut (for digital currency exchange).
  • Fees: These services often have lower fees and better rates than physical locations.
  • Tips: Ensure you use a reputable service and allow time for processing.

Associated Costs and Fees

  • Exchange Rate Margins: Providers often add a margin to the exchange rate, meaning you may not get the "market rate" you see online.
  • Flat Fees: Banks and exchange bureaus may charge a flat fee per transaction, typically โ‚ฌ3-โ‚ฌ10.
  • ATM Fees: Expect a fee of โ‚ฌ2-โ‚ฌ3 per withdrawal, plus any fees from your home bank.
  • Credit Card Fees: If you use a credit card for cash advances, additional fees and higher interest rates may apply.

Local Considerations and Tips

  1. Compare Rates: Exchange rates can vary significantly between providers. Use online tools like XE.com to check the current market rate and compare it with whatโ€™s offered locally.
  2. Avoid Airport Exchanges: While convenient, airport exchange services often have the worst rates and highest fees.
  3. Use ATMs Wisely: If you have a bank account in Ireland or a multi-currency account (e.g., Revolut, Wise), withdrawing Euros from ATMs can be cost-effective.
  4. Carry Small Denominations: Many small businesses in Limerick prefer cash payments, especially for small transactions. Ensure you have โ‚ฌ5, โ‚ฌ10, and โ‚ฌ20 notes.
  5. Credit and Debit Cards: Cards are widely accepted in Limerick, but always carry some cash for smaller establishments or rural areas.
  6. Opening a Local Bank Account: If you are an immigrant planning to stay long-term, consider opening an Irish bank account. This will make financial transactions easier and reduce fees for currency exchange and international transfers.

Emergency Tips

  • If you run out of Euros, most major credit and debit cards (Visa, Mastercard) are accepted in Limerick.
  • Keep a small amount of your home currency as a backup, as some exchange providers may accept it directly.

By following this guide, you should be well-prepared to handle currency exchange in Limerick, Ireland, efficiently and cost-effectively. If you need further assistance, feel free to ask!