Banking, Money and Taxes in Ireland

With an established financial sector, banking and taxes in Ireland are similar to those of the UK and the USA. Regardless, no matter where you are, taxes can quickly become complicated, and even more so in unfamiliar surroundings. We therefore recommend that expats hire a tax expert.

The biggest banks in Ireland are traditionally Bank of Ireland, Allied Irish Banks, Danske Bank and Ulster Bank. There are also many multinational banks that have branches in Ireland, which can be useful for serial expats or those who already have an account with the same bank back home.

Currency in Ireland

As part of the European Union, the official currency of Ireland is the Euro (EUR), which is divided into 100 cents.

• Notes: 5 EUR, 10 EUR, 20 EUR, 50 EUR, 100 EUR, 200 EUR and 500 EUR
• Coins: 5 cents, 10 cents, 20 cents and 50 cents, and 1 EUR and 2 EUR

Banking in Ireland

The major banks in Ireland offer a range of services and popular and easy-to-use internet banking options.

Opening a bank account

It is easier to open a bank account in Ireland in person than trying to open one before arriving. To open an account, expats will need at least their passport and proof of address, but each bank will have its own requirements. The account can take some time to activate, so expats in Ireland should plan to keep money elsewhere while this process is worked out.

ATMs and credit cards

ATMs are widely available in Irish towns and cities, and it is possible to use a foreign card at most ATMs. Credit cards are widely accepted across the country, although card facilities and ATMs may be limited in more remote areas.

Taxes in Ireland

Tax status in Ireland depends on an expat's residency status. Expats qualify for tax residency if they are in the country for 183 days or more in a tax year or 280 days over two consecutive tax years.

Irish residents pay tax on income derived from both inside and outside Ireland. In contrast, non-residents pay tax only on income within the country.

Everyone in Ireland pays a standard rate of 20 percent on their taxable income up to a certain amount, which depends on whether the person is single, married or a single parent. Everything earned above the cut-off point is taxed at 40 percent.

Ireland has tax treaties with most countries, but there are many legal loopholes and idiosyncrasies involved that a professional can best work out.