Overdraft Charges Ireland

An overdraft is an additional amount of money that is drawn down from a current account when it is in debit. Overdrafts are generally supposed to a short-term facility used to temporarily increase your cashflow.

Most banks charge a fee for putting an agreed overdraft facility in place and the same again annually to renew the facility.  The charge for this can range from

  • €30 at Bank Of Ireland
  • €25 at PTSB
  • €25.39 at AIB
  • €25 at KBC

EBS don’t do overdrafts.

Interest Rates on agreed Overdrafts.
Interest rates on agreed overdrafts range from –

11.85% at AIB to 15.55 at Ulster Bank.

(BOI 13.25% , KBC 13.5% , PTSB 15% )

Unauthorised Overdraft Interest rates .

The Banks have interest surcharges for unagreed overdrafts – these can be as much as an extra 12% – bring the rate up to a fairly massive 27% in the case of PTSB. This is the highest overdraft interestrate  of all the Irish banks. Ulster is next at 25.55% followed by AIB at 23.85% and  KBC at 21.5% and then BOI at 20.45%

Overdrafts are best avoided if at all possible as they are an expensive way of borrowing money – especially if you go go overdrawn without a formal agreement. You would pay lower rates on some credit cards.

Instead of an overdraft, it would even be worth considering a personal loan. See the lowest rates for personal loans .

(Figures correct as at February 2019 )

See more about Current Bank Account Charges in Ireland here

 

Best Place to Buy Sterling in Ireland

If you are travelling to the UK it can be wise to bring some cash with you. But you might want to compare the various Euro Sterling exchange rates on offer first to find the best place to buy Sterling in Ireland.

Don’t assume that somewhere  offering  “commmission free” currency will give you the best deal. An Post currency exchange seems to be a popular choice – but as you will see below – you can usually get better exchange rates elsewhere.

Exchange rates will change every day –   and there has been a lot of volatility recently with Sterling exchange rates since the UK/EU  Brexit vote.
(See the Latest Exchange Rates here).

We carried out a quick comparison of the main currency exchange companies on the same day to find out the  Best Place to Buy Sterling in Ireland .


Tip: If you are looking for information about transferring larger amounts of money to a bank in the UK – you should read our article on  the Best Way To Transfer Money to a UK Bank


We checked how much it would cost in Euros to buy £700 GBP Sterling cash . We compared the figures from the currency companies websites at roughly the same time on 4th Feb 2019. All the exchange companies we used in the comparison say they do not charge commission .

The Best Deal we found was at the No1 Currency Website  where it would have cost you €820.34 for £700 GBP  . You can order and pay for the Sterling online and get the cash delivered to your door for free. The delivery is by An Post registered post and is fully insured . (Orders under €750 cost €6 for delivery) .  Minimum order is €400.   Popular currencies such as Sterling and US Dollars should usually be delivered next day if ordered before noon. Other currencies will take 2 to 3 days.  They deal in several currencies – and you can check current exchange rates on the No1 Currency Website

2:  At CurrencyExchange.ie they were quoting a price of €821.02 for £700 Sterling. Customers can reserve your currency online for collection and pay for it when they pick it up. But-  CurrencyExchange.ie  only have 2 pick up locations in central Dublin , they do not deliver.

3:  An Post currency exchange were quoting a price of €824.69 for buying £700 Pounds. An Post currency  don’t allow online ordering , you have to go to a Post Office branch that does currency exchange . This service  is only available in larger towns and cities . An Post only sell Sterling and US Dollars.

4: Bank of Ireland quoted a price of €823.92 for £700 – and they also charge a fee of €2.50 – so that would be a total of €826.42

5:  The worst deal we found was from ICE ( International Currency Exchange)  http://www.ice-ireland.ie – it would have cost you €850.23 for £700 GB Pounds. You can reserve your currency online and then collect it and pay for it at their Dublin Airport kiosks.


Tip# If you are thinking of buying a car in the UK – you should not be planning on getting Sterling and paying in cash. See our information on the Best Way to Pay for a Used car in the UK.


Alternative to Cash

Another option to consider for paying in Sterling when you are in the UK or doing online shopping is the N26 Bank Account.
This is an “online only” bank account based in Germany – but it has a European banking licence and can operate in Ireland. They already have several thousand Irish customers.
The N26 account comes with a Mastercard  (Debit Card) which has no fees when making purchases in non Euro currencies. (The exchange rate will be the same as any other Mastercard). See other banks fees here.

N26 can be a great for people who travel a good bit or who make a lot of online non Euro purchases .  You can transfer Euros from your “main” bank account into N26 and then use the N26 card to spend in any currency . An N26 account is free to set up and free to run –  unlike most of the  mainstream Irish Banks.
Some people use N26  as their main account – since it is possible to have salaries paid in and set up direct debits just like any high street bank. (Just no cash or cheques).

Revolut is another digital payment provider that has a fee free debit card for spending in foreign currencies.  Revolut is available in Ireland . Comparison of Revolut and N26 here


When outside the Eurozone if you want cash – there is also the option of using an ATM abroad to withdraw Sterling etc  – see more here for  details of ATM Charges Abroad .

 

Cheapest Electricity Provider

Many thousands of people in Ireland have never switched electricity provider  – (about 36% of households) . By switching to the cheapest electricty provider, these households could save ,on average ,€220  in just 12 months on electricity bills.

Electric Ireland  (formerly ESB)  used to be the only domestic Electricity Provider  in Ireland – but since deregulation in 2011 , thousands of households have switched to other suppliers such as  SSE Airtricity , Energia or Bord Gais Energy  in order to get cheaper electricity prices.

The electricity switching market is very competitive,  with companies regularly doing special offers, discount codes or other promotions such as cashback.


Who has the Best Electricity Deal in Ireland in February 2019 ?

We carried out a comparison of Electricity prices in Ireland for new customers in February 2019 and this is what we found:

For Higher Usage:
Electricity usage will be higher in larger homes with 4 or more occupants –  and also in smaller households that use only electricity for heating and hot water.  Electricity consumption figures of 6000 kwH per year would be possible for higher usage households .

The  best best switching deal for higher usage homes is with Energia . The have a special offer only available through the Energia website. You need to enter the promo code CHEAPESTFUEL and this will get you 35% off their standard electricity rates for 12 months and  €50 cashback .
This will work out at €1063 in the first year. (Paying by Direct Debit).  This is a saving of €227 compared to Electric Ireland’s standard rates .

The next best deal for usage of 6000KwH works out at €1092 in year one. It is available from Electric Ireland (SuperSaver offer) . (But they are expected to be increasing prices from March or April.)


Medium Usage
For medium sized homes that use gas , oil  or solid fuel to provide heating and hot water ,  an annual electricity usage  of about 4200 Kwh a year would be typical. (This is the average national usage.)
The best deal currently would be to switch your electricity to Energia  . This offer works out at €798 ( with a  34% discount and €50 cashback) and is only available  online with Promo code CHEAPESTFUEL at the Energia Website.

This is a saving of €198 on Electric Ireland’s standard rates.

Note:
If you are currently with Energia for your Electricity supply – then the best deal for medium usage households is to switch back to Electric Ireland  with a year one price of €808 on their SuperSaver offer  . (But be aware they are expected to increase prices after February 2019 .)


Best for Lower Usage :
Smaller households will use less electricity. Typical usage for a 1 or 2 person household that doesn’t use electricity for heating might be 3000kwh per year.
If you are not currently with Electric Ireland for your Electricity supply – then the best deal for lower usage households would be to use Switcher.ie to switch to Electric Ireland and go for their €150 cashback offer . This will work out as a year one price of €596 for 3000kwh.  (but they are expected to increase prices sometime after February .)

The next best deal is to switch to Energia .  This will work out at €621 (including €50 cashback). (This Offer of  35% discount and €50 cashback is only available  online with Promo code CHEAPESTFUEL .  This special offer is only available online through the Energia Website.


In all cases – after the first 12 months , households should look into switching again to obtain the best deal.

See a Summary of the cheapest Electricity  prices here

If you also have gas – take a look at  our  Dual Fuel Price Comparison 

 


Cashback offers are not included in comparison sites calculations – but we include them. So don’t assume the cheapest deal shown on the comparison sites are actually the best available. Cashback offers can often make a very big difference to the overall cost- especially for lower usage households.


You should really think about switching your energy supplier every 12 months to take advantage of all these special offers – otherwise most providers will just put you back on their standard rates after the first year.
It only takes a few minutes – and as we have shown it can easily save you in the region of €200 just on electricty bills over a year.

Figures correct 2nd February 2019

electricity comparison

 

Electricity and Gas Price Comparison

cheapest gas irelandWhat are the Cheapest Options For Switching Both Gas and Electricity Providers in Ireland ?

Updated January 26th 2019

Our latest Electricity and Gas Price comparison shows that, for average usage  households ,  switching energy supplier could save over €350 in just one year.
Hundreds of thousands of people in Ireland have never switched energy providers. Recent figures show that around  half of all electricity and gas customers  have never switched supplier.
Of those that have switched to get a cheaper deal  – 51% have just gone back on the default standard rates after the discounted rate ended.


Note: The price comparisons below are based on what might be typical usage in a medium sized house, using gas for both heating and hot water. ( 11000 Kwh of  Gas and 4200 kwH of Electricity a year .) The prices shown include any cashback offers.

We have assumed that the household is currently on the standard rate of Electricity with Electric Ireland and on the standard rates for gas with Bord Gais Energy. The total charge for both fuels for such a household would be €1823 over the next 12 months –  if they are paying bills as received ,not by direct debit.


Switching Dual Fuel – Same Supplier :

  1. The current best price for switching both fuels  to one supplier is available  on the Energia website using the promo code CHEAPESTDUAL .
    You will get €50 cashback and 35% off their standard electricity rates and 34% off their gas rates for a year. This deal will work out at €1470 in year one.(including the €50 cashback). (You won’t get this deal with Bonkers or Switcher.) This is also cheaper than going with two separate suppliers.


  2.  If you are already with Energia – then the best value switching deal for a dual fuel bundle is from  Electric Ireland . Their offer with the €200 cashback offer included  works out at  €1473 over the first year . It doesn’t show up as on of the cheapest on the comparison sites because they are not allowed to include cashback in the calculations. But drill down on the list for example on Switcher.ie
    Electric Ireland have promised not to raise prices until March 2019. If they do raise prices-  by say 6% – it would bring the total annual price to about €1543 . TIP: You can switch back to Energia as soon as you get the €200 cashback from Electric Ireland . You will need to pay a €100 exit fee – but you will still be €100 up.


     

 Switching to Separate Suppliers for Gas and Electricity  :

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