Ireland Money

Many People Still Transfer Money to Ireland

People don't transfer money to Ireland as often as they used to. Why not? Because they are no longer as dependent on money being transferred into the country. With a strong Euro, and weak Dollar, you can bet that people who transfer money to Ireland from the U.S are more concerned than ever about the sizable fees most offline money services charge.

Twenty years ago, Ireland was a relatively poor for a developed, Western European nation. Over the years, though, it has become what many call the "Celtic Tiger." Ireland has seen a boom in its economy over the past twenty years, due in no small part to the tech industry.

How did Ireland achieve this status? In part perhaps of what made Ireland so good was that they had less government intervention than other EU countries. The nation was very inviting to large corporations from other countries in no small part because its corporate tax rate ranged between 10% and 12.5% during the late 1990s. And you can bet that foreign firms took full advantage of this; fully 93% of Ireland's exports are produced by Irish residents who are working for foreign corporations.

The country also made use of EU aid to bolster its education system, which many authorities cite is one reason that so much high-tech industry has come into the country over the last twenty years. Heavy-hitters like Intel, Dell, and even Microsoft all established operations in the country in the 1990s.

There were also many individuals from around Europe who, due mostly to family relations, bolstered the nation's economy when they sent remittance.

While Ireland's economy has boomed in the last two decades, it hasn't been without its financial controversy. Many people both in and out of Ireland haven't always expressed the utmost trust in the banking system. Then again, it may be that the concern is less about the system than the way it has sometimes been used (and abused).

New York Times in 2005 described Ireland as the "Wild West of European finance". The country has had several banking scandals involving banks that overcharged their customers.

There have been widespread accusations that regulators and officials--both public and private--might turn a blind eye to financial fraud--or at least aren't looking for them enough. In December 2008, the Chief Executive of the Irish Financial Services Regulatory Authority stepped down from his position.

As you might guess, people both inside and outside of Ireland have less reason to trust banks. Wire transfers from one bank to another aren't as favorite a way to transfer money to Ireland as they might be.

Offline, non-bank wire transfers can be expensive, often charging as much as 11% or 12% of the total money sent. The declining value of the U.S. Dollar just means that the large percentage fee has even more impact than it used to. This is one reason why many people are switching to less traditional means--online payments and rechargeable ATM cards--when they want to transfer money to Ireland.

Punk Economics: Lesson 1

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