The free exchange service offered by central banks throughout the euro-zone arises out of provisions in the Maastricht treaty.
"The central banks were asked to put this in place to underline how fixed the exchange rates were," a spokesman for the Central Bank of Ireland says.
A limited amount of foreign currency per person per day can be exchanged into the national currency, at the fixed euro exchange rates, but the banks do not sell other euro currencies. The limit was put in place to exclude wholesale business as the service was designed for the man-in-the-street, according to the spokesman.
The central banks can offer the service only from their own premises so those wishing to avail of the service in Ireland can only do so at the Bank's Dame Street headquarters in Dublin. However, a number of the other central banks in the euro zone boast a branch network for historical reasons and offer the services at more than one location.
Irish visitors to Spain, for example, can get up to €2,000 (£1,575) worth of pesetas free of charge at the Banco de Espana's many branches throughout the country. The service is available not only in major cities like Madrid, Barcelona and Seville but also at central bank branches in holiday destinations like Malaga, Palma de Mallorca and Las Palmas.
In France, holiday-makers can buy francs at the Banque de France's branches in Paris but also at other outlets including those in Nice and Cannes.
The European Central Bank recommends that holiday-makers make contact with the head offices of the national central banks before they travel to find out where the local branches are, what services they provide and their opening hours.
If holiday-makers then return home with left-over euro currencies they can change this back into punts free of charge at Dame Street where the service is available Monday to Friday, from 10 a.m. to 4 p.m. including lunchtime.
However, the Irish Central Bank will only change the equivalent of €1,000 (£788) per person per day or 50 banknotes, whichever is the lesser.
