Author, Andrew Gibson
Last Updated on August 12th, 2024
In this article, I’ll look at the Bank of Ireland and what customers can expect when transferring money to the UK or abroad.
As with most popular high-street banks, figuring out how much you will be charged for an international money transfer can take time and effort.
As specialists in international money transfers, we’ve tried to help customers by efficiently, and more simply, breaking down what banks will charge.
Below, I’ll look into the overall process of transferring money internationally with BOI, the total costs, and answer other important questions.
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Ways to Make an International Money Transfer with the Bank of Ireland
The Bank of Ireland has two types of cross-border payments for customers. These are:
- InterPayplus
- InterPayexpress
Both types of money transfers abroad can be done in a branch, by calling into your branch, or online, where different fees apply depending on your choice.
Two main differences exist between the two offerings.
InterPayplus is your standard international money transfer service that is stated to take 1-3 days for the money to get to your recipient and includes lower transfer fees.
InterPayexpress is a service for urgent international payments that can be sent and arrive with the recipient on the same day, subject to cut-off times. This type of service comes, however, with higher transfer fees.
Bank of Ireland International Payment Charges
With all international money transfers, the main costs consist of transfer fees and the margin on the exchange rate.
Transfer fees are usually more visible and spoken about consistently on services for money transfers abroad, including the Bank of Ireland’s website.
BOI also states that customers will pay ‘zero payment fees’, which can lead people to think the transfer will be free, but this isn’t the case, because:
- At the bottom of their currency converter page, disclaimers explain that terms and conditions and fees may still apply.
- There will still be a margin on the exchange rate charge, which is a consistent occurrence for all international money transfers, regardless of the provider you choose.
Let’s look deeper into the Bank of Ireland’s transfer fees and margin on the exchange rate for international transfers.
Transfer Fee and Exchange Rate Costs with the Bank of Ireland for Foreign Currency Transfers
As mentioned above, you will see different costs depending on the type of international money transfer you choose with the Bank of Ireland.
Note: The total charge is the transfer fee + the margin added to the exchange rate.
For Money Transfers to the United Kingdom:
|
Type of International Transfer |
Transfer Fee |
Exchange Rate Margin Applied (transfers up to €10,000.) |
Exchange Rate Margin Applied (transfers up to €10,000 to €70,000.) |
Exchange Rate Margin Applied (transfers above €70,000.) |
|
InterPayplus (in branch) |
0.2% of the amount transferred (Min €12.50. Max €50.) |
4% |
3.5% |
Negotiated Rates |
|
InterPayplus (online) |
No handling charge (is subject to change) |
4% |
3.5% |
Negotiated Rates |
|
InterPayexpress (in branch & online) |
0.2% of the amount transferred (Min €12.50. Max €50.) Plus €25. |
4% |
3.5% |
Negotiated Rates |
Customers can only send money to the UK or the USA using the InterPayexpress transfer method.
For payments destined outside of the European Economic Area or the United Kingdom, using the InterPayplus method online, there are higher charges on transfer fees, around €5 (compared to €0 for UK and EEA) and as high as 7% on the exchange rate margin.
To add further context to what can be expected on the exchange rate margin, with the above BOI rates…
If you were to transfer €50,000 to the United Kingdom using any of the methods above at a margin of 3.5%, around €1,750 would be charged to make the transfer. It is usually taken away from the amount received by the recipient.
Exchange Rates with the Bank of Ireland: Good or bad?
Most banks are notoriously known for providing customers with the least favourable exchange rates.
The Bank of Ireland’s rates, compared to other international money services and providers, are no different.
With larger money transfers, like the example used above, you can see how much more a charge on the exchange rate is compared to the transfer fee added by the Bank of Ireland.
A lot of the time, for small or big money transfers internationally, independent services, like a currency broker, will help customers save money and provide better value.
When going through the process, it is essential to compare quotes from other providers with the rates offered by the Bank of Ireland to understand how much you could save.
What Information Will You Need to Provide the Bank of Ireland?
For international money transfers with the Bank of Ireland, you will need to provide the following:
- The name of the Recipient
- Address of Recipient
- International Bank Account Number (IBAN)
- BIC/SWIFT Code
The two final pieces of information help banks identify other banks worldwide (BIC/SWIFT code) and send the money to the correct bank account (IBAN).
You will predominantly use the above information to transfer money from Ireland to the United Kingdom.
Ensuring your recipient provides the correct IBAN is vital for international money transfers (where the destination uses IBAN).
Depending on where you’re sending the money, IBANs are different, which can be confusing.
For the UK, IBANs contain 22 characters that consist of:
You can find your IBAN by logging into your online banking, usually at the top of a bank statement.
If you’re still having trouble, our team at Key Currency will happily assist!
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How Long Will the International Payment with the Bank of Ireland Take?
The standard type of international money transfer with the Bank of Ireland, InterPayplus, will take 1 to 3 days for the money to arrive in your recipient’s bank account. This range, however, can vary, as receiving banks also have to go through their processes to clear the funds, which can add on extra time.
There are also cut-off times to consider with the BOI as well.
For example, the cut-off time for money transfers to the UK is 4:30 PM.
If you try to send money to the United Kingdom after this time, BOI will not process the transfer until the next day.
Do the Bank of Ireland Set International Transfer Limits?
The Bank of Ireland does set daily limits for international payments.
The limits come in two parts!
If you send money to a known ‘payee’, the daily limit is €20,000.
If you transfer money to a new ‘payee’, the daily limit will be €10,000.
Transfer limits are a significant factor, especially if you want to transfer a large amount of money.
Transfer fees and exchange rate charges are per transfer with the Bank of Ireland. These can begin to build up substantially as you look to make more transfers.
Quick Summary of Bank of Ireland International Transfers
- The two ways to transfer money internationally with the Bank of Ireland are InterPayplus and InterPayexpress.
- Transfer fees and exchange rate charges vary depending on the service you choose.
- Like most popular banks, the BOI exchange rates aren’t as favourable as independent money transfer providers.
- It usually takes between 1 and 3 working days for your transfer to get to your recipient with the Bank of Ireland if you use their standard service.
- Be aware of daily limits set by the Bank of Ireland; these can build up costs, especially for big money transfers.
As specialists in foreign currency exchange, our team of expert traders has helped thousands of customers with their international money transfers from Ireland. Unlike big banks, we do not add a transfer fee to any transfers we make for customers. We have far lower overheads, allowing us to provide competitive and favourable exchange rates, passing the savings back to you. No transfer limits are in place when transferring money abroad with Key Currency, so you can move the total amount in one go at no extra cost! We offer support and personal communication throughout the transfer process, we won’t push you to do all of the work online; we’ll aid and help you. As an FCA-regulated and Authorised institution with over 2,000+ reviews on Trustpilot and an excellent rating, we are a trustworthy currency broker. Our client’s funds are transferred through safeguarded accounts, ensuring complete security. If transferring money internationally with the Bank of Ireland isn’t the right option, get a quote with us today!A Cost-Effective Alternative: Key Currency
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