What is the Bank of Ireland exchange rate and where to find it?

Whether you have loved ones abroad, enjoy online shopping or are simply going on holidays, there are many reasons why you might need to convert foreign currency.

The cost for a currency exchange rate is usually made up of the fees, charges and exchange rate margin. It’s good to know the foreign exchange rates for your bank so you can compare them and make sure you’re getting the best value for money.

For that reason we’re going to take a look at the Bank of Ireland exchange rates, what the margins are and how to find out today's rates.

We’ll also introduce you to Wise and explain how their mid-market rate can be a good alternative.

Wise: Send money abroad
using a fair exchange rate 🚀

Bank of Ireland exchange rate: What it is and how it works?

The Bank of Ireland determines its own exchange rates based on the foreign exchange market Reference Rates published by information services such as Reuters and Bloomberg.¹

If you haven’t heard of Reference Rates before, they’re the daily foreign exchange rates published by leading central banks around the world. Many banks in Europe use the European Central Bank rates, but to find out the underlying Reference Rate that Bank of Ireland uses you have to request it from your relationship manager.¹

On top of the Reference Rate, the Bank of Ireland adds their own margin which can vary depending on the type of transaction, currency, amount being converted, market conditions and cost to the bank for performing the transaction.¹

Bank of Ireland foreign exchange spreads and margins

The Bank of Ireland has set foreign currency exchange spreads which determine the maximum difference they’re allowed to have between the prices they buy and sell currency at. On top of the spreads, they have a maximum margin they’re allowed to charge.

Here’s the foreign exchange spreads that Bank of Ireland uses for transactions excluding foreign currency cash lodgement and cash withdrawal services²:

These are the spreads and margins that apply just to foreign currency cash lodgement and cash withdrawal services²:

Where can I check Bank of Ireland daily exchange rates?

To check the daily exchange rates for transactions up to €70,000 you can go to the Bank of Ireland website³ and filter it by these tiers:

• <€1,250
• <€10,000
• <€20,000
• <€70,000

Their exchange rates are updated each business day, usually around 7.30am.¹

For amounts over €70,000 you need to contact Bank of Ireland directly by calling 01 6094330 or emailing ask.dealer@boi.com.

If you want to know roughly what a foreign exchange will cost you, you can also use the Bank of Ireland exchange rates calculator.⁴

🔎 Pay attention: Bank of Ireland makes a disclaimer saying that the rates are for information only and should not be treated as a definite currency price, meaning, they can change.

As a comparison, check out the exchange rate information published by BOI online³ in comparison with Wise.

Also check how much a receiver would get when sending 1.000 Pounds to a bank account in the UK.

In this comparison we are only taking into account the exchange rate and not any other provider fees for sending money that might exist.

Wise Account: Send money using the mid-market rate

Like the Bank of Ireland, Wise uses the published Reference Rates as the bases for determining their exchange rate. But unlike Bank of Ireland, Wise doesn't have any hidden markups or margins for you to pay.

Instead, Wise uses the mid-market rate. This rate is the midpoint between the published buy and sell price, making it a fair way to decide what the exchange rate should be.

When the currency market is open prices can fluctuate up and down. Wise gets current data from independent sources and updates their online exchange rates every minute. Before sending money internationally you can always check all the rates and fees related to your transfer.

This is different to Bank of Ireland who as we mentioned, only update their exchange rates once per business day.¹

Aside from using the mid-market rate for your currency exchanges, Wise offers other benefits in the form of its Wise Account.

Wise is not a bank, it's an e-money specialist, and with a Wise Account you can hold and convert 40+ currencies, send money to 160+ countries and gain access to local account details for 9+ currencies, to receive payments like a local.

You can also order a Wise debit card, which also uses the mid-market rate for any transactions requiring a currency conversion. This makes spending money abroad simple.

If Wise sounds like it might be a smart solution for your foreign currency needs, take a look for yourself. Registering for an Wise account is free, there are no maintenance account fees and you can open an account 100% online.⁵

Open your Wise Account
today 🚀

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