Bank of Ireland international transfer: Fees, rates and transfer time

Bank of Ireland is one of Ireland’s biggest banks, so it’s no surprise that if you need to transfer money abroad it can help you out.

Bank of Ireland (BoI) international money transfers can get your money from Ireland to locations all around the world – but are they good value for money? And how long do they take?

In this article, you’ll find out all about it. It’ll cover the method, fees, and transfer time for getting your money from Bank of Ireland into a foreign account. You’ll also hear about Wise as an alternative transfer provider.

Read more about Wise 💡

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First, here’s a quick overview of what you could expect to pay when sending €1000 from Ireland to a US dollar bank account in the United States.

Provider	Fee	Exchange rate	Amount received
Bank of Ireland	€5	Exchange rate + markup = 1.1077	$1,107.70
Wise	€4.66	The real exchange rate = 1.13700	$1,131.70

This comparison is based on exchange rates and prices offered at 14:13 GMT on 17th February 2022 on Bank of Ireland foreign exchange calculator² and Schedule of International Transaction Charges Brochure¹ and on Wise website.

Bank of Ireland international transfer fees

Bank of Ireland international money transfers cost something to the sender in many cases – just like most international money transfers. But do BoI transfers offer good value for money?

All the fees you need to know for international transfer with BOI

Bank of Ireland international transfer charges vary depending on how you make the transfer. Here’s an overview of likely costs, correct at the time of writing according to BOI’s brochure.¹

Service	Fee	Notes
In-branch transfers		InterPayplus
In € to EEA or UK	€0.50	Currently waived
In € elsewhere	1% of valueMin €17.75Max €50
In foreign currency	0.2% of valueMin €12.50Max €50	+ FX (foreign exchange) margin
Online transfers		BoI365 online Interpayplus
In € to EEA or UK	€0.50	Currently waived
In € elsewhere	€12
In foreign currency to EEA or UK	No fee currently	Subject to change+ FX margin
In foreign currency outside EEA or UK	€5	+ FX margin

Just a quick note about some of those fees. When Bank of Ireland charges a percentage fee – 0.2% or 1% – do remember to look at the minimum value too, because that’s what you’ll be paying on smaller transfers.

Bank of Ireland exchange rate

As the table above shows, international money transfers with Bank of Ireland are subject to a foreign exchange (FX) margin.

That means that BoI doesn’t convert your money at the mid-market exchange rate, but rather at a rate it sets itself.

What is Bank of Ireland’s exchange rate exactly? It has its own online currency converter ² so you can see – but that rate is subject to change. The website states that it’s “for information only”.

For more details on the topic, you may check our article titled Bank of Ireland exchange rate.

So it’s worth comparing BoI’s exchange rate to the mid-market rate, which you can find online via Google or other services like Wise currency converter.

Because exchange rates can vary so widely, this could end up making a big difference to your transfer. It’s worth thinking of the exchange rate as an extra fee as it significantly impacts the amounts involved.

Additional transfer charges

BoI has further options if you want to make a transfer in-branch urgently, for an additional fee. It’s possible in EUR, GBP and USD only.¹

Service	Fee	Notes
Urgent in-branch transfers		InterPayexpress
In € to EEA or UK	€25.35 interbank
In € elsewhere	1% of valueMin €17.75Max €50+ €25
In foreign currency	0.2% of valueMin €12.50Max €50+ €25	+ FX margin

Wise as a transparent alternative

Bank of Ireland international transfer rates do include a marked-up exchange rate. Because that rate is set by BoI itself, there’s a possibility that your international transfer might end up costing more than you expected, even if you choose one of the fee-free options like an online transfer to the UK.

With some alternative providers like Wise, you won’t have that issue, because Wise uses the mid-market exchange rate – the same one you find on Google.

There’s no foreign exchange markup at all, and the fee you’re charged is plainly stated ahead of you making your transfer so you know exactly what it’s really costing you.

Open your Wise
account for free 🚀

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How to do an international money transfer with Bank of Ireland

Here’s an overview of how to actually make an international transfer with Bank of Ireland, both in-branch and online.

In branch (InterPayplus)

If you’re transferring more than €20,000, BoI recommends using your local branch rather than their online system.³

1. Locate your nearest branch
2. If you want, you can fill out an online form⁴ before going in.
3. Go into the branch and speak to a member of staff.

Online (BoI 365 Online Interpayplus)

A Bank of Ireland online international transfer is the recommended method for smaller transfers.³ See how to make an online transfer in the app or online banking:⁵

1. Log in to BoI’s 365 Online service online or via the app.
2. Click or tap on “Payments”
3. And then “Send money or bill”
4. Add details about your payee (you’ll need a security device if you’re on the website).
5. Continue following steps to complete the payment.

Bank of Ireland international transfer time: How long does it take?

Typically it’s 1 to 3 working days until it gets to the target bank account.¹

For PSR-regulated euro payments from the Republic of Ireland, even a standard payment should go through within a banking day. Foreign-currency payments within the EEA, however, can be up to 3. Further afield, it can take longer.⁶

Customers in Great Britain and Northern Ireland should get euro or sterling payments, if they’re PSR-regulated, within a banking day.⁶

If you opt for the Express option, the payment will be processed on the same day, so long as you’re before the cut-off time.¹ That time is 3.30pm in Ireland and 4.30pm in the UK.⁶

Bank of Ireland international transfer limit

Online you can do up to €20,000 or £20,000 per day. For new payees it’s initially €1,000 or £1,000, until the payee is fully set up, which could take up to 48 hours. Contact BoI if that’s a problem.⁷

For up to €100,000, you can use the form⁴ mentioned earlier and complete the transfer in a branch.

If you need to send large tranfers, Wise can be an alternative and you'll be able to send up to €1.2 million per transfer if you pay by bank transfer.

Send higher amounts with Wise 💶

What details do you need to send money abroad with Bank of Ireland?

Information you'll need to send money abroad can vary depending on the country. However, you'll probably need bank details as:

• The destination country
• The recipient’s name and address
• The recipient’s IBAN
• The recipient's account number
• The recipient’s BIC/SWIFT
• The recipient's National Sort Code

Get all the information you need to know on our Bank of Ireland IBAN number page.

In summary, you’ll just need account details for both yourself and the recipient, and of course the funds to complete the transfer. You might need a security device to do certain things online, too.

What details do you need to give in order to receive an international transfer?

If someone is sending you money from abroad, they need to ask you what bank details they need, but you can provide them with the following:

• Your name and address
• Your bank's name and address
• Your IBAN
• Your BIC

What are the charges for receiving an international transfer?

With Bank of Ireland, receiving international transfers does cost money if it’s more than €65:¹ ⁸

Amount received	Fee if received in €	Fee if received in foreign currency
Up to €65	No fee	No fee
€65 to €150	€5	€5
€150 to €1500	€7.50	€5
More than €1500	€12.50	€5

Bank of Ireland contact information

Bank of Ireland contact is available via several different methods.

Telephone number for Republic of Ireland customers:

• 0818 365 365 or 01 404 4000
• +353 1 404 4000 if calling from abroad

For further information, they also have other options available as:

• Twitter @talktoBOI
• Facebook Messenger
• Via 365 online banking
• Boards.ie
• Web chat
• Online contact form

You can see the full list of ways to contact Bank of Ireland on their website.⁹

🔎 For more details on this provider, you may check our articles:
Bank of Ireland non-resident account Bank of Ireland Student Account Bank of Ireland exchange rate

Sources used:

1. Bank of Ireland Schedule of International Transaction Charges, accessed via Foreign Exchange Document Library
2. Bank of Ireland Foreign Exchange Currency Converter
3. Bank of Ireland: Sending money abroad and making international transfers
4. Bank of Ireland: Interpay Transfer form
5. Bank of Ireland Help Centre: Make international payments online
6. Bank of Ireland: International Payments Support: Time Frames
7. Bank of Ireland Help Centre: How much can I transfer online?
8. Bank of Ireland: International Payments Support: Transfers
9. Bank of Ireland: Ways to Contact Us

Sources last checked on date: 14 February 2022