Bank of Ireland international transfer: Fees, rates, transfer times and limits

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 the Bank of Ireland into a foreign account. You’ll also hear about Wise international transfers, and how you'll benefit from the mid-market rate (the one you usually find on Google).

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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.

Bank of Ireland international transfer fee

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?

Bank of Ireland international transfer charges vary depending on how you make the transfer. Here’s an overview of likely costs when you make online international transfers.

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.

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.¹

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

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.

With Wise things are simpler because you’ll always be given the mid-market exchange rate with no hidden fees or FX margin. You can check it any time via the website or through the app, and whenever you send money you’ll be shown the rate and any fees before you confirm the transfer.

Send money with Wise without hidden fees

Bank of Ireland international transfer rates do include a marked-up exchange rate.¹ Because that rate is set by BOI itself, there’s a possibility that your international transfer might end up costing more than you expected.

With some alternative online payments providers like Wise in Ireland, you won’t have that issue, because Wise uses the mid-market exchange rate – the same one you normally 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.

Wise transfers offer you:

• Possibility to send money to +160 countries
• No foreign exchange margins and hidden fees
• Easy to check exchange rates in the app or online
• Live track the progress of your transfer
• The account is free to open and you only pay for what you use.

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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:⁴

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 pay a 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.⁵

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.

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

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. That time is 3.30pm in Ireland and 4.30pm in the UK.

Bank of Ireland international transfer limit

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

If you are interested in sending large transfers, read about Bank of Ireland large transfers.

But you will see that Wise allows you to send higher limits: Up to €1.2 million per transfer.

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

Information you'll need to send money abroad with BOI 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

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

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

Sources used: