Bank of Ireland International Transfers & Exchange Rates

Bank of Ireland is one of the leading ‘Big Four’ Irish banks. Owned by the government, the bank has its headquarters in Dublin, but also operates internationally and offers a variety of services to customers across the world. Customers can make cross borders payments either online or at the branch. Here is our guide on everything you need to know about the Bank of Ireland, including the exchange rate margins charged by the bank and the speed at which it processes international transfers.

About Bank of Ireland

The Bank of Ireland is the oldest Irish commercial bank, having begun its operations all the way back in 1783. Other than the Republic of Ireland, the bank has a presence in France, Germany, the United Kingdom, the United States and Spain. There are over 45 currencies available on the bank’s 365 online banking service, meaning the bank can help with transfers to most major countries around the world.

Bank of Ireland Exchange rates and fees

The Bank of Ireland allows customers to make local and international transfers in person at the branch or online. However, the fees differ in each case - here is what to expect in rates and fees.

Exchange rates

Bank of Ireland adds a margin of about 4.3% above the mid-market rate you see on Google or Reuters when making inter currency transfers. You can negotiate a more favourable rate when making large transfers through the bank, but by and large the margins charged by the Bank of Ireland are quite high.

Fees

Making international transfers costs £15 online and £25 when visiting a branch. Customers receiving funds from other countries into their Bank of Ireland accounts are charged £6.

Additional costs

The recipient bank may charge additional inward SWIFT fees and agency fees depending on the destination and the number of intermediaries involved in their transfer.

Bank of Ireland Pros and Cons

While considered the largest and safest bank in Ireland, there are certain things you need to watch out for as you evaluate whether to use Bank of Ireland services.

Bank of Ireland Swift Codes

How to open an account and transfer money with Bank of Ireland

The bank allows for account opening and money transfers at the branch or online. Here is a summary of how to go about it.

Opening an account

1. About you: Choose the branch you want to open the account, enter your name, contact details, address, and your nationality.

2. Employment details: Enter your employment status, level of income, and tax residency details.

3. Review your details: Check that all the details are correct as entered and submit the form.

Sending money

Step 1: Log into your 365 online banking platform

Step 2: Click on ‘Money Transfer’

Step 3: Choose ‘International Transfer’

Step 4: Select the account you want to pay from

Step 5: Select the beneficiary

Step 6: Enter the transfer amount and any special instructions for the beneficiary.

Step 7: Confirm the details and complete the payment.

Summary

Bank of Ireland is among the leading banks in Ireland and has been in operation for close to two and a half centuries. Its large asset size, wide disbursing network, and secure online platform make it a go-to partner when making online transfers.

Having said that, customers making transfers often find the bank’s fixed costs and exchange rate margins to be high compared to other options, and delivery times longer compared to alternatives like money transfer companies. To help you get the best deal on your next transfer, all you need to do is enter the details of the transfer you wish to make into our comparison tool and we’ll show you your best options in seconds.

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