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Review: Bank of Ireland international money transfers

Secure international transfers with minimal fees, but check the exchange rate first.

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  • Good for convenient international transfers and transparent fees.
  • Not so great if you want the best exchange rate.

Bank of Ireland exchange rates and fees

Bank of Ireland updates its exchange rates regularly in line with international markets. However, it adds a margin on top of the mid-market exchange rate when it completes your foreign currency transfer. Calculate the difference between the rate Bank of Ireland quotes you and the current mid-market rate to work out the size of this margin.

The other factor that can influence the cost of your Bank of Ireland money transfer is the transaction fee. There are no fees for transfers to the UK, European Union (EU) member states and European Economic Area (EEA) countries. However, transfers that require a currency conversion incur a flat fee, as do euro transfers to non-EEA countries.

Available currencies

Bank of Ireland allows you to send international transfers in a wide range of currencies. Some of the popular supported options include:

  • AUD Australian dollar
  • GBP British pound
  • HKD Hong Kong dollar
  • INR Indian rupee
  • NZD New Zealand dollar
  • PHP Philippine peso
  • SGD Singapore dollar
  • USD US dollar

What types of transfers can you make with Bank of Ireland?

Bank of Ireland allows you to send funds directly to your recipient’s overseas bank account. You can submit a transfer request online, via your mobile or tablet device, or by visiting a Bank of Ireland branch.

If you’d like to send an international bank draft, you also have the option of ordering one online. However, this is a much slower method than sending an online transfer.

How long does a transfer with Bank of Ireland take?

Transfer processing times vary depending on where you’re sending money and the currency being transferred.

  • PSR-regulated EUR transfers are paid within one banking day
  • Payments in GBP and other European Economic Area currencies (not the euro) take up to three banking days
  • Transactions outside the European Union / European Economic Area may take longer than three banking days

What payment methods does Bank of Ireland accept?

You’ll need to pay for your transfer with funds from your Bank of Ireland account.

Transfers typically takeClock icon for transfer speed

1 day

Is Bank of Ireland safe to use?

  • Security and regulation: Regulated by the Central Bank of Ireland
  • Established: 1783
  • Headquarters: Based in Dublin
*According to Bank of Ireland on 20/03/2020.

Founded in 1783, Bank of Ireland is part of the Bank of Ireland Group, one of the largest financial services groups in the country. Regulated by the Central Bank of Ireland, the bank also implements a range of security measures to safeguard your funds. These include encrypted online banking, answering a question and entering three random digits of your PIN when you log in to online banking, and requiring two-factor authentication when you add or edit a payee.

How does Bank of Ireland make money?

Bank of Ireland makes money on international transfers in two ways:

  • Transaction fees. Some transfers incur a flat transaction fee, but transfers to the UK, EU member states and European Economic Area countries do not.
  • Exchange rate margins. Bank of Ireland adds a margin on top of the mid-market exchange rate before selling foreign currency to you. The mid-market rate is the rate at which banks and transfer services trade foreign currency with one another — it’s the “real” exchange rate you see listed on currency conversion websites.

How to register an account

You’ll need to open an account with Bank of Ireland before you can send any money overseas. Sign up by completing the following steps.

How do I make an international money transfer with Bank of Ireland?

You can make an international payment online by completing the following steps.

  1. Log in to your Bank of Ireland 365 online account.
  2. Select “Money Transfer” and then click “Add a Payee”.
  3. Choose the type of payee you want to add, specify their country and enter their name, address and bank account details.
  4. Enter three randomly selected digits from your 365 online PIN to confirm the information you have provided.
  5. A seven-digit code will be sent to your mobile. Enter this to activate your new international payee.
  6. Once the payee has been added, select “Money Transfer” and then “International Transfer”.
  7. Choose the account you want to send money from.
  8. Choose the payee and the currency you want to send (if required).
  9. Enter the amount you want to send, the reason for your payment and a message for your recipient.
  10. Review the details of your transaction. Enter the three randomly selected digits from your 365 online PIN to confirm the transfer.

What is Bank of Ireland?

Founded in 1783, Bank of Ireland offers a full suite of personal and business banking products to its customers. Regulated by the Central Bank of Ireland, the bank is run by the Bank of Ireland Group, one of Ireland’s largest financial services groups. Its headquarters are located in Dublin.

In a nutshell

Pros

  • Trusted provider. Bank of Ireland is an established name that has been offering banking services since the 1780s.
  • Convenient. If you’ve already got an account with Bank of Ireland, sending an international transfer is easy.
  • Transparent fee structure. All fees that apply to your transfer are declared upfront.

Cons

  • Exchange rate margin. You’ll typically find better exchange rates when you use an online transfer service. Compare Bank of Ireland’s rate with the current mid-market rate to work out how much your transaction is really costing you.
  • There are faster options available. If you need to get cash to your recipient urgently, you may need to consider a provider that offers cash pickup transfers.

How does Bank of Ireland compare to other services?

To find out how Bank of Ireland international transfers compare to other transfer services, enter the details of your transaction into the table below.

Data indicated here is updated regularly
Name Product Minimum Transfer Transfer Time Transfer Fee
Azimo - Ireland
GBP 10
Instant
Varies
TransferWise - Ireland
EUR 1
1-2 days
Varies
Remitly - Ireland
EUR 0
1-5 days
EUR 2.99
Skrill - Ireland
EUR 50
1 day
None
XE Money Transfers - Ireland
EUR 1
Same day
EUR 0
WorldRemit - Ireland
EUR 1
Same day
Varies
CurrencyFair - Ireland
EUR 5
1-2 days
Varies
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