TL;DR Summary: Bank of Ireland provides two international transfer services: InterPay Plus (standard, 1 to 3 business days) and InterPay Express (same-day delivery, higher fees). Fixed fees range from EUR 0.50 for EEA and UK Euro transfers to EUR 5.00 for non-Euro currencies. On top of these fees, the bank applies an exchange rate margin of 2% to 5%, which can represent a significantly larger cost than the stated flat fee, particularly on mid-sized and large transfers
About Bank of Ireland
Established in 1783, Bank of Ireland is one of Ireland's four systemically important financial institutions and the country's oldest bank. It serves more than two million customers through a network of 169 branches across the Republic of Ireland, alongside online and mobile banking platforms. The bank's international payment offering is part of its broader retail and business banking suite.
As a member of the SEPA (Single Euro Payments Area) zone, Bank of Ireland is required to process Euro-denominated transfers to other SEPA countries under standardized terms, including defined maximum processing times and regulated fee structures for SEPA Credit Transfers. For transfers outside SEPA, the bank operates under its own commercial terms, which involve higher fees and less price transparency.
International Transfer Service Options
Bank of Ireland offers two primary channels for cross-border payments, differentiated primarily by speed and fee level.
InterPay Plus is the bank's standard international transfer service, designed for non-urgent cross-border payments. Transfers processed under InterPay Plus typically arrive at the beneficiary's bank within one to three business days, subject to cut-off times, the processing schedule of the receiving institution, and any currency-specific clearing arrangements. This service carries lower fixed fees and is appropriate for the majority of personal and business international transfers.
InterPay Express is the bank's expedited international payment option, enabling same-day delivery to the recipient's account, provided the transfer is instructed before the applicable cut-off time. For transfers to the United Kingdom, the cut-off is 4:30 PM Irish time. The express service carries a higher fee structure, including both a percentage-based charge and a flat surcharge, in exchange for its faster delivery timeline. It is suited to urgent payments where same-day arrival is a business or personal necessity.
How to Send an International Transfer
Customers can initiate international transfers through the Banking 365 online platform or the Bank of Ireland Mobile Banking App. The process begins at the Payments section, where the customer selects the option to send money internationally. For first-time payees, the customer must set up a new international beneficiary by providing the recipient's full name, IBAN (or account number for non-IBAN countries), and the recipient bank's BIC or SWIFT code. A security code sent to the customer's registered mobile phone is required to complete the payee setup.
Once a payee is established, subsequent transfers can be instructed without re-entering the full beneficiary details. The customer selects the payee, enters the transfer amount and currency, reviews the applicable exchange rate and fees presented on screen before confirmation, and submits the payment.
For amounts exceeding EUR 20,000 or GBP 20,000 per day, customers must visit a Bank of Ireland branch, as these thresholds represent the maximum limits for online and mobile banking international transfers. For foreign exchange requirements exceeding EUR 70,000, Bank of Ireland offers the services of treasury specialists who can provide personalized exchange rate assistance.
Fees and Exchange Rate Costs
Bank of Ireland charges fixed fees for international transfers based on the destination and currency. Transfers denominated in Euros to EEA member states or the United Kingdom carry a fee of EUR 0.50. Transfers in currencies other than Euro carry a fee of EUR 5.00. For urgent InterPay Express transfers, the fee is calculated at 0.20% of the transfer amount, subject to a minimum of EUR 12.50 and a maximum of EUR 50.00, with an additional EUR 25.00 surcharge applied on top.
In addition to these fixed and percentage-based charges, Bank of Ireland applies an exchange rate margin to all currency conversions. This margin is the bank's markup above the mid-market exchange rate. Bank of Ireland's exchange rate margins typically fall between 2.00% and 5.00% of the total transfer amount, depending on the currency pair and transaction size.
To illustrate the impact: a EUR 2,500 transfer to a U.S. dollar account at a 2.5% combined margin adds EUR 62.50 to the effective cost. For transfers to destinations outside the EEA such as the United States, the exchange rate margin can reach up to 7% of the total amount, making the total effective cost substantially higher than the EUR 5.00 flat fee suggests.
Transfer Limits and Daily Caps
Bank of Ireland imposes daily limits on international transfers made through online and mobile banking. For established payees, the maximum daily limit is EUR 20,000 or GBP 20,000 per day, inclusive of all fees. For newly added payees, a reduced daily limit of typically EUR 1,000 applies initially, and it may take up to 48 hours for the full limit to become active. Transfers exceeding the daily threshold must be processed at a Bank of Ireland branch, where no online cap applies.
These limits are designed primarily as a security measure. However, they also represent a practical constraint for businesses or individuals making large cross-border payments, such as real estate transactions or significant business remittances, that may need to be processed in multiple installments or routed through a branch.
Required Account Information
The account information required to send an international transfer with Bank of Ireland varies by destination country. For payments to countries within the SEPA zone, which encompasses all EU member states plus Norway, Iceland, Liechtenstein, Switzerland, the United Kingdom, Monaco, San Marino, and several other countries, customers need the recipient's IBAN and BIC.
For payments to non-SEPA countries, additional details may be required, including the recipient's account number in its local format, the bank's full name and mailing address, and country-specific routing codes. Bank of Ireland's Banking 365 platform guides customers through the specific requirements for each destination country during the payee setup process.
Transfer Timing
InterPay Plus transfers to EEA countries and the UK are typically credited within one to two business days, in alignment with European Payment Services Directive processing standards. Transfers to non-EEA countries may take up to three business days from the time of submission.
Transfers initiated after the applicable daily cut-off time, on weekends, or on public holidays will not begin processing until the next business day, effectively adding one or more days to the delivery timeline. The express InterPay Express service, when submitted before the applicable cut-off, ensures same-day delivery for time-critical payments.
Frequently Asked Questions
What is the SWIFT/BIC code for Bank of Ireland?
Bank of Ireland's primary BIC/SWIFT code is BOFIIE2D. This code is used by senders at foreign banks to route international wire transfers to Bank of Ireland accounts in Ireland. Recipients should provide this code along with their IBAN when expecting funds from abroad.
How much does Bank of Ireland charge for international transfers?
Fixed fees are EUR 0.50 for Euro transfers to EEA and UK accounts, and EUR 5.00 for transfers in other currencies. Express transfers carry a fee of 0.20% (minimum EUR 12.50, maximum EUR 50.00) plus an additional EUR 25.00. An exchange rate margin of 2% to 5% is applied on top of all stated fees.
How long do Bank of Ireland international transfers take?
InterPay Plus transfers take one to three business days. InterPay Express transfers can arrive the same day if submitted before the cut-off time. Transfers to the UK must be submitted before 4:30 PM Irish time for same-day processing under the express service.
What is the daily limit for international transfers with Bank of Ireland?
The maximum daily limit for online international transfers is EUR 20,000 or GBP 20,000 for established payees. Transfers exceeding this amount must be processed in a Bank of Ireland branch. Newly added payees are subject to a lower initial limit of EUR 1,000.
Can I send money to the US from a Bank of Ireland account online?
Yes. Transfers to the United States can be initiated through Banking 365 or the Mobile Banking App. The transfer fee is EUR 5.00 for non-Euro currencies, and an exchange rate margin of up to 7% may apply. Customers should compare this cost against specialist transfer providers before committing to large USD transfers.
