|BANK OF IRELAND||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to EUR||NO MINIMUM||5/7 DAYS||4.3%||€1.06|
|EUR € - to GBP||NO MINIMUM||5/7 DAYS||4.3%||£0.864|
|BROKER RATES||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to EUR||From £100||From 1 DAY||From 0.7%||€1.1|
|EUR € - to GBP||From £100||From 1 DAY||From 0.7%||£0.896|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Answer: Using Bank of Ireland services, the exchange rates shown are typical. All banks have individual rates and commission structures for international currency transfers. Find the latest exchange rates for an overseas bank using our Bank Rate Comparison below:
Save on the exchange rate conversion when transferring money or payments overseas from your Bank of Ireland account in euros, the UK pound and other currencies. Bank of Ireland international money transfers to or from Ireland have higher transaction charges, due to a less competitive exchange rate offered by the Bank of Ireland. Skip to: Ireland Money Transfer Specialists
Typically, sending funds to or from your Bank of Ireland account in euros, the UK pound or US dollar overseas bank account will involve a margin rate of 4.3% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Sending foreign currency to or from your Bank of Ireland account in Ireland needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of 100,000 euro (EUR) using Bank of Ireland services would have a transaction exchange rate margin of around 4.3% – or 4,300 EUR. Using a specialist broker, in this example TorFX – the exchange rate margin would work out at 0.7% – or only 700 EUR in total, which is a large saving over the bank service.
International money transfers from the Bank of Ireland could take longer to arrive than using a private currency exchange provider and you will also need to be an existing Bank of Ireland account holder to use their services. The Bank of Ireland may additionally charge a flat rate commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. Private brokers offer commission free currency transfers, typically over a value of £5000.
Unless you pay a premium, the Bank of Ireland’s service will take from 5 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction either same day, or next day.
Created in 1783, the Bank of Ireland (also known as BOI) is one of the largest banks and financial services groups in Ireland, serving customers through over 250 local banking branches. BOI also has international operations in Northern Ireland and the UK.