Bank of Ireland GB Business & Corporate Banking

Foreign Currency Accounts

Bank of Ireland offers a range of foreign currency accounts to suit your particular needs.

If you make and receive payments in a foreign currency, a Bank of Ireland Foreign Currency Account can help minimise exchange risk.

Foreign Currency Accounts can be designated in all major currencies for example Euro, US Dollars, Swiss Francs, Yen.

For Business or Personal customers receiving monies from abroad, or expatriates who are being paid from the UK, a Bank of Ireland Foreign Currency Account provides easy access to funds. Our range of Foreign currency accounts comprises:

  • Foreign Currency Current Account
  • Foreign Currency Call (Demand) Deposit Account
  • Foreign Currency Fixed Term Deposit Account
  • Related Products & Services
Foreign Currency Current Account

Easy Access

  • Provides easy access to funds e.g. telegraphic transfer, account transfer, bankers draft, or cash through some* of our branches. (* Please check the Branch Locator to see if your local branch offers cash facilities)

  • You do not have to give notice to withdraw but you should be aware that it may take up to two business days to obtain currency.

  • There is no restriction on the number of transactions.

  • Cheque books are issued dependent on individual requirements and subject to status.

Statements

  • A monthly statement is issued free of charge.

To Open

  • To open any Foreign Currency Account, a minimum deposit of £10,000 Sterling equivalent is required.

  • To avoid maintenance charges, an average quarterly minimum balance of £10,000 Sterling equivalent must be maintained.

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Foreign Currency Call (Demand) Deposit Account

Secure Return

  • Provides a secure return on foreign funds and interest is paid based on current Interbank Market rates.

  • Interest is variable and is paid half yearly in March and September calculated on a daily basis on cleared balances.

Easy Access

  • Provides easy access to funds e.g. telegraphic transfer, account transfer, bankers draft, or cash through some* of our branches. (* Please check the Branch Locator to see if your local branch offers cash facilities)

  • You do not have to give notice to withdraw but you should be aware that it may take up to two business days to obtain currency.

  • There is no restriction on the number of transactions.

Statements

  • In addition to statements, we provide transaction confirmation letters, which confirm the details of any/all transaction(s) on the Account, the amount of interest accrued and the interest rate so you always know what is happening on the Account.

To Open

  • To open any Foreign Currency Account, a minimum deposit of £10,000 Sterling equivalent is required.

  • To avoid maintenance charges, an average quarterly minimum balance of £10,000 Sterling equivalent must be maintained.

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Foreign Currency Fixed Term Deposit Account

Guaranteed Rate

  • Provides a guaranteed return for customers with a Foreign Currency lump sum to invest.

Interest

  • Fixed interest rates are based on Interbank Market rates and will be agreed with you at the time of the initial deposit or rollover.

  • As interest rates are fixed, no matter what happens to the Interbank Market rates, the agreed rate continues to apply for the term of the deposit, and you remain protected against any fall in the relevant interest rates.

Term

  • Fixed term deposits are available for any period from one week to twelve months. At the end of the agreed term (at maturity), your deposit, together with accrued interest, may be:

    - Re-invested for the same term in the same currency at the prevailing interest rate for that currency, or
    - Re-invested for a different term in the same currency at the prevailing interest rate for that currency, or
    - You may request us to pay the deposit plus interest to any bank account (either in foreign currency or Sterling, as you wish) and funds will usually be received within three business days of your request
    - You may also choose to have the interest only paid in to any bank account.

Access

  • You should not add to or withdraw from a Foreign Currency Fixed Term Deposit Account during the term of the deposit.

  • Any withdrawals made before the end of the agreed fixed term will be subject to early withdrawal charges (minimum of 1% of the amount withdrawn). This will affect the return achieved on the investment. Click here to see how we calculate this charge.

  • Provides easy access to funds e.g. telegraphic transfer, account transfer, bankers draft, or cash through some* of our branches. (*Please check the Branch Locator to see if your local branch offers cash facilities)

  • If you wish to withdraw all or any part of the deposit, you should be aware that it may take up to two business days to obtain currency.

Statements

  • When you open a Foreign Currency Fixed Term Deposit Account we will write to you detailing the amount of your deposit, the interest rate and the term/maturity date.

  • At maturity, a confirmation will issue confirming the interest accrued and the total deposit.

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Related Products & Services

International Payments

We also provide a wide range of international payment services (incoming/ outgoing).

Online Banking

Our online banking service, Business On Line enables you to make international payments through your Bank of Ireland sterling or foreign currency accounts. Click here for more information and a link to a Business On Line demonstration.

Foreign Currency Overdraft or Loan

Personal loans are provided by Bank of Ireland International Trade Services, Donegall House, 7 Donegall Square North, Belfast, BT1 5LU. All other credit facilities are provided by Bank of Ireland, 36 Queen Street, London EC4R 1HJ.

Credit facilities are not available to persons (e.g. individuals, sole traders, partnerships) under 18 years of age. Written quotations are available on request.

Unless we have stated that lending is unsecured, security may be required. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOAN SECURED ON IT. Foreign Currency Loans - CHANGES IN THE EXCHANGE RATE MAY INCREASE THE STERLING EQUIVALENT OF YOUR DEBT.

For further information please email us at BOIMarketing@boiuk.com.

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