International Payment Services
We provide a wide range of international payment services both incoming and outgoing which are detailed in our Guide to International Banking Services. These include:
- Payments
Funds will normally be received within two business days of your instruction (when banks are open in this country and in the country where payment is to be made) provided there are no complications in the routing of payments or in overseas banking systems.
- Receipts
All inward payments are processed on the day of receipt and in some instances you will be able to draw on the funds immediately. If the payment is to be exchanged for another currency or if funds have been received for value at a specified date, there may be a short period before you are able to draw on the funds. Normally this is not more than two business days after receipt by our payment section.
Foreign Currency Drafts
A foreign draft is a cheque issued by Bank of Ireland in a foreign currency drawn on a bank abroad. It is an inexpensive way of sending low value payments abroad.
Company or Personal Cheques
It is possible to send money abroad by issuing a cheque. However, the overseas payee will incur delays and extra expense in collecting the funds as the cheques must be returned to the bank on which they are drawn before value can be given.
Back to Top
Alternative methods of payment
Documentary Letter of Credit
We can issue a Letter of Credit for importers or pass on a Letter of Credit for exporters. It is a bank's written undertaking to honour drafts or other demands for payment from the seller’s bank, upon compliance with conditions specified in the Letter or Credit and other rules that may apply from time to time.
Documentary Collections
This is a method of making/receiving payment through the banking system for a consignment of goods shipped, in exchange for the delivery of documents. Unlike Letters of Credit, they do not guarantee payment.
Foreign Currency Bonds/Indemnities/Guarantees
We can provide specialist facilities (Foreign Currency bonds, indemnities and guarantees). Generally, they are issued under the local laws and customs relevant to the country in which the Bond or Guarantee is to apply.
Back to Top
Foreign Currency
Exchange Rates
Exchange rates are based on currency market rates. Exchange rates for most transactions up to the value of £10,000 Sterling equivalent are available at our branches and other rates are available on request.
Spot Transactions
This is exchanging one currency for another where settlement usually occurs in two business days. Bank of Ireland can provide rates for all major currencies.
Forward Transactions
This is where the rate to buy or sell a currency is agreed at one point in time for purchase or sale at a future date.
Currency Options
This gives you the right to buy or sell a currency up to a future pre - agreed date at a rate agreed at one point in time. You do not have to complete the sale or purchase - you have the option.
Please contact your nearest branch to discuss your individual requirements.
Related Accounts
Back to Top
For further information please email us at customercare@boiuk.com or call 020 7236 2000
