Thanks to the onset of global trade, international payments have become a crucial part of regular banking practices. This is because ordinary payments would not suffice, due to currency fluctuations and regulatory requirements. Bank of Ireland International Payments allows customers to perform these transactions with ease, as they provide them with access to systems and industry experts. This review takes a closer look at the availability of these payment methods and how they rate on a global scale. Another bank that offers an impressive international payments division, is Deutsche Bank. Read the full bank review here.
About Bank of Ireland
In 1783 the Bank of Ireland opened its doors to the public. The bank managed to meet the needs of its customers and it wasn’t long before seven more branches opened their doors. Bank of Ireland was well on its way to becoming the bank of choice in Ireland.
By the 1900s, the bank had managed to expand their footprint to over 58 locations. In just two decades, this expanded to 75. It was also during this time that the bank had to assist the economy as WWI ravaged Europe. Just as Europe managed to rebuild some of its infrastructures, WWII took place.
A boost to trade and industry provided the necessary lift the economy needed to get things going again. This was a period of establishing the various divisions of the bank. Investments and assets were divided into separate divisions as the bank expanded its holdings.
ATMs and access cards followed from the eighties onwards and it wasn’t long that technology provided banks with the technology to launch online banking.
Finally, throughout the early 2000s, the bank managed to increase their footprint but was struck when the entire world experienced the economic fallout of 2008. The bank received a government bailout and is slowly trying to reclaim its position.
For a full review on Bank of Ireland, read here.
Why Choose International Payment Methods?
International payments provide users with the means to transfer funds from their unit of currency to those of another unit of currency. Proper payment instruments make all the calculations of the conversion rates to ensure that the users are both in agreement of the amount paid. Often, there is a fee on the payment and/or receipting side of the funds.
Furthermore, customers are encouraged to seek a payment solution that is both cost effective and safe. In the event of goods and services, this payment option should also allow users right of recourse should anything go wrong.
Although payment platforms such as Payoneer, Stripe, and Paypal exist, customers often find it necessary to approach their local bank for additional services. This could be where there is a guarantee or some form of security. Furthermore, they might also have a good relationship with the bank and therefore access to more cost-effective solutions.
Finally, customers may also wish to have access to physical cash or cash-like solutions when traveling abroad. Local branches could help them source the currency of choice, or provide them with travelers' checks or similar products.
What Are IBAN/SWIFT/BIC Codes?
This is a Bank Identifier Code that allows SWIFT payments to be sent to the recipient’s account quickly. This code identifies the bank and the country of the client. The code is also referred to as a SWIFT code.
This code allows banks from around the world to identify the account number. It doesn’t change or alter the account number, it merely makes it readable on a global scale.
Bank of Ireland International Payments Product Offerings
Daily Foreign Exchange Rates
Customers have access to daily foreign exchange rates of the currencies most requested through Bank of Ireland. These rates are updated regularly, and customers will see the timestamp on the website. Furthermore, customers will see the following options of rates of the bank:
- Sell Other Product
- Sell Note
- Buy Note
- Buy Other Product
Foreign Exchange Currency Converter
This is an online tool designed to help customers plan their forex conversions. It allows customers to calculate conversions should they wish to:
- Buy Currency Cash
- Send an International Payment
- Receive an International Payment
- Buy a Foreign Currency Draft
- Lodge a Foreign Currency Check
- Sell Currency Cash
Customers are able to purchase their currency for the following countries:
- The United Kingdom, United States, Canada, and Australia
- Poland, New Zealand, South Africa, and Switzerland
- United Arab Emirates, Bahrain, Barbados, and Bulgaria
- China, Croatia, Czech Republic, and Denmark
- Hong Kong, Hungary, India, and Israel
- Japan, Malaysia, Norway, and the Philippines
- Saudi Arabia, Singapore, Thailand, Turkey, and Sweden
The charge on these services would depend on the service and the amount. Furthermore, this tool is for information purposes only and the information may change at purchase level. This means that the currency rates shouldn’t be treated as the definite currency prices.
Online Currency Choices
Customers who are registered on 365 Online, have the option to purchase their currencies online. Customers have access to currencies from the following countries:
- Australia, Austria, Belgium, Bulgaria, and Canada
- China, Croatia, Cyprus, Czech Republic, and Denmark
- Estonia, Finland, France, Germany, and Greece
- Hong Kong, Hungary, Iceland, India, and Italy
- Latvia, Lithuania, Liechtenstein, Luxembourg, and Malta
- Netherlands, New Zealand, Norway, Pakistan, and the Philippines
- Poland, Portugal, Romania, Russia, and Singapore
- Slovak Republic, Slovenia, South Africa, Spain, and Sweden
- Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, and the USA.
Branch Currency Choices
This service is offered to Bank of Ireland customers, visitors, and travelers. The available foreign currencies in the branches are US Dollar and Sterling. Furthermore, customers also have access to the following foreign currency services:
- Pre-ordered Foreign Currency
- Euro Zone Countries
- Travelers Checks
- International Fees and Charges
Bank of Ireland Guide: How to Make a Payment
Customers will have access to various facilities, however, the 365 Online platform is relatively simple. There are two different fee structures. One is for Bank of Ireland customers who reside in the Republic of Ireland. The other set of fees is for customers based in Northern Ireland and Great Britain.
Customers are required to register themselves for 365 Online.
This step teaches customers how to add an international payee. Furthermore, customers will need to know the payee’s name and residential address. They will also need to complete the payee’s bank details.
Customers will then simply add the amount they wish to pay in the designated area, and submit the transaction.
In conclusion, although the charges on the payer’s side is communicated, customers are required to find out whether the recipient’s bank charges additional fees as well. Furthermore, it could take up to 3 working days for the transaction to reach the payee’s bank.
What We Like About Bank of Ireland International Payments
Whether it’s for business reasons or for travel, customers will always have the need to have access to foreign currency. This allows them to make their payments locally and can work out a lot cheaper than paying by card with the conversion costs.
Also, where international payments are concerned, Bank of Ireland offer some of the best platforms. This ensures that their personal and business relations remain in good standing, at least from a payment perspective.
Finally, through the 365 Online tool, customers are able to perform these transactions from the comfort of their own homes. There is no reason to stand in long queues and fill out endless forms to perform a few basic overseas payments.
Bank of Ireland also has a few savings accounts that provide a myriad of options. Read here to learn more.
What We Don’t Like About Bank of Ireland International Payments
This is not a Bank of Ireland issue, but rather a change in the dynamics of foreign currency and international payments. Customers are often at risk when carrying around foreign currency, and many customers have been left destitute due to this. Many banks offer reduced fees on their foreign conversion rates when customers use their debit or credit cards, which makes this service almost unnecessary, and sometimes quite expensive.
Another aspect to consider is the rate at which international payment services are popping up, as well as the reduced charges these services offer. This will certainly cause customers to rethink their stance on using the traditional international payment options.
Critical Reviews Rating Bank of Ireland International Payments – 8 of 10
Bank of Ireland offers customers some of the best international payment and currency options. It makes it easier for customers to be part of a global village. Although customers have access to simple and easy processes, the international payment options through the banks seem like they’re coming to an end.
Furthermore, foreign currency in the branches are quite expensive and many customers find that using their credit or debit cards at the ATM sometimes has a far lesser fee than drawing inside.
Finally, the bank will need to be competitive if it is to outlive the up and coming payment systems. The options are amazing and suitable for a variety of different customers, but there is the question of how much longer?
Those who wish to use their credit cards for payments should read up on the Bank of Ireland options here.