Friday 1st May 2020 is a bank holiday in many Euro currency/EU countries and, as a result, the Euro payments clearing and settlement system will be closed.
Although Irish banks are open for business on 1st May, it is not possible for Banks to exchange payments between each other, given that there is no Euro payment clearing system available on this day.
It will not be possible for ROI customers to effect the below payments on Friday May 1st 2020 on Business On Line (or by any other means through Bank of Ireland)
- Same Day value Euro payments within the EU and/or any other Euro payment due for settlement on that day.
- Same Day Domestic Interbank payments i.e. SDMT
- SEPA payments
Employers and business who normally make payments on a Friday or a Monday or monthly payments on the 1st or the 4th of the month are encouraged to submit payments to their payees in sufficient time to ensure that payee accounts are credited on Thursday the 30th of April as crediting dates may vary depending on the beneficiary bank.
Quick Overview of 1st May payments
| Payment Type |
Originator/Beneficiary |
Value Date |
Credit Date |
| SDMT (same day) |
BOI to BOI |
1st May |
1st May |
| SDMT (same day) |
BOI to non-BOI |
1st May |
5th May |
| Same Day to 11 EU/EEA* countries |
BOI to non-BOI |
1st May |
4th May |
| SEPA |
BOI to BOI |
30th April |
30th April |
| SEPA |
BOI to non-BOI |
30th April |
4th May*** |
| SEPA |
BOI to BOI |
1st May |
1st May |
| SEPA |
BOI to non-BOI |
1st May |
5th May |
| Bulk EFT File |
BOI to BOI |
30th April |
1st May |
| Bulk EFT File |
BOI to non-BOI |
30th April |
4th May*/** |
| Bulk EFT File |
BOI to BOI |
1st May |
5th May |
| Bulk EFT File |
BOI to non-BOI |
1st May |
5th May |
*11 EU/EEA countries are France, Germany, Italy, Netherlands, Spain, Austria, Belgium, Greece, Luxembourg, Portugal and UK
** You will be debited on 1st May
***Where there is a Single SEPA payment value dated 30th of April and a credit date of the 4th of May – some banks or credit Unions may not apply the funds until 5th of May
Frequently Asked Questions
Q1. If I make a SEPA payment (e.g. pay another account in Ireland in Euro currency) on 30th April, when will the beneficiary account be credited?
A1. Bank of Ireland beneficiary accounts will be credited on 30th April. If the beneficiary account is a non-Bank of Ireland account, the payment will be processed and credited to the account on the 4th of May.
Q2. I am expecting to receive a SEPA Credit Transfer payment into my account on 1st May. When can I expect it to arrive in my account?
A2. Payments sent from other Bank of Ireland accounts on 1st May will be credited to your account that day. Payments sent from non-Bank of Ireland accounts with a value date of the 1st May will be credited to your account on 2nd of May.
Q3. I want to submit a SEPA Direct Debit file for value 1st May. When do I need to submit the file?
A3. a creditor submits their pain.008 (DD file) on Thursday 30th April (D-1) for settlement on Friday 1st May these will roll and settlement will be Monday 4th May.
SEPA Direct Debits will not be processed on Friday the 1st May. They will be processed on Monday 4th.
Q4. I want to make a BOI to BOI Euro payment from Belfast to Dublin on 1st May. Is that possible?
A4. No, given these payments are SEPA UK Euro Payments, there is no Euro payment clearing system available on the 1st of May. These payments will credit the payee accounts on the 4th of May.
Notification regarding salary or wages payments due on Friday the 1st of May.
Employers, for example, who normally pay weekly wages on a Friday or monthly salaries on the 1st of the month will need to submit their payments to their bank in sufficient time to ensure that Payee accounts are updated (credited) on Tuesday 30th April.
If employers do not wish to pay early, employees will not receive their wage/salary payments until Tuesday 5th May.
