Bank of Ireland FXPay allows you to choose how payment fees are shared between you and your payee. You have the option to choose either SHARED or YOU PAY involving currencies other than EU/EEA currencies. For EU/EEA currencies the SHARED option is only available.
For customers in the Republic of Ireland
Shared:
This is the standard method for allocating international fees. For payments processed within the *EEA, payment charges must be ‘shared’ i.e. the sender of the payment pays the Bank of Ireland charges and the beneficiary pays the foreign beneficiary bank charges. For example, if you decide to share fees, you will be charged €0 (until 01/01/2024) for processing a Standard Payment and €20 if you opt to process a Same Day payment.
You Pay:
This means that you are electing to pay both Bank of Ireland’s charge and the foreign bank charge. This charge choice can only be used for payments processed to a beneficiary account which is located in a ‘Non EEA’ country. In this case a €7 charge will be applied to your account. This covers charges levied by a foreign bank up to an amount of €20. If however, the foreign bank charges exceed €20 then you will be retrospectively charged with the difference (for example, if the foreign bank charges €40, you will be debited €33- taking into account the €7 already paid). Some foreign banks have no upper limit on payment charges and can typically take up to 4 weeks for these charges to be passed to Bank of Ireland customers. However, on occasion this can take considerably longer (e.g. up to 3 months).
For customers in Bank of Ireland UK
Shared:
This is the standard method for allocating international fees. For payments processed within the *EEA, payment charges must be ‘shared’ i.e. the sender of the payment pays the Bank of Ireland UK charges and the beneficiary pays the foreign beneficiary bank charges. For example, if you decide to share fees, you will not be charged (until 01/01/24) for processing a 1 business day payment and £25 if you opt to process a Same Day payment.
You Pay:
This means that you are electing to pay both Bank of Ireland UK’s charge and the foreign bank charge. This charge choice can only be used for payments processed to a beneficiary account which is located in a ‘Non EEA’ country.
*EEA is the European Economic Area, currently consisting of the EU member states, Iceland, Liechtenstein and Norway (except Svalbard). Switzerland is not included in this arrangement
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