How do I make a payment?
Choose ‘Make a Payment’ in the Payments tab.
- Choose the deal you want to use for the payment. You can make a payment for some or all of the balance of the deal chosen. The deal you choose should be equal to or greater than the payment you want to make. If you don’t use all of the deal to make a payment, you can make another payment with the remaining amount.
- Enter the payment details.
- Choose the amount you want to pay- it will default to the balance of the deal you are using. Choose the Fee Policy (Shared, You Pay, - explained in ["What does 'Fee Policy' mean?"], Pay To and Pay From Accounts), and enter a Reason for Payment.
- Click submit. Depending on your user permissions, the payment will either be sent to an Authoriser to authorise the payment, or you will be prompted to authorise the payment. Guidance on how to authorise a payment is included in the FXPay Manual.
When will my payment be made? Does this affect cut-off times?
When you make a payment, you choose the payment date. The cut-off times for making a payment remain the same. If you authorise a payment online before the cut-off time, the payment will issue that day, otherwise, the payment will issue on the next available payment date. The system will prompt you if the cut-off time has passed and advise you of the new date.
What are the Payment Cut-Off Times?
Republic of Ireland
Currency Payment Cycle Cut-off Time GBP Same Day 4:00pm USD Same Day 3:00pm EUR Same Day 2:30pm CAD Same Day 1:00pm
Currency Payment Cycle Cut-off Time CAD EUR GBP USD Next Day 5:45pm AUD CZK HKD HUF JPY NZD SGD ZAR Next Day 1:00pm CHF DKK NOK PLN SEK TRY Next Day 5:00pm All euro payments outside the EU/EEA and all other non-euro payments Two Days+*** 4:00pm
*** Exception is INR, which is a three day payment cycle
Bank of Ireland UK
Currency Payment Cycle Cut-off Time GBP Same Day 4:00pm EUR Same Day 2:00pm USD Same Day 2:00pm CAD Same Day 1:00pm
Currency Payment Cycle Cut-off Time CAD EUR GBP USD Next Day 4:30pm PLM DKK NOK SEK CHF Next Day 3:30pm AUD HKD HUF JPY NZD ZAR Next Day 5:00pm
What does 'Fee Policy' Mean?
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
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.
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
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.
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
How are my 'Pay From' account(s) set up?
The ‘Pay From’ accounts are set-up from the details supplied in the Annex (ROI) or Application form (BOIUK) you completed when setting up Bank of Ireland FXPay. In order to add any additional Bank of Ireland accounts, you will need to send us an amendment form. Your dealer can send you on the relevant form to complete and send to us.
‘The FXPay Amendment Form can be found on the following link. Or ask your dealer to send you one.
Will I receive a payment confirmation?
We currently don’t provide a confirmation of payment receipt. However, when a payment has been sent for processing, you will receive an email confirmation. This email confirmation is not proof that the payment is received, but that it has been added to the payment queue. You can also print a PDF payment advice for each payment on Bank of Ireland FXPay.
How do I cancel a payment?
If you want to cancel a payment, you need to call our helpdesk. Be sure to clearly explain that it is a currency payment sent through Bank of Ireland FXPay to allow prompt support from our Helpdesk.
To cancel a payment, phone us on:
Republic of Ireland (01) 6094314 Bank of Ireland UK (0345) 6015599
Available 9am - 5pm, Monday - Friday (excluding bank and public holidays)
What does 'Payment Date' mean?
When you book a deal, the payment date you choose defines the type of deal booked. If you choose a value date within two business days, the deal automatically becomes a spot contract, requiring payment details to be added today for a same day payment and within two business days for spot settlement. If you choose a value later than two days after the date the deal was booked, it becomes a forward contract with payment details required on the date you choose.
How do I make a Bulk Payment?
The Bulk Payments function allows you to make multiple payments from one FX deal
- Select the FX deal you wish to use from the list of outstanding deals. This will bring up the Bulk Details tab. Only one deal can be selected.
- To create a new payment list:
a. Click the Entry tab to start adding payments. The usual information including amount, fee policy, paid from and to accounts, payment date and reason for payment are required.
b. Click Add to include a payment and then click Entry once again to add another payment.
- Continue to add payments until your bulk file is ready to go then click submit. Depending on your user permissions, the bulk payments will either be made or sent to an Authoriser to authorise the bulk payment.
- You can choose to save the Bulk Payment file that you build for future use. Click save and enter a list name
- To use it again just select the bulk payment file you wish to use from the drop down menu beside the “Load” tab and click “Load”. You can do this after step 1 above. You can amend and/or delete any payment from the bulk list before submitting.
- If there is any error on the file with one or more of the payments, an error message will show in red under the status column. You can select the payment to update the details as required.
- Please note you can only select 1 deal per bulk payment file. You should ensure your deal is for a sufficient amount to cover the combined value of your payments.