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International Euro Transfer Charges (BOI)

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  • 07-10-2010 10:21am
    #1
    Jacob55
    Registered Users Posts: 134 ✭✭


    Hi,
    I received a payment in euro from a colleague in Switzerland into a BOI current account but BOI have applied a charge of €7.50 to the transaction. I was under the impression that all euro transactions (including those coming from Switzerland) were not subject to such a fee. Anyone have any experience of this?

    Cheers
    JJ


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,906 Admin ✭✭✭✭✭Toots


    Switzerland is not in the Eurozone, their currency is the Swiss Franc (CHF), so from the looks of it, it would appear that whoever sent the payment sent it in francs instead of Euro.


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    #3
    GerardKeating
    Registered Users Posts: 7,549 ✭✭✭GerardKeating


    Toots* wrote: »
    Switzerland is not in the Eurozone, their currency is the Swiss Franc (CHF), so from the looks of it, it would appear that whoever sent the payment sent it in francs instead of Euro.

    While Switzerland is not in the Eurozone, it is part of SEPA, so if the transfer was actually in Euro, it should have been free.

    However if your colleague in Switzerland sent you a CHF amount, which BoI converted to Euro, then the charge is correct.

    It is not beyond the bounds of possibility that the bank made an "error". You need to check with your colleague if they did the transfer in CHF or EUR.


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    #4
    Jacob55
    Registered Users Posts: 134 ✭✭Jacob55


    Thanks very much for the feedback guys. I was aware that Switzerland are a member of SEPA which is why I was what got me wondering about the charge in the first place. I confirmed that the payment was in Euro.

    I started to enquire with he bank but have gotten a bit of a run-around form them. 365 phone support said there should be no charge for this so I phoned by branch who were not really sure and after a few calls back they said that as the payment originated in Switzerland they applied the charge and there was no way around this.

    It seems that other colleagues who also received a payment in the same way but bank with AIB were not charged.

    Can Bank of Ireland just call the shots on this one?

    Cheers
    JJ


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    #5
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    It may be possible that the sender didn't provide the IBAN and BIC - and then BOI charge !

    http://www.borderpeople.info/index/feature/personal-banking/q5.htm

    "Incoming payment of euro100 for a Republic of Ireland account without an IBAN and BIC costs:

    * euro5 (based on our Inward Electronic Payments charge of euro5 for amounts over euro65 and up to euro130)
    * euro7.50 for amounts over euro130 and up to euro6.5k, and
    * euro10 for amounts over euro6.5k and up to euro50k, and euro10 for amounts over euro50k."

    www.moneyguideireland.com


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    #6
    valerian15
    Closed Accounts Posts: 1 ✭valerian15


    BoI should not charge for payments to/from Switzerland. Under SEPA these payments are "same as domestic". I know that they claim that Switzerland is not in the EU and according to EU Regulation 2560 (which is out of date) they can charge what they like.
    This is not true. SEPA has its own regulations and Irish Banks have signed up to them. I am awaiting confirmation from the Financial Regulator/Central Bank in relation to this. Keep in touch if it is an ongoing problem for you.


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