Payments to BOI accounts

pinkles

Hi. Apologies in advance for my stupidity.
How does someone (who doesnt have a BOI account nor any irish one for
that matter)
make small payments (less than 100 euros) to a BOI account WITHOUT incurring a charge. guess its virtually impossible?!

i know that express lodgements existed in the past - but i havent seen those being
done in yonks...plus after a couple of years away i see that the express envelopes
are now replaced by a lodgement machine. (transaction done by account holder)

im guessing my payer will not want to pay by bank draft (any idea of fees?)
or postal cheque (even higher fees? , open to correction)

the amounts are quite small so its almost pointless the person paying high fees.
(paypal is out by the way - NO credit card and guess online transfers from an international bank would be an expensive business also...
tHANKS in advance,
P

DMcL1971

Electronic transfers between any bank accounts in SEPA countries are free of charge. So, if you have a bank account in a SEPA country all you need is the BIC and IBAN of the BOI account and the transfer will be free.

Carawaystick

Are they free? or are the the same price as a transfer from your bank account to another account in your bank - so whatever you pay it'll be the same for a sepa transfer?

DMcL1971

I don't quite understand your question? I have never heard of anyone having to pay to transfer money between their own accounts in the same bank. In all the time I have been banking and in all the dozens of bank accounts I have had, I have never once been charged to move money between my own accounts.

If I want to send money (Euros) from my bank account to the bank account of any person in one of the SEPA countries it is free and must arrive on the next business day. That is how the SEPA system works. This is as true for me sending money between my own accounts in my branch as it is for me sending money to another country. I regularly send money to, and receive money from, several different European countries and it costs nothing.

Charges only apply is you want to send money to a country which is not in the SEPA area of you want to send money in a currency other than Euros.

pinkles

actually, i recently received an amount from an account in europe.
the sender was charged 1 euro.
i was not charged obviously , but i guess this changes from bank to bank as the previous person said...

DMcL1971

Pinkles, If you supply your BIC and IBAN to any person in the SEPA zone they can transfer Euros from their bank account to yours for free.

I suspect that the person who was charged one Euro was either sending from a country that does not use Euros or is not in the SEPA zone or they did not send it from a bank account, they may have sent it from a post office or credit union.

seamus

DMcL1971 wrote: »

Electronic transfers between any bank accounts in SEPA countries are free of charge.

This is not necessarily correct. Banks are entitled to charge for transfers, but it has to be a flat and uniform fee charged on all transactions or on none. They can't charge different rates for different countries or banks, and can't charge a % fee on the transaction.

Banks of course have ways around this - Permanent TSB for example will charge you 50c for a transfer if you do it in branch. If you do it online, it's free.

DMcL1971

seamus wrote: »

This is not necessarily correct. Banks are entitled to charge for transfers, but it has to be a flat and uniform fee charged on all transactions or on none. They can't charge different rates for different countries or banks, and can't charge a % fee on the transaction.

Banks of course have ways around this - Permanent TSB for example will charge you 50c for a transfer if you do it in branch. If you do it online, it's free.

I was not aware of that Seamus. Thanks for the info.