Foreign Exchange

Glencarraig

I recently went to my BOI branch with £10 Sterling which I wanted to exchange for Euro and was amazed to be told that I must lodge the euro to my account due to "money laundering rules". How can changing £10 be considered money laundering ????. If I went to your FX desk and asked to buy US Dollars and offered cash to pay would it be refused and would the euros have to come from my account ??

Bank of Ireland: Alison

Thanks Glencarraig for checking here with us.

Yes, that is correct Branch procedure. Regardless of the amount, the exchange and purchase of FX needs to be transacted through a bank account.

If you need to collect cash currency, the Euro amount is transacted through your bank account and then the FX cash will be given to you.

 Hope you find the info helpful,

Many thanks
Alison

troyzer

Bank of Ireland: Alison wrote: »

Thanks Glencarraig for checking here with us.

Yes, that is correct Branch procedure. Regardless of the amount, the exchange and purchase of FX needs to be transacted through a bank account.

If you need to collect cash currency, the Euro amount is transacted through your bank account and then the FX cash will be given to you.

 Hope you find the info helpful,

Many thanks
Alison

When did this become a thing? I've sold foreign currency before for cash and while I was offered to deposit it in my account, I wasn't forced to.

Does this mean you effectively don't buy currency from non-customers?

Bank of Ireland: Tara

troyzer wrote: »

When did this become a thing? I've sold foreign currency before for cash and while I was offered to deposit it in my account, I wasn't forced to.

Does this mean you effectively don't buy currency from non-customers?

Hi troyzer,

This was introduced last year and as all foreign exchange must go through an account, we can't exchange currency for non-customers.

Thanks
Tara

troyzer

Bank of Ireland: Tara wrote: »

troyzer wrote: »

When did this become a thing? I've sold foreign currency before for cash and while I was offered to deposit it in my account, I wasn't forced to.

Does this mean you effectively don't buy currency from non-customers?

Hi troyzer,

This was introduced last year and as all foreign exchange must go through an account, we can't exchange currency for non-customers.

Thanks
Tara

Was there a legislative change or are Bank of Ireland just being awkward? I'm no longer a customer by the way precisely because of things like this but I wasn't aware of this exact anti-consumer practice.

Glencarraig

troyzer wrote: »

Bank of Ireland: Tara wrote: »

troyzer wrote: »

When did this become a thing? I've sold foreign currency before for cash and while I was offered to deposit it in my account, I wasn't forced to.

Does this mean you effectively don't buy currency from non-customers?

Hi troyzer,

This was introduced last year and as all foreign exchange must go through an account, we can't exchange currency for non-customers.

Thanks
Tara

Was there a legislative change or are Bank of Ireland just being awkward? I'm no longer a customer by the way precisely because of things like this but I wasn't aware of this exact anti-consumer practice.

I am now waiting for the Gardai to arrive to arrest me for attempting to "launder" £10

Bank of Ireland: John

Glencarraig wrote: »

I am now waiting for the Gardai to arrive to arrest me for attempting to "launder" £10

Hi,

Please refer to my colleagues message above. We have no comment to add to this.

Many Thanks.

John