Navigating international money transfers can sometimes feel like solving a complex puzzle, but with the right information and a step-by-step approach, it becomes a straightforward process. If you're looking to send funds from your Bank of Ireland account to a Bank of America account in the United States, you've come to the right place! This comprehensive guide will walk you through every detail, ensuring your money reaches its destination safely and efficiently.
How to Transfer Money from Bank of Ireland to Bank of America: A Complete Guide
Ready to send money across the Atlantic? Let's get started!
Step 1: Gather All Necessary Information (The Pre-Flight Checklist)
Before you initiate any transfer, it's crucial to have all the correct details for both the sender (you, from Bank of Ireland) and the recipient (the Bank of America account holder). Accuracy is paramount here, as even a small error can cause significant delays or even lead to the funds being sent to the wrong account.
Sub-heading 1.1: Your Bank of Ireland Details (Sender Information)
- Your Full Name and Address: As it appears on your Bank of Ireland account.
- Your Bank of Ireland Account Number: This is your unique account identifier.
- Your Bank of Ireland Sort Code/IBAN: While IBAN is primarily used within SEPA, it's good to have it handy. Your Bank of Ireland IBAN typically starts with 'IE'.
- Your Bank of Ireland BIC/SWIFT Code: This is a crucial code for international transfers. For Bank of Ireland, the SWIFT/BIC code is BOFIIE2D.
Sub-heading 1.2: Bank of America Details (Recipient Information)
This is where the recipient needs to provide you with precise information. Do not guess or assume any of these details. Ask the recipient to confirm them directly with their Bank of America branch or through their online banking.
- Recipient's Full Name and Address: As it appears on their Bank of America account.
- Recipient's Bank of America Account Number: This is their specific account number.
- Recipient's Bank of America Routing Number (for incoming wire transfers): This is different from the routing number used for ACH transfers. For international wires, Bank of America uses specific routing numbers.
- For wires in U.S. dollars or unknown currency: BOFAUS3N
- For wires in foreign currency: BOFAUS6S (Note: Bank of America generally encourages sending in foreign currency as there are often $0 outbound wire transfer fees from their side for foreign currency wires).
- Bank of America's SWIFT/BIC Code: This identifies Bank of America globally.
- For wires in U.S. dollars or unknown currency: BOFAUS3N
- For wires in foreign currency: BOFAUS6S
- Recipient's Account Type: (e.g., Checking, Savings, Money Market)
- Bank of America's Full Name and Address:
- For wires in U.S. dollars or unknown currency: Bank of America, N.A., 222 Broadway, New York, NY 10038
- For wires in foreign currency: Bank of America, N.A., 555 California St., San Francisco, CA 94104
- Purpose of Transfer (Optional but Recommended): Some banks may require you to state the purpose of the transfer (e.g., "Family support," "Payment for services," "Gift").
Step 2: Choose Your Transfer Method from Bank of Ireland
Bank of Ireland offers a few ways to initiate an international money transfer. Your choice might depend on the amount you're sending, your comfort with online banking, and how quickly you need the funds to arrive.
Sub-heading 2.1: Online Transfer via Bank of Ireland 365 Online/App (Recommended for Convenience)
This is generally the most convenient and often the most cost-effective method for transfers up to a certain limit.
- Log In: Go to the Bank of Ireland 365 Online banking portal or open their mobile app.
- Navigate to Payments/Transfers: Look for a section related to "Payments," "Transfers," or "International Payments."
- Select "Send Money Abroad" or Similar: The exact wording may vary, but you'll be looking for an option to send money to an account outside of Ireland.
- Add New Payee (if applicable): If you haven't sent money to this Bank of America account before, you will need to add them as a new international payee. This will involve entering all the recipient details you gathered in Step 1. Be prepared for a security step here, such as a code sent to your phone or a security device prompt.
- Enter Transfer Details:
- Amount: Enter the amount you wish to send in EUR.
- Currency: Select USD as the destination currency.
- Recipient Details: Double-check all the Bank of America recipient information you entered.
- Purpose of Payment: Select or enter the appropriate purpose for the transfer.
- Review and Confirm: Carefully review all the details one last time. Pay close attention to the exchange rate offered by Bank of Ireland and any associated fees.
- Authorize the Transfer: Follow the on-screen instructions to authorize the payment, which might involve another security check.
Important Note on Limits: Bank of Ireland typically has a daily online transfer limit. For existing payees, this is generally up to €20,000. For new payees, there might be a lower initial limit, sometimes around €10,000, until the payee is fully verified, which can take up to 48 hours. If you need to send a larger amount, you might need to visit a branch.
Sub-heading 2.2: In-Branch Transfer (For Larger Amounts or Assistance)
If your transfer amount exceeds the online limits, or if you prefer face-to-face assistance, visiting a Bank of Ireland branch is your alternative.
- Prepare Your Information: Bring all the sender and recipient details (as listed in Step 1) with you. It's a good idea to write them down clearly or even print them out.
- Visit Your Local Branch: Go to your nearest Bank of Ireland branch during business hours.
- Speak to a Customer Service Representative: Inform them that you wish to make an international wire transfer to a Bank of America account.
- Complete the Transfer Form: You will likely be asked to fill out a physical transfer form with all the required details.
- Review and Sign: Carefully review the form before signing to ensure all information is accurate.
- Pay Fees and Authorize: The representative will process the transfer, collect any applicable fees, and finalize the transaction.
Sub-heading 2.3: Other Considerations (InterPayplus vs. InterPayexpress)
Bank of Ireland might offer different international transfer services like InterPayplus (standard) and InterPayexpress (urgent).
- InterPayplus: This is their standard service, typically taking 1 to 3 working days for the money to arrive. It usually has lower transfer fees.
- InterPayexpress: This is for urgent payments and can potentially arrive on the same day, subject to cut-off times. However, it comes with higher transfer fees. Unless it's an emergency, InterPayplus is generally the more cost-effective option.
Step 3: Understand Fees and Exchange Rates (The Cost Factor)
This is a critical aspect of international money transfers, as fees and exchange rates can significantly impact the final amount the recipient receives.
Sub-heading 3.1: Bank of Ireland Fees
Bank of Ireland charges fees for international transfers, which can vary based on the method and destination.
- Online Transfers to Non-EEA/UK Countries (e.g., USA): Generally, there's a fee of around €5 for foreign currency payments to countries outside the EEA and UK.
- In-Branch Transfers: These can be more expensive. For foreign currency payments (like USD), it might be 0.2% of the amount transferred (Min €12.50, Max €50), plus potentially an additional €25 if using InterPayexpress.
- Exchange Rate Margin: This is often the most significant hidden cost. Bank of Ireland, like most traditional banks, applies a mark-up to the interbank exchange rate (the rate banks use to trade with each other). This "foreign exchange margin" means you're not getting the true market rate, and the recipient will receive less USD than if the mid-market rate were applied. This margin can be as high as 7% for certain transfers.
Sub-heading 3.2: Bank of America Incoming Fees
While Bank of Ireland charges for sending, Bank of America may also charge a fee for receiving an international wire transfer.
- Incoming International Wire Transfer Fee: Bank of America typically charges a fee, which can be around $15 for incoming international wire transfers. This fee is usually deducted from the amount received by the recipient.
Sub-heading 3.3: Total Cost Estimation
When considering the total cost, factor in:
- Bank of Ireland's outbound transfer fee.
- Bank of Ireland's exchange rate margin.
- Bank of America's inbound wire transfer fee.
Always ask Bank of Ireland for a clear breakdown of all fees and the exact exchange rate they will apply before confirming the transfer. It's highly recommended to compare Bank of Ireland's rates and fees with specialist money transfer services like Wise (formerly TransferWise) or Revolut, as they often offer more competitive exchange rates (closer to the mid-market rate) and transparent fees, which can result in significant savings.
Step 4: Confirm and Track Your Transfer (Peace of Mind)
Once you've initiated the transfer, you'll want to confirm it and keep an eye on its progress.
- Confirmation: After successfully completing the transfer online or in-branch, you should receive a confirmation or reference number. Keep this number safe, as it's essential for tracking.
- Tracking:
- Online/App: Check your Bank of Ireland 365 Online or app for the status of your payment.
- Recipient Confirmation: Ask the recipient to notify you once the funds arrive in their Bank of America account.
- Timeframe:
- Standard (InterPayplus): Typically 1 to 3 working days.
- Urgent (InterPayexpress): Potentially same-day, if sent before the cut-off time (e.g., 3:30 PM IST for Ireland). However, delays can occur due to bank holidays in either country, intermediary banks, or additional verification requirements.
Step 5: What if There's a Problem? (Troubleshooting)
Despite careful planning, issues can sometimes arise.
- Incorrect Details: If you realize you've made an error in the recipient's details after initiating the transfer, contact Bank of Ireland immediately. The sooner you act, the higher the chance of correcting the mistake or recalling the funds. However, there's no guarantee, especially if the funds have already been credited to the incorrect account.
- Delays: If the transfer is taking longer than expected, first check your confirmation and ensure all details were correct. Then, contact Bank of Ireland's customer support with your transaction reference number. They can investigate the status of the payment.
- Recipient Hasn't Received Funds: Ask the recipient to check their Bank of America account thoroughly. If not there, they should contact Bank of America's customer service with the transfer details you provided.
Frequently Asked Questions (FAQs)
Here are 10 related FAQ questions to help you further:
How to find Bank of Ireland's SWIFT/BIC code?
You can find Bank of Ireland's SWIFT/BIC code on their official website, your bank statement, or by contacting their customer service. The common SWIFT/BIC for Bank of Ireland is BOFIIE2D.
How to find Bank of America's SWIFT/BIC code and routing number for international wires?
For Bank of America, the SWIFT/BIC code and routing number depend on the currency of the wire. For USD wires, it's BOFAUS3N with a routing number of 026009593. For foreign currency wires, it's BOFAUS6S. Always confirm with the recipient's Bank of America branch for the most accurate and up-to-date information.
How to estimate the total cost of transferring money?
To estimate the total cost, consider Bank of Ireland's outbound transfer fee, their exchange rate margin (the difference between their rate and the mid-market rate), and Bank of America's incoming wire transfer fee. Use online currency converters to see the mid-market rate for comparison.
How to send a large amount of money from Bank of Ireland to Bank of America?
For amounts exceeding the online daily limits (typically €20,000 for existing payees or €10,000 for new payees), you will generally need to visit a Bank of Ireland branch in person to initiate the transfer.
How to track an international money transfer from Bank of Ireland?
Once the transfer is initiated, Bank of Ireland will provide you with a reference number. You can often track the status of your payment through their online banking portal or by contacting their customer service with this reference number.
How to ensure the recipient receives the full amount?
To maximize the amount the recipient receives, ensure all details are accurate to avoid delays or rejections. Also, consider sending in the recipient's local currency (USD) and be aware of exchange rate markups and potential intermediary bank fees, which can reduce the final amount. Some services allow you to choose "sender pays all fees" or "recipient pays all fees."
How to get the best exchange rate for the transfer?
Traditional banks often apply a significant mark-up to the exchange rate. To get a more competitive rate, compare Bank of Ireland's quoted exchange rate with the mid-market rate (found on Google or currency exchange sites). For potentially better rates and lower fees, consider using specialist money transfer services like Wise or Revolut.
How to avoid common mistakes when transferring internationally?
Double-check every detail: recipient's name, address, account number, SWIFT/BIC, and routing number. Ensure you select the correct currency. Be aware of daily transfer limits and potential cut-off times.
How long does it take for money to arrive in Bank of America from Bank of Ireland?
A standard international wire transfer (InterPayplus) from Bank of Ireland to Bank of America typically takes 1 to 3 working days. Urgent transfers (InterPayexpress) may arrive on the same day if initiated before the cut-off time.
How to contact Bank of Ireland customer support for international transfers?
You can find Bank of Ireland's customer support contact information (phone numbers, online chat, or secure messaging) on their official website. Have your account details and transaction reference number ready when you call.
