Bank of Ireland is to cut fees by up to 76% on cross-border euro, sterling and dollar payments requested through Business on Line, its Internet service for business customers
With effect from 1 July, the cost of transferring US$25,000 out of a euro account from Ireland to the US using Business on Line will attract a fee of €8.80 compared to €36.80 at present. The cost of high value transactions within the eurozone will also fall dramatically, says the bank.
The initiative coincides with the introduction of European legislation requiring banks in the euro zone to offer cross-border euro retail payments at the same price as corresponding domestic retail payments.
As well as extending the service to cover sterling and dollar payments, Bank of Ireland has also decided to reduce the costs of all Business on Line transactions within the Eurozone, including payments above the stipulated EU ceiling of €12,500. The reductions range from 49% to 59% depending on the payment urgency. Low value payments (less than €12,500) within the Eurozone will attract no fees (other than the 24c standard banking charge) if made via Business on Line.
Ken Slattery, director, Bank of Ireland, Business on Line says: "We have now developed systems to a point where real efficiencies in the processing cycle are coming to fruition and we are very pleased to be able to pass the benefits on to all our customers, not just those trading in euro. The new standardised account numbering system (IBAN) will also make these transactions much easier."
Bank of Ireland has almost 60,000 Business on Line users.