Guide to International Banking Services

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					Guide to International Banking Services
Welcome to our Guide to International Banking Services which gives you details of the various international banking payment options available to our customers. We hope this summary guide will help you choose the option most suitable for you.

Telegrapic Transfers
Outgoing Payments Abroad Usage User Payment by Urgent funds transfers Business / Personal Interbank electronic transfer

This is the fastest and more secure method of making international payments. Funds will normally be deposited into the bank abroad two business days following receipt of the instruction at Bank of Ireland International Trade Services (when banks are open in this country and in the country where payment is to be made). However, final payment may be delayed if there are complications in the routing of payments or in overseas banking systems. Bank of Ireland can give no general assurances on the achievement of value dates or the date of application of funds by the bank in receipt to the respective bank Accounts. Customers are urged to discuss their needs in advance with staff. International payments transmitted electronically have less chance of being delayed if the full name and address of the beneficiary’s bank together with the beneficiary’s account number and full name are provided. In the case of payments within Europe the correct beneficiary IBAN (International Bank Account Number) is required; if the payment is made to the US then the nine digit ABA routing number (equivalent to a UK bank sort code) should also be provided. An outgoing payment in currency different to your Account will be exchanged at the appropriate selling rate for the currency on that day. Full details of the payment, including the exchange rate and commission charged, will be quoted on the advice which is sent to you on the day the payment is effected. Incoming Payments from Abroad Usage User Payment by Urgent funds transfers Business / Personal Interbank electronic transfer

A foreign draft is a cheque issued by Bank of Ireland in a foreign currency drawn on a bank abroad. It is an inexpensive way of sending low value bank guaranteed payments abroad. If you find that a currency draft you have purchased is no longer required or if it is lost or stolen in transit, Bank of Ireland should be contacted immediately. Any refund will be at the prevailing currency buying rate which may be different to the rate used when the draft was purchased. Delays can be expected in obtaining a replacement.

Company or Personal Cheques sent Abroad
Usage User Payment by Making payments abroad Business / Personal Post/Courier

It is possible to send money abroad by issuing a cheque. However, the overseas payee will incur delays and extra expense in collecting the funds as the cheques must be returned to the bank on which they are drawn before value can be given. Security of personal or company cheques cannot be guaranteed, since the “account payee” crossing (and other crossings) may not be recognised in other countries. You should clearly write the name of the payee and put extra information about them on the cheque e.g. Account Number/reference. The payee may have to pay substantial charges in their country to clear the cheques.

Bank Drafts and Cheques from Abroad
Usage User Payment by Usage Receiving payments from abroad Business / Personal Post/Courier Trade related payments

Funds are transferred electronically from the overseas bank using the SWIFT system or Telex. All inward payments are processed on the day of receipt and actual payment can take place immediately or at a specified date, normally not more than two business days after receipt by our payments section. An incoming payment in different currency to your Account will be exchanged at the appropriate buying rate for the currency on that day. Full details of the payment, including the exchange rate and commission charged will be quoted on the advice which is sent to you. Your responsibility for our charges and/or those of the sender’s bank will depend on the arrangements made by the sender. Incoming Payments - Postal Some countries still use the postal service to effect payments - speed of such payments cannot be guaranteed.

This is a slower method of receiving funds from abroad but Bank of Ireland can arrange to clear them for you subject to payment by banks on which they are drawn. Receipt of funds by Bank Draft is more secure than personal or company cheques. At our discretion, foreign cheques will be ‘negotiated’ which means that we will credit your Account with the amount or equivalent of the cheque, but we will retain the right of recourse over the funds and debit your Account if the cheque is subsequently unpaid. If conversion is required it will be at the prevailing exchange rate which may be different to the rate used when the cheque was originally presented. If you require or we, at our discretion, require a cheque to be cleared before giving value, we will arrange to send it to the bank on which it is drawn, on a collection basis. This means that proceeds, net of the foreign bank’s charges, will only be credited to your Account when they have been received by us and, for currency cheques, the exchange rate (if required) will be the appropriate rate used on the day funds are received at Bank of Ireland. Cheque collections can take two to three weeks or longer but we always make every effort to obtain payment by the fastest method.

Foreign Drafts sent Abroad
Usage User Payment by Making payments abroad Business / Personal Post/Courier/In person

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Documentary Collections – Export/Import
Usage User Payment by Trade related payments Importer/Exporter Bank to bank

Foreign Currency Bonds/Indemnities/Guarantees
We provide specialist facilities (Foreign Currency bonds, indemnities and guarantees). Please talk to your Relationship Manager for more details or call our Customer Services on 0845 601 5599 or +(0)2890 433 433.

A Documentary Collection is a method of making/receiving payment through the banking system for a consignment of goods shipped, in exchange for the delivery of documents.

Exchange Rates
Exchange rates are based on currency market rates. Exchange rates for most transactions up to the value of £10,000 Sterling equivalent are available at our branches and other rates are available on request.

Documentary Letter of Credit
Usage User Payment by Trade related payments Importer/Exporter Bank to bank

Charges
Our current charges for International Services are listed in our Fees and Charges for Foreign Currency Account Transactions and International Payments on the back cover. In some cases, correspondent and/or overseas banks may make additional charges in addition to those shown in our Schedule. These will be advised to you when the service is provided. Bank of Ireland reserves the right to vary its charges from time to time.

A Documentary Letter of Credit is the written undertaking of a bank made at the request of a buyer to honour drafts or other demands for payment from the seller’s bank upon compliance with the conditions specified in the Letter of Credit.

Quick Guide to Making or Sending Payments Abroad
PAYMENT USED BY/FOR
To Beneficiary
Telegraphic Transfers Sending funds bank to bank Fast - can be same day to the United States. Other countries take one to three days Slow - by post

SPEED
From Your Account
Day of despatch

COMMENT

Fast, secure and widely used

Foreign Drafts

Sending payments by post or making payments in person Payment by post or in person. May have to await clearance Imports

Immediate

Reliant on postal systems. Not suitable for urgent payments Not recommended, slow and expensive for beneficiary Normally bank to bank transaction Bank to bank transaction

Personal/Company Cheques

Slow - by post

When presented by bank abroad

Documentary Import Collection (Import) Documentary Letter of Credit

Per agreed terms

Per agreed terms

Imports

Per agreed terms

Per agreed terms

Quick Guide to Receiving Payments from Abroad
PAYMENT USED BY/FOR
To Beneficiary Telegraphic Transfers Foreign Cheques/Drafts Receiving money from abroad via banking system Receiving payments by post Fast - one to three days. Slow if posted Slow - cleared for value within five working days (can be unpaid)

SPEED
To your Account n/a

COMMENT

Secure and simple by telegraphic transfer May be sent on collection or negotiated with recourse to customer in case of non-payment Secure method of receiving payment Conditional guarantee of payment

n/a

Documentary Export Collection (Export) Documentary Letter of Credit

Exports

Per agreed terms

n/a

Exports

Per agreed terms

n/a

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