Bank of Ireland offers four broad categories for you to make payments from your bank account.
If you use your Debit card abroad there may be charges. For details on fees and charges please refer to the Schedule of Fees & Charges for Personal Customers.
*Merchants will be increasing contactless limit from €30 to €50 with effect from 1st April 2020. Limits abroad my vary.
Direct debits Direct debits are an instruction you give to Bank of Ireland authorising an organisation to collect fixed or varying amounts from your bank account. Direct debits are useful for paying regular bills, such as gas or electricity. Paying by Direct debit saves time, is more convenient, and means you don’t have to worry about remembering to pay a bill. It is common for utility providers to offer discounts if you pay by Direct debit. To set up a Direct debit you either complete a Direct debit form (provided by the company or organisation you are paying) or provide authorisation over the phone, and the organisation that you’re paying will ensure Bank of Ireland knows that you have authorised it. You can cancel a Direct debit at any time by notifying Bank of Ireland. However, you must also notify the organisation the Direct debit is set up to pay. You can cancel a Direct debit by logging on to 365 Online, the Bank of Ireland App, or by dropping into your branch. Standing Orders This is an instruction you give to Bank of Ireland to make regular payments to a specified person or company’s bank account. The money arrives in their account up to three days after leaving yours, but some payments may get there quicker. The time taken depends upon where the money is coming from and going to. You may complete a Standing order instruction form and give it to your branch or you may complete one on 365 Online, the Bank of Ireland App or tablet app. The amount is fixed and paid at particular times and you may set them up so that they finish on a certain date or after a certain number of payments. You may cancel Standing Orders or tablet app, using 365 online or the Bank of Ireland App Business Customers: The easiest way to set up (max €3000), amend, or cancel a standing order is to use 365 Online because it allows you to select the correct standing order to be cancelled. You can also set up (no max amount), amend cancel a standing order online here, however doing it this way means you need to know the recipient's IBAN so we can identify which standing order to cancel and this form needs to be signed and posted in. To change the date or how often it leaves your account you must set up a new standing order once you cancel the current one.
Telephone/Internet and Mobile banking is becoming increasingly common in Ireland and many people like the convenience these methods of payment offer. They offer you a quick and easy way to transfer funds from your Bank of Ireland account to any registered Banking 365 bank accounts, pay bills and set up payments 24 hours a day.
Cash Cash is simple to use and widely accepted, if it is lost or stolen it’s gone forever. For this reason it can be a lot safer to use other forms of payment, particularly Debit and Credit cards. Cheques Cheques are becoming less acceptable in shops so it is a good idea to confirm with them in advance if this is how you plan to pay. Cheques are liable for a Government Duty charge and a chequebook issuing charge. Bank Draft A bank draft is a cheque guaranteed by Bank of Ireland. It is a convenient way to pay a large sum of money, such as for a car. The minimum amount for a bank draft is €500. You will need to have the money in your account to pay for the draft on the day you purchase it. Bank drafts are liable for a Government Duty charge.