How do I use my current account to make payments?
Bank of Ireland offers four broad categories for you to make payments from your bank account.
You can use:
- Cards: Visa Debit, Credit card
- Automated payments: Direct Debits, Standing Orders
- Online, Phone, and Mobile payments; With mobile and tablet apps
- Paper based payments: Cash, Cheques, and Bank Drafts
- Using Cards
Cards, such as Debit and Credit cards are one of the most popular forms of payment in Ireland. They allow you to pay for goods and services virtually anywhere in the world easily and conveniently.
ATM withdrawals abroad
There are daily withdrawal limits on ATM machines abroad and these limits can vary from country to country depending on the ATM provider and Bank. Before travelling abroad please check the list of countries and ATM limits.
As an alternative to using cash abroad you can use Debit cards at point of sale (POS) in many retailers including restaurants, shops and hotels.
Visa Debit card
Paying by Visa Debit card is almost like paying in cash, although it’s more convenient. Using a Bank of Ireland Visa Debit card allows you to shop when you feel like it and pay for your purchases directly from your current account. Visa Debit saves you from carrying large amounts of cash or writing cheques, as long as you have enough money in your account and are within your overdraft limit. You can also use your Visa Debit Card to:
- Get Cashback - get up to €100 in cash at a retailer checkout at the same time as you purchase something (service available at retailer discretion)
- Make Contactless payments - A quick and convenient way to pay, perfect for buying items up to €50* without using cash. If your card displays the contactless symbol, simply hold it against the reader and in less than a second, it will confirm whether your purchase has been accepted. You can make contactless payments wherever you see the Contactless symbol. A receipt is available on request. These limits may differ in different countries.
- Shop online & worldwide - with wider online & worldwide acceptance. Shop online & worldwide. This means you can shop for goods and services and withdraw money from the ATM just like you do at home. To help protect your card when online we have added a new security feature called 3D Secure which gives you added security.
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.
- Automated Payments
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.
- Using Online, Phone, and Mobile payments
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.
- Paper based payments
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.