For euro payments, you will need:
- Our name in full: Ulster Bank Ireland DAC
- Your account name and IBAN (International Bank Account Number) which can be found on online banking or on your paper bank statements
Using electronic links between banks is the quickest and most secure method of receiving currency & euro payments from abroad and currency from within the Republic of Ireland.
There are a wide range of benefits to using this method of transfer, including:
For euro payments, you will need:
- Our name in full: Ulster Bank Ireland DAC
- Your account name and IBAN (International Bank Account Number) which can be found on online banking or on your paper bank statements
For all other payments, you will need:
- Our name in full: Ulster Bank Ireland DAC
- Your branch sort code
- Your branch name and address
- Your account name and number or identifier
International payments comprise of both cross-border payments, whether in euro or foreign currency, and foreign currency payments within the Republic of Ireland.
Although we do not recommend that you receive paper-based payments from abroad, we can arrange to clear these on your behalf. You can submit cheques and drafts drawn on banks abroad or UK banks to be cleared on your behalf.
Drafts and cheques from abroad can be handled either by negotiation or collection.
Payment by negotiation can only be used if the draft or cheque is in the local currency of the country on which it is drawn (e.g. US dollars payable in the US). Even so, we might still have to send it for 'payment by collection' (see below). Foreign currency cheques will be credited to your euro or currency account within 4 -5 working days of processing, once agreement to negotiate with recourse has been made. Details of charges will be explained in branch as part of the agreement.
We will normally pay you the value of the draft or cheque, less our charges, using a cheque-buying rate if conversion is necessary. If the payment is not honoured by the paying bank we will subsequently debit from your account the value of the draft or cheque plus a handling fee.
Sometimes we will have to send a draft or cheque for collection. Examples are
- If the payment is coming from a country with a high risk rate
- If it is not in the local currency of the sender's country (e.g. US dollars payable in Greece)
We will send the draft or cheque to the bank on which it is drawn and will not credit your account until we have received the money or have been assured that it will be paid.
This can take some time, depending on the country the payment is coming from and the bank clearing the payment. Wherever possible ask for euro drafts drawn on an Irish bank. These can then be paid directly into your Ulster Bank euro account.
Details of charges will be explained in branch as part of the agreement to send for collection.
Minimise costs by paying items which are in the same currency, drawn on banks in the same country, for negotiation, in a single pay-in to your account.