Cross Border Payments Regulation
Cross Border Payments Regulation
The EU Cross Border Payments regulation require Bank of Ireland (“the Bank”, “BOI”) to give customers greater transparency on foreign exchange charges for certain card transactions in the European Economic Area (EEA).
Cross Border Payments Message
The Bank is required to send holders of personal Debit cards or personal Credit cards a message when the cardholder uses the card to complete certain transactions involving a currency exchange in a non-euro EEA currency.
This message will contain certain information relating to the currency conversion including a percentage figure referred to as the percentage mark up over the ECB rate. The percentage mark up will reflect the difference between:
- what you will pay through Bank of Ireland (inclusive of the foreign exchange rate and charges that we apply) * and
- what you would pay if the transaction was carried out at the latest available European Central Bank (ECB) foreign exchange rate (with no charges applied)**
*For the majority of transactions the total amount in Euro estimated in the message will be the same as the amount debited from your account. However in a limited number of cases, due to the way some transactions are processed, the total amount in Euro in the message may be slightly higher or lower than the amount actually debited from your account.
**The ECB rate is used for reference only and is not the rate used by Bank of Ireland for card transactions. Banks use rates supplied by Mastercard and Visa for Credit and Debit card transactions. The ECB rate enables comparison between the rates used by Mastercard and Visa and the ECB base rates of the day.
Click here to see a sample message
Who will receive the message?
The Cross Border Payments message will be sent to the cardholder, i.e. the person whose name is on the card on which the transaction was completed.
Note: For credit card transactions completed by an additional cardholder we will send the message to the additional card holder and the principal cardholder.
How will a cardholder receive a message?
We will send the cardholder the message by text if we hold a valid mobile number or if we do, not and we hold a valid email address, we will send an email. If we hold neither mobile number nor email address the cardholder will not receive any message.
It is important that cardholders ensure BOI have up to date contact details. To update your contact details:
- The quickest way to update your contact details is using the Bank of Ireland app, for steps click here
- You can also update your mobile number by visiting or sending a letter to your branch
- You can update your email address by calling us Monday to Friday 9am to 5pm on:
- Debit Cards 0818 365 365 or +353 1 404 4000 if calling from abroad
- Credit Cards 0818 251 251 or +353 56775 7747 if calling from abroad
Please note: for credit cards contact details for any cardholder on the account can only be updated by the account holder. To update contact details for additional cardholders, the account holder must follow the steps above
How often will a card holder get a message?
The cardholder will get this message once every calendar month in which the card is used to make a payment (at a point of sale or online) or an ATM withdrawal in the non-euro EEA currency.
To see some examples of when the message will be sent, click here
Some exclusions will apply.
European Economic Area
The regulation applies to certain debit and credit card transactions which you carry out in non-Euro European Economic Area (EEA) currencies. The EEA is an international agreement that links the European Union member states and three European Free Trade Association states (Iceland, Liechtenstein and Norway) into an internal market which allows free movement of persons, goods, services and capital.
The non-euro EEA countries are:
| Country | Currency | Acronym/Abbreviation |
|---|---|---|
| Bulgaria | Bulgarian Lev | BGN |
| Croatia | Croatian Kuna | HRK |
| Czech Republic | Czech Koruna | CZK |
| Denmark | Danish Krone | DKK |
| Hungary | Hungarian Forint | HUF |
| Iceland | Icelandic Krona | ISK |
| Liechtenstein | Swiss Franc | CHF |
| Norway | Norwegian Krone | NOK |
| Poland | Polish Zloty | PLN |
| Romania | Romanian Leu | RON |
| Sweden | Swedish Krona | SEK |
Sample Cross Border Payment Message
Text Message:
Transaction info: card ending ~1234
Copenhagen Museum
DKK500.00 = €67.21 @ 25/06/21
% Mark up over ECB rate = 2.25%
The message will help to enable customers to compare costs when making future transaction in the same country/ currency.
| Detail | Description |
|---|---|
| Percentage Mark-Up over the ECB rate | The percentage mark-up will reflect the difference between:
The percentage mark up is for comparison purposes only and is not what the bank charges for the transaction. For information on the bank’s charges please see the Schedule of International Transaction Charges brochure here |
| Total Transaction amount in Euro | This is the total cost of the transaction in euro including the cross border handling fee |
| Foreign Currency Amount | This is the amount in the non-euro EEA currency |
| Name of Payee or Retailer | This is the retailer (store or online site) or the ATM where the transaction took place. The trading name of the retailer may be different from the business name which will appear in the message. |
| Card Identifier (or Unique Identifier) | The last four digits of the card that was used will be shown. |
| Date | Date that the transaction was made. |
Scenarios
The Bank is required to send holders of personal Debit cards or personal Credit cards a message when the cardholder uses the card to complete certain transactions involving a currency exchange in a non-euro EEA currency.
The cardholder will get this message once every calendar month in which the card is used to make a payment (at a point of sale or online) or an ATM withdrawal in the non-euro EEA currency.
Note: for credit card transactions completed by the holder of an additional card issued on an account the CBPR message will also be sent to the principal cardholder.
Examples of when the message will/ will not be sent to the cardholder.
| Detail | Description |
|---|---|
| Scenario 1 | |
| The cardholder travels to Denmark on 1st May and uses the card to make a purchase or to make a withdrawal from an ATM | The CBPR message will be sent for this transaction. |
| The cardholder remains in Denmark until 31st May and use the card on multiple other occasions | The CBPR message will not be sent for any of these other transactions as they are all completed in the same month. |
| The cardholder stays in Denmark until 3rd June and uses the card on the 2nd of June | The CBPR message will be sent for the transaction on the 2nd June as the last message was sent in May. |
| Scenario 2 | |
| The cardholder makes a purchase in Danish Krone on a website on 1st May and uses the card | The CBPR message will be sent to the cardholder for this transaction |
| The cardholder uses the card on multiple occasions for transactions in Euro from Irish retailers or at Irish ATMs | No CBPR message will be sent to the cardholder as transactions are in Euro |
| The cardholder makes a purchase in Danish Krone on a website on 15th May and uses the card | No CPBR message will be sent for this transaction as a CBPR message has already been sent in May for this currency (Danish Krone). |
| Scenario 3 | |
| The cardholder travels to Denmark on 1st May and uses the card | The CBPR message will be sent to the cardholder for this transaction |
| The cardholder remains in Denmark until 15th May and use the card on multiple other occasions | The CBPR message will not be sent for any of these other transactions as they are all completed in the same month. |
| The cardholder moves to Poland on 16th May and uses the card | The CBPR message will be sent to the cardholder for this transaction as the currency has changed. |
| The cardholder travels back to Denmark 23rd May and uses the card | No further messages will be issued for Danish Krone during the month of May |
| Scenario 4 | |
| The cardholder travels to Denmark on 1st August and uses the card | The CBPR message will be sent to the cardholder for this transaction |
| The cardholder pays a subscription in Euro while still in Denmark on 2nd August. | No CBPR message will be sent to the cardholder as transactions are in Euro |
| The cardholder uses their card in Denmark on 3rd August | No further messages will be issued for Danish Krone during the month of August. |
| The cardholder pays a subscription in Polish zloty on 4th August | The CBPR message will be sent to the cardholder for this transaction as the currency has changed. |
| The cardholder returns home to Ireland and makes multiple domestic Euro transactions on 6th August | No CBPR message will be sent to the cardholder as transactions are in Euro | Scenario 5 |
| The additional cardholder travels to Denmark on the 1st May and use the credit card. | The CBPR message will be sent to the additional cardholder and to the owner of the account (principal cardholder). |
| The additional cardholder remains in Denmark until 31st May and use the card on multiple other occasions. | The CBPR message will not be sent for any of these other transactions as they are all completed in the same month. |
| The additional cardholder stays in Denmark until 3rd June and uses the credit card on the 2nd of June. | The CBPR message will be sent to the additional cardholder and to the owner of the account (principal cardholder) for the transaction on the 2nd June as the last message was sent in May. |
Can the card holder opt out of getting these messages?
Yes. A cardholder can opt out of receiving these messages.
Simply contact us and let us know you want to stop receiving these messages:
- Send us a message using the app or 365 online. For steps click here
- Phone us Monday to Friday 9am to 5pm on
- Debit Cards 0818 365 365 or +353 1 404 4000 if calling from abroad
- Credit Cards 0818 251 251 or +353 56775 7747 if calling from abroad
For a credit card, if the account holder chooses to opt out of receiving this message, any additional cardholders will also be opted out. If an additional card holder wishes to opt out of receiving messages the principal card holder will also be required to opt out. All opt out instructions must be from the principal cardholder. No instructions to opt out can be accepted from additional cardholders.
Exclusions
There are certain circumstances when exclusions will apply. The message will not be sent, when:
- The debit or credit card is used in an EEA country where the currency is Euro. These countries are: Austria, Belgium, Republic of Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain.
- The debit or credit card is used to make a payment (point of sale or online) or an ATM withdrawal in a non-EEA currency, such as US Dollars, Sterling or Australian Dollars.
- A Business debit or credit card is used. The CBPR notification will not be sent for any transactions made with a BOI business debit or credit card. The Terms and Conditions of the BOI business debit and credit cards have been updated to reflect this.
- A Debit Card or Credit Card transaction at an unattended physical location where there may be a delay before the funds are debited from your account.
- You are offered the option to make the withdrawal or payment in either Euro or the foreign currency and you choose Euro. Certain retailers and ATMs will offer you the choice to have the transaction converted to Euro at the time of doing the transaction. As the conversion is done by the retailer or the ATM provider and not by Bank of Ireland a message will not be sent.
Foreign Exchange Rates
For the majority of transactions the total amount in Euro estimated in the message will be the same as the amount debited from your account. However in a limited number of cases, due to the way some transactions are processed, the total amount in Euro in the message may be slightly higher or lower than the amount actually debited from your account. This is due to fluctuations in exchange rates between the time of the transaction and when it is actually debited to your account. The amount debited from your account will always be accurately reflected on your final statement using the exchange rate of the day the transaction is actually debit from your account.
Some examples of when the total transaction amount in the message may differ from the amount actually debited from your account are:
- The time between the date of your transaction and the date when it is debited from your account is greater than 8 days.
- You use your card in a hotel, for car hire or for airline tickets
Disclaimers
The Euro foreign exchange rate from the ECB, which is used to calculate “Percentage mark-up over ECB rate”, is subject to change on a daily basis. The latest Euro foreign exchange rate available to Bank of Ireland can be viewed here. The ECB rate is used for reference only and is not the rate used by Bank of Ireland for card transactions. Banks use rates supplied by Mastercard and Visa for Credit and Debit card transactions. The ECB rate enables comparison between the rates used by Mastercard and Visa and the ECB base rates of the day.
The Mastercard exchange rate, which is used for BOI credit card currency conversions, is subject to change on a daily basis. The latest Mastercard exchange rate available to Bank of Ireland can be viewed here.
The Visa exchange rate, which is used for BOI debit card currency conversions, is subject to change on a daily basis. The latest Visa exchange rate available to Bank of Ireland can be viewed here.
For credit card transactions, you will be charged a cash advance fee whenever you withdraw cash, and you may be charged interest on any cash withdrawal from the date you withdraw the cash until the account is paid off in full.
Other transaction fees, independent of currency conversion charges, may apply. Please refer to your relevant fees and charges brochure online or at your local branch.