Bank of Ireland to increase online services with €10m investment

BANK of Ireland is investing €10 million in its internet banking service, adding a new online international payments service primarily aimed at Ireland’s migrant community.

Among the other new services being offered to the bank’s 650,000 registered online customers are mobile top-up, the setting up of third party beneficiaries and the ability to set up, amend and cancel standing orders.

The bank said yesterday 80% of all international payments through its branch network are for EU countries, with an estimated one in four going to Poland, the most popular destination.

The second most popular is Britain at 8% followed by Spain, Lithuania and Germany at 6% each.

Director of strategy and marketing at BoI Brendan Nevin said he is in no doubt that the addition of these services will further fuel demand for online banking.

“According to our research, the primary reason that customers do not use online banking is the mistaken perception that it is difficult to use.

“As a result of this insight we have also launched new online demonstrations in English, Polish and Chinese (Mandarin) which effectively demonstrates to potential users just how easy and convenient it is to use Bank of Ireland 365 Online and assists them in making their payments by translating key words into their own language.”

All currency payments to EU countries are free of charge.

Outside the EU there is a charge of €5 for payments in local currency and a charge of €12 for payments in euro.

BoI said yesterday that there has been a 30% increase in the number of online transactions so far this year to four million.

The bank also said that active online banking customers who conduct three debit transactions from their personal current account each quarter will qualify for both transaction fee free banking and credit interest on cleared balances up to €1,500.