Bank of Ireland foreign currency account: Features, Fees and how does it work

If you need to send, receive or hold currencies other than EUR, you might be considering opening a Bank of Ireland foreign currency account​, as you can get a Bank of Ireland currency account in 6+ major currencies¹.

So, can I open a currency account with Bank of Ireland online? And what about Bank of Ireland foreign currency account business options? This guide covers all your questions.

Plus we’ll introduce you to the Wise Account as a multicurrency option for both business and personal customers, supporting 40+ currencies with mid-market exchange rates.

Discover the Wise Account 🚀

Bank of Ireland foreign currency account overview

There are 3 different types of Bank of Ireland Currency Account²:

• Currency Current Account: Available to businesses only
• Currency Call Deposit Account: For business and personal use
• Currency Fixed Term Deposit Account: For business and personal use

All of these account types are offered in the following currencies:

• Pounds sterling
• US dollar
• Australian dollar
• Canadian dollar

There are also other major currencies available on request, and depending on your specific needs.

The Bank of Ireland currency account service for personal customers focuses on savings products and is really intended for people who need to hold and send money in a foreign currency rather than spending on a day to day basis or when travelling. Business customers do also have the option of a current account which may be more flexible.

This guide focuses on the BOI accounts offered to personal customers, but you can learn more about their business services online if you would like to.

Bank of Ireland currency account features & limitations

Here are some of the key features you may expect from a Bank of Ireland Currency Call Deposit account and the Currency Fixed Term Deposit Account:

• Hold your preferred foreign currency
• Receive payments in the foreign currency with no need to convert to EUR
• Transact electronically using the online and mobile banking service from BOI
• Send same currency payments (USD to USD for example) with low transfer fees
• Send cross currency payments (USD to EUR for example)
• Savings accounts may pay interest (terms and conditions can apply here)

⚠️ Exception: With the Currency Fixed Term Accounts you won’t be able to make payments or withdrawals from the account during the deposit term without facing penalties.

The Bank of Ireland currency accounts are aimed at specific customer needs, which can lead to some limitations if you’re thinking more of getting an account for daily use and for when you travel. Important considerations include:

• Minimum opening deposit may be required
• Accounts do not offer a debit card for spending or withdrawals
• You can not deposit cash
• You can not use direct debits or instant payments
• You won’t get a cheque book with your account.

Bank of Ireland foreign currency account fees and charges

Before you open a Bank of Ireland foreign currency account you’ll need to review the fees and charges which may not look the same as your normal EUR account with BOI.

Here are some key costs, be sure to read through the fee schedule³ to get the full listing before you transact:

Details correct at time of research - 9th December 2025, taken from Bank of Ireland Global Markets Accounts fees and charges document. Minimum balance may apply - check when you apply

*The maximum total spread (depending on currency) is 7%. The maximum spread of ‘either side’ is 4%. This means you may get an exchange rate which is up to 4% worse than the mid-market rate for any given transaction when buying or selling a foreign currency

Bank of Ireland currency account vs Wise Account

Let’s take a quick comparison of the Bank of Ireland currency accounts vs the Wise Account, so you can get a feel for the alternative options out there.

Wise is not a bank but a payment institution, though some of it's features are similar to those offered by traditional banks. - but the Wise Account can offer flexible ways to hold 40+ foreign currencies in one account, with a linked debit card for payments and withdrawals, and the mid-market rate for currency conversion.

Here’s a side by side look at the features and fees of each:

Details correct at time of research - 9th December 2025

*The maximum total spread (depending on currency) is 7%. The maximum spread ‘either side’ is 4%. This means you may get an exchange rate which is up to 4% worse than the mid-market rate for any given transaction when buying or selling a foreign currency.

** Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks.

Why you might want to choose the Wise Account

If you're a personal customer, the Bank or Ireland currency accounts available are intended for savings and making occasional payments, and so do not offer ways to deposit or withdraw cash, or debit cards for daily use.

The Wise Account has a broader range of currencies compared to the Bank of Ireland account, with the added bonus of an international debit card which allows you to make payments and withdrawals in +150 countries. Check other benefits:

With the Wise Account you can:

• Hold 40+ currencies and convert between them at the mid-market rate. You'll see the conversion fees upfront
• Get local account details in 8+ currencies, including USD, GBP, and EUR
• Receive cashback on EUR, GBP and USD held in your account
• Order a Wise debit card which you can use with our Smart Conversion technology
• Set up Auto Conversions based on your desired rate in the Wise app or use our Wise Rate Tracker to request exchange rate notifications directly to your email
• Create Wise Virtual Cards, and save on online shopping
• Get instant notifications of all your purchases via the Wise app so you can track your expenses. If you lose your card, you can easily cancel it in the app to keep your money safe
• Have a supporting, English-speaking customer service.

Open your Wise Account
for free 🚀

How can I open a currency account with the Bank of Ireland?

You can open a Bank of Ireland currency account if you are over 18 years old, and new customers must apply in person at a Bank or Ireland branch. Existing customers can apply by phone if they prefer.

If you’re a new customer, bear in mind that you’ll need to take along your government issued ID documents and proof of address when you visit the branch. This is needed for verification purposes, and to keep your account safe.

How long does it take to open?

You’ll be able to ask the staff member who’s managing your account application more about the timeline for getting your account open. This may vary based on the type of account and the currency you’re looking for.

Frequently Asked Questions

What currencies can I hold in a Bank of Ireland foreign currency account?

Bank of Ireland foreign currency accounts are offered in the following currencies:

• Pounds sterling
• US dollar
• Australian dollar
• Canadian dollar
• Swiss franc
• Polish zloty

If you need a different currency it’s worth asking the bank as they can also offer additional currencies on request in some cases.

How much does a Bank of Ireland currency account cost?

There’s no fee to open a Bank of Ireland currency account, and no ongoing fees, but you might have to pay for some transactions such as sending a payment or receiving an incoming transfer to your account.

Can I open a BOI currency account online?

You can’t open a Bank of Ireland currency account online. If you’re a new customer and don’t have an existing Bank of Ireland account you’ll need to visit a branch in person to complete the verification process and set up your new account. If you have a EUR account already you might be able to open your account by phone instead.

Sources used:

Sources last checked on date: 2nd January, 2026