Our payment limits are changing for new payees

A lower payment limit of £5,000 for new payees

We’ve introduced new payment limits to protect customer accounts in the fight against fraud. Now, whenever you add a new payee, there is a period of up to 48 hours during which the maximum payment you can make is £5,000 per working day, either as a single amount to one new payee, or a combined amount to more than one.

After 48 hours the normal daily limit of £20,000 will apply to the new payee. Existing payees are not affected.

Please accept our apologies if you see any reference to the previous £20,000 limit whilst we update all sections of our website and App.

Other ways to make payments

If you need to make a payment to a new payee but cannot wait for up to 48 hours, paying by debit or credit card may be an option for you. Same day payments can also be made in a branch if that’s convenient for you. There may be a fee for this service. If you’d like to discuss ways to make a larger payment or if you have questions, we’re here to help from 9am – 5pm Mon-Fri including bank holidays, and also 9am – 2pm Saturdays. Call 03457 365 555 (or +44 3457 365 555 if calling from abroad).

Why have these changes been made?

Customers can fall victim to frauds and scams. To counter this, we regularly review our payment limits, facilities and services. Restricting payment amounts for a time gives you time to fully research new payments you may want to make, and possibly avoid making a large payment that you’re not entirely sure about.

Some fraud watch-outs

  • Bank of Ireland, the police or any legitimate organisation will never call and ask you to move funds to a “safe” account – if you’ve been contacted, no matter how convincing the caller seems, this is likely to be a fraud.
  • Investments such as crypto-currencies may look attractive, especially if you’re familiar with how they work. If someone wants to act as your “account manager” or you’re asked to download a screen-sharing programme, this will be a fraud. Do not proceed.

Get in touch with your local branch, or call us on 03457 365 555 (or +44 3457 365 555 if calling from abroad) if you are unsure. Find out more about security and fraud on our website.

  • How much can I transfer online?
    The maximum combined limit you can transfer to existing payees per working day is €20,000 / £20,000. When you add a new payee or payees, there is a period of up to 48 hours when the maximum combined limit you can pay them per working day is €5,000 / £5,000. We put this temporary lower limit in place to protect customers from fraud when new payees are being set up.
  • €20,000 / £20,000 is your combined payment limit
    Please note that the €20,000 / £20,000 amount is your combined limit per working day. It covers certain other payment types as well as existing payees and new payees (after 48 hours). Your daily limit will reduce each time you make a payment, whether it’s online, through phone banking or by using open banking.
  • Need to make a payment higher than €5,000 / £5,000 to a new payee?
    If possible, add the new payee to your profile at least 48 hours in advance of making your payment. If this isn’t possible, and you need to make the higher payment inside 48 hours of adding them as a new payee, please contact us at one of the numbers below.
  • Updates to the wording when customers are adding a new payee
    Today, when you are adding a new payee through the app and on 365 online, we tell you that payments are limited to a total of €20,000 / £20,000 per working day. This amount refers to payments to existing payees. New payees are subject to a lower limit of €5,000 / £5,000 for a period of up to 48 hours. We will be changing the wording in the Add Payee section on the app and on 365 online to make you aware of this difference.
  • Types of payments
    The payment types that are covered include sending money within or outside Ireland or the UK, and paying a bill including future-dated payments. Future-dated payments will affect your maximum limit on the date the payment is scheduled. Transfers between your own accounts, and payments such as direct debits or standing orders do not affect your daily limits.

Got questions?

We’re on hand to help, from 9am – 5pm Mon-Fri including bank holidays (and also 9am – 2pm Saturdays in NI/GB).

RoI – 0818 365 365 or 01 404 4000 (or +353 1 404 4000 if calling from abroad)

NI/GB – 03457 365 555 (or +44 3457 365 555 if calling from abroad)

Calls may be recorded, monitored and used for training and compliance purposes. Call costs may vary dependent upon your service provider.