Sending Sterling to Ireland

x12yhp

Hi Guys,

This probably seems like stupid topic! I have a supplier in the south who invoices in sterling. Normally we pay bills with bank transfer but going through the bank system to send an international, sterling/sterling, transfer, costs £25 (the invoice is going to repeat quarterly and is only about £200). Using transferwise is not a possibility as they won't do transfers in the same currency.

Anyone give any recommendations? If I just enter their sort code and account number... what will happen? It is an irish account, albeit Bank of Ireland...

Thanks

qwert_yuiop

x12yhp wrote: »

Hi Guys,

This probably seems like stupid topic! I have a supplier in the south who invoices in sterling. Normally we pay bills with bank transfer but going through the bank system to send an international, sterling/sterling, transfer, costs £25 (the invoice is going to repeat quarterly and is only about £200). Using transferwise is not a possibility as they won't do transfers in the same currency.

Anyone give any recommendations? If I just enter their sort code and account number... what will happen? It is an irish account, albeit Bank of Ireland...

Thanks

Why not give it a go with £50 first and see if it works?

LexieLou

x12yhp wrote: »

Hi Guys,

This probably seems like stupid topic! I have a supplier in the south who invoices in sterling. Normally we pay bills with bank transfer but going through the bank system to send an international, sterling/sterling, transfer, costs £25 (the invoice is going to repeat quarterly and is only about £200). Using transferwise is not a possibility as they won't do transfers in the same currency.

Anyone give any recommendations? If I just enter their sort code and account number... what will happen? It is an irish account, albeit Bank of Ireland...

Thanks

I'm confused, how can you have a supplier in the south who invoices in sterling and yet you get charged to pay them in sterling? Do they not have a sterling bank account? Can they not invoice you in EURO? I use transfer wise every week for EURO to STG. Superb app.

ballyblack

If I just enter their sort code and account number... what will happen? It is an irish account, albeit Bank of Ireland...

as an aside you will need their IBAN number (International Bank Account number)which contains the country-specific details of the account to transfer outside of UK

RikM

That £25 charge is something your bank determines. It could be that they are not using a sensible payment system, or are content to charge high fees. It's likely that you could find a provider which doesn't charge that way.
There's an article on this kind of thing:
https://www.moneysavingexpert.com/banking/foreign-currency-exchange/

<edit> occurs to me: if it's BOI, can you not just pay it in at a branch in NI?

x12yhp

I have all their details. I can send using international payments but this has the 25 fee. I know it is an odd scenario! If we can’t find a sensible route, we will get them to invoice in Euro and use transferwise.

Paying in at branch is at discretion of the branch. Given the scarcity of branches, it’s easier said than done.

ballyblack

I had a bill to pay an Eire Invoice recently

I simply rang them up and gave them my credit card details, no charge and a good exchange rate for me

Their is a charge for the Eire company on any credit card sale but that is the price of doing business

.

x12yhp

Unfortunately this company has no card facilities, as is quite normal for b2b businesses.

skint_chick

Ask them to invoice you in euro and send them a transferwise payment/SEPA credit would be the easiest. If you send sterling to a euro bank account just using the sort code and account number it will bounce back. You have to use the international payment/IBAN details

x12yhp

Thanks - I have come to that same conclusion. Definitely an odd scenario and I wonder why transferwise don't have some thought to being able to pay GBP to GBP.

Thanks guys