BOI dont accept foreign coins?

fret_wimp2

We brought about 20 euros worth of Krones to a BOI branch today and were turned away, told that BOI only accepts foreign notes.

1. When did banks stop accepting money?
2. What is the reasoning behind not accepting foreign coin?


BOI services have been on the decline over the past number of years with increases in charges, not issuing money orders under 500 euros anymore and now this.

Graham

That's pretty much standard practice for anywhere that offers currency exchange.  It has been for as long as I can remember (and I can remember a fairly long time back).

seamus

Yeah it's pretty much ingrained in my brain from as far back as I can remember that you need to spend coins before you leave a foreign country because banks at home won't take them.

Peregrinus

Banks haven't exchanged foreign coins for as far back as I can remember.  (I opened my first bank account in 1978.)  The handling costs vastly exceed any amount that it would be reasonable for the bank to charge for the exchange.  

K.Flyer

If I remember correctly, all the banks stopped taking in foreign coin over 20 years ago, with the possible exception of GB£ coin.
There are sites on line offering to buy foreign coin, but I wouldn't expect to get a great rate. If its allowed, maybe you could put them on adverts or similar.

amber2

Banks don't take GBP coins either.

Atlantic Dawn

fret_wimp2 wrote: »

2. What is the reasoning behind not accepting foreign coin?

They would not be able to get rid of them as there would be no demand for them.

hardCopy

This is why Aer Lingus UNICEF collections always did so well. Foreign coins are useless once you get home. In Liverpool airport there are often bucket collections at the departure area before security.

amber2

Atlantic Dawn wrote: »

They would not be able to get rid of them as there would be no demand for them.

Having to hold on to large amounts of coin in all denominations until they have full bags, then Full canvas sacks before they can be remitted. Their also insured only to hold so much, cost of handling it lots of reasons tbh. Then they have a cash difference and there's having to pull all that coin looking for the difference along with € coin...

Bank of Ireland: Tara P

fret_wimp2 wrote: »

We brought about 20 euros worth of Krones to a BOI branch today and were turned away, told that BOI only accepts foreign notes.

1. When did banks stop accepting money?
2. What is the reasoning behind not accepting foreign coin?


BOI services have been on the decline over the past number of years with increases in charges, not issuing money orders under 500 euros anymore and now this.

Hi fret_wimp2,

Thank you for contacting us here Boards.ie.

Bank of Ireland has a policy not to except foreign coins, as we don’t have demands for sale and exchange of foreign coins.

Thanks,

Tara C

NinjaTruncs

amber2 wrote: »

Banks don't take GBP coins either.

BOI used to take pound coins, but maybe the stopped. Sure they stopped taking Euro coins for most weekdays.