Online transfer to Credit Union in the US with BOI?

kmoon

Bank of Ireland 365 provides the facility to transfer amounts to US banks, with very low charges.

One of the account/bank details they require (a mandatory field in the online transfer form) is BIC.

I am looking to make a transfer to a Credit Union in the US. Credit Unions don't have the concept of BIC, and the Credit Union has advised me that BOI needs to make the transfer through the Federal Bank of Richmond ("The Fed"), and that BOI will know what to do.

I am currently abroad so cannot call in personally to a BOI branch. A call to Banking 365 did not prove fruitful. How can we effect a transfer to a Credit Union in the States?

BuffyBot

Moved to Talk to...Bank of Ireland where staff and fellow customers may have more information 

Bank of Ireland: Elaine

kmoon wrote: »

Bank of Ireland 365 provides the facility to transfer amounts to US banks, with very low charges.

One of the account/bank details they require (a mandatory field in the online transfer form) is BIC.

I am looking to make a transfer to a Credit Union in the US. Credit Unions don't have the concept of BIC, and the Credit Union has advised me that BOI needs to make the transfer through the Federal Bank of Richmond ("The Fed"), and that BOI will know what to do.

I am currently abroad so cannot call in personally to a BOI branch. A call to Banking 365 did not prove fruitful. How can we effect a transfer to a Credit Union in the States?

Good Afternoon kmoon, 

Thank you for getting in contact with us here on Boards.ie. 

Apologies for any confusion over this. Your Credit Union will need to contact their bank and retrieve the IBAN and BIC details attached to their bank account. If the Credit Union is not aware of the BIC/IBAN or information is not retrievable from their bank, regrettably, an online transfer will not be possible as it is mandatory for BIC and IBAN via Banking 365Online. 

I hope this helps and thanks again for getting in contact. 

Elaine 

kmoon

Elaine,

Thank you for the speedy response. The official guidance from the credit union is:

"We do not have a SWIFT code or any other international identifying code because we are a credit union and not a bank; all wires originating at foreign banks will need to be sent to the Credit Union through the originating bank's correspondent bank in the U.S. or the Federal Reserve Bank of Richmond."

What is BOI's correspondent bank in the US?

Bank of Ireland: Elaine

Hi Kmoon, 

Thanks for coming back to us. 

When you make a transfer of any kind from your BOI account, the receiving banks IBAN and BIC are required. I'm afraid the US Credit Union would need to contact their corresponding bank to retrieve the IBAN and BIC as these details need to be provided on a B365 online transfer to ensure that the funds reach their accounts. Giving our Banks correspondent bank details in the US would not work as the transfer would not reach the US Credit Unions accounts. 

I'm very sorry that we couldn't assist more with this. 

Elaine 

Tow

What is BOI's correspondent bank in the US?

JP Morgan.

kmoon

Bank of Ireland: Elaine wrote: »

Hi Kmoon,

Thanks for coming back to us.

When you make a transfer of any kind from your BOI account, the receiving banks IBAN and BIC are required. I'm afraid the US Credit Union would need to contact their corresponding bank to retrieve the IBAN and BIC as these details need to be provided on a B365 online transfer to ensure that the funds reach their accounts. Giving our Banks correspondent bank details in the US would not work as the transfer would not reach the US Credit Unions accounts.

I'm very sorry that we couldn't assist more with this.

Elaine

Elaine,

I have informed the Credit Union in the US of Bank of Ireland's stance (I copied your message verbatim).

In reply, they have stated that in the BIC field, I can put the Credit Union's ABA code. Kindly confirm that this is the case.

Bank of Ireland: Evie

kmoon wrote: »

Bank of Ireland: Elaine wrote: »

Hi Kmoon,

Thanks for coming back to us.

When you make a transfer of any kind from your BOI account, the receiving banks IBAN and BIC are required. I'm afraid the US Credit Union would need to contact their corresponding bank to retrieve the IBAN and BIC as these details need to be provided on a B365 online transfer to ensure that the funds reach their accounts. Giving our Banks correspondent bank details in the US would not work as the transfer would not reach the US Credit Unions accounts.

I'm very sorry that we couldn't assist more with this.

Elaine

Elaine,

I have informed the Credit Union in the US of Bank of Ireland's stance (I copied your message verbatim).

In reply, they have stated that in the BIC field, I can put the Credit Union's ABA code. Kindly confirm that this is the case.

Hi kmoon, 

Thanks for coming back to us, I've checked this and as the US does not use BIC codes you can use this in place of the BIC code. Please let us know if you need any further assistance. 

Thanks, 
Evie