Important Note

The information in this site is based on the bank's understanding of current Isle of Man law and practice at the time of publication. Future changes in legislation, tax levels and practice could affect the information in this site.

What are the advantages of holding an offshore account?

• Tax efficient asset growth - for people living and working outside their home country there are often tax advantages to holding an account offshore. We strongly recommend that you seek professional advice on this subject.
• Well regulated - the recent 2003 IMF Report on the Isle of Man's regulatory regime confirmed the Island’s reputation as a “jurisdiction of the highest standing”.
• Politically stable environment - the Isle of Man is a UK Crown Dependency and has been politically stable for over a thousand years.
• Security and confidentiality.

What are the tax regulations on interest earned on offshore accounts?

Interest is paid gross without the deduction of tax. However, for EU residents the EU Savings Tax Directive will apply and in the absence of any instructions, retention tax at the prevailing rate will apply to customer’s accounts. All Bank of Ireland (I.O.M.) Limited customers are responsible for their declarations to appropriate revenue authorities. We strongly recommend you seek professional tax advice in relation to your own situation.

Is my deposit secure with Bank of Ireland in the Isle of Man and Guernsey?

Having traded for over 220 years, Bank of Ireland is one of the world’s longest established banks and is a successful broad-based international financial services organisation with over 17,000 employees, assets of more than €197 billion and Group profit before tax of €1.93 billion.

This impressive financial performance and strength is reflected in high credit ratings from major credit agencies:

Please click here to download the Bank of Ireland Group Annual Report for the full year to 31st March 2008 (1.6mb).

Confidentiality

Bank of Ireland (I.O.M.) Limited shall at all times keep confidential the affairs of its customers and former customers and shall not disclose details of customers' accounts or their names and addresses to third parties except as follows:

(a) where the Bank is compelled by law to do so;

(b) where there is a duty to the public to disclose;

(c) where the interests of the Bank require disclosure;

(d) where disclosure is made at the request of or with the consent of the customer.

For the following questions, please also refer to our ‘Customer Information Pack’ available for download - click here for more information.

Minimum Deposit

The minimum balance for opening a deposit account is GBP£5,000 or currency equivalent. Please note that for Special Edition Deposits this amount may vary.

How do I open an account?

The easiest way is to go to our download centre and download the ‘How to open an account’ checklist and the relevant application form. An electronic transfer (SWIFT) is usually the easiest and quickest way to get money to us. SWIFT details are available here.

Why do I have to supply identification when opening an account?

To comply with standard international banking practice and current Isle of Man and Guernsey legislation, all banks are required to formally establish the identity and residential address or place of business of their clients before an account can be set up.

How do I make deposits?

Deposits can be made in a number of ways:

• You can make an international payment to the appropriate Bank of Ireland account via electronic transfer.
• You can transfer money from an existing Bank of Ireland account directly.
• You can send us a cheque or a bank draft by post.

We cannot accept cash lodgements. Please visit our Make a Transfer page for information on making deposits to Bank of Ireland accounts.

How do I make withdrawals?

The following methods are available:

• International SWIFT electronic transfer
• Cheque
• Banker’s Draft
• Transfer to another Bank of Ireland account

What currencies are available?

Accounts are available in 13 different currencies.

If I have more than one currency do I need more than one account number?

No, you can open as many different currency accounts as you wish. We do have full foreign exchange facilities if you need them.

Can I change from one currency to another?

Yes, we offer accounts in all major currencies. You can open as many accounts as you wish and transfer money between them at will.

What are your fees and charges?

There is no charge for opening a Bank of Ireland account. Please click here for more information regarding fees and charges relating to the operation of your account.