Bank of Ireland (BOI) has completed the sale of its 700 non-branch ATMs to American electronic payment services provider Euronet.

According to media reports, Euronet paid an estimated €20m ($24.38m) for these cash machines, which are based in the Republic of Ireland.

The Irish lender said that the sale was underway since earlier this year and now gone through.

Since the Covid-19 pandemic began, cash withdrawals at ATMs across the country as well as internationally have reduced significantly.

This is because consumers relied more on cashless payment methods amid the pandemic.

BOI, after the sale completion, will retain its 750 ATMs in its branches.

As part of the deal, Euronet has promised not to increase the withdrawal fees for cardholders.

As a result, 25 cent fee per transaction will continued to be levied for at least the next three years.

In a statement, the bank said: “The sale allows Bank of Ireland to focus on its own branch network and to continue to invest in those services and in its digital channels.

“Under the terms of the sale, there will be no additional charges or fees for domestic cardholders.

“Euronet has also committed to continuing operating the ATMs at the current retailer sites and it intends to invest further in the ATMs once it takes control of the fleet.”

In February 2020, the US-based cash management firm The Brink’s Company also signed a deal to acquire Allied Irish Bank’s (AIB) ATM network.

Under the deal terms, AIB sold over 500 non-branch ATMs in the Republic of Ireland.

AIB retained nearly 200 branch ATMs, and 430 cash and cheque lodgement devices, of which 213 have the ability to dispense cash.