Bank of Ireland has agreed to sell its network of 700 non-branch ATMs in the Republic of Ireland to US company Euronet, in a move that could in time lead to charges being imposed for their use.

The sale follows a strategic review of the operations.

The price paid by the electronic payments and transaction services firm has not been disclosed.

The bank said in a statement that the terms of the deal will mean there will be no additional charges or fees for domestic cardholders.

But it is understood that this agreement will last for three years, meaning after that Euronet could potentially begin charging for the use of the machines.

Most of the ATMs are located in retail sites.

"Euronet has also committed to continue operating the ATMs at the current retailer sites and it intends to invest further in the ATMs once it takes control of the fleet," Bank of Ireland said.

Following the deal, the bank will still own and operate more than 750 ATMs and lodgement machines around Ireland.

This it claims is the largest network of any individual bank in Ireland.

"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," it said.

Ulster Bank previously sold 400 ATMs to Euronet in 2018.

In February, AIB agreed to sell more than 500 non-branch ATMs to Brink's.