- Great for secure and convenient international transfers
- Not so great for non-Lloyds account holders
Lloyds Bank is one of the ‘Big Four’ banks in the UK, with over 250 years of banking experience. Its international money transfer service provides a fast and simple way to send money overseas to anywhere in the world. It is available 24 hours a day, 7 days a week and allows you to send up to £100,000 within a matter of minutes. However, transaction fees apply to all non-Lloyd accounts and its exchange rate tends to be worse than if you were to use a specialist money transfer provider.
Why should I consider Lloyds Bank?
- Choice of transfer methods. You can place a transfer online through your internet banking account, over the phone or by visiting a Lloyds branch.
- Secure and convenient. Sending an international transfer with Lloyds gives you the security and peace of mind of dealing with a trusted global financial institution, plus Lloyds customers will already have an account set and will not have to go through a registration process to access the service.
What to be aware of
- Transfer fees. Transaction fees apply to all transfers to non-Lloyds accounts, and the exchange rate will typically be significantly worse than if you were to use a specialist money transfer service.
How much are Lloyds Bank’s international transfer fees?
Lloyds has two fixed transfer fees, also known as the ‘Correspondent Bank Fee’. It charges £12 for money sent to countries in Zone 1 (USA, Canada and Europe), and £20 for countries in Zone 2 (Rest of the World). However, the service is free if you are transferring money into another Lloyds Banking Group account.
How are Lloyds Bank’s exchange rates?
Lloyds offers immediate conversion from one currency to another at the current exchange rate for customers.
To view Lloyds’ exchange rate for your transfer destination, login to your internet banking account and enter the details of your transfer. You’ll be able to review your transaction details, including the exchange rate that will apply, before you commit to making the transfer.
It’s worth keeping in mind that Lloyds’ international money transfer service adds a margin on top of the mid-market exchange rate for international transfers. Therefore, it is best to compare the displayed rate on Lloyds with the current interbank rate to work out the size of this margin.
What are the ways I can send money abroad with Lloyds Bank?
Lloyds offers the following transfer options when you want to send money to an overseas bank account:
- One-off transfers. This allows you to send money overseas quickly and conveniently.
- Repeated payments. You can make use of this transfer option when making regular overseas payments to the same person.
What payment methods does Lloyds Bank accept?
Lloyds Bank only allows payment via bank transfer. You will also need to have a current or savings account with Lloyds in order to use its international money transfer service.
How long does an international transfer with Lloyds Bank take?
Your payment should reach your recipient’s bank account 1-3 working days after you have made your transfer, depending on which country you are sending to.
Transfers typically take
1 day
How to make your first international transfer with Lloyds Bank
In order to use Lloyds’ international money transfer service you will need to be a Lloyds Bank account holder. When selecting an account, make sure you take a look at all the banking services available from Lloyds to decide if they meet your needs.
Making an international money transfer with Lloyds Bank
To send an online transfer, login to your Lloyds Internet Banking account. You can then navigate to the account from which you want to make the payment and click on ‘Send Money Overseas’.
Next, enter the details of your payment, including:
- Your recipient’s name and address
- Their IBAN (International Bank Account Number) or account number
- The name and address of your recipient’s bank – including the BIC (Business Identifier Code)/ SWIFT code/ clearing code
- The amount you wish to send
You then just need to review and confirm the details of your transfer.
If you want to send a phone transfer, then the number you need to call will depend on your account type. Meanwhile, if you want to make a payment from a Lloyds Bank branch, you’ll need to take some photo ID with you and your recipient’s details.
Is Lloyds Bank safe to use?
- Regulation: Regulated by the FCA
- Security: Enhanced Internet Authentication (EIA), Encryption, 2FA
- Established: 1765
How does Lloyds Bank compare to other money transfer services?
Table: sorted by promoted deals first
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
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