Lloyds Bank offers simple international money transfers to 30+ currencies and can accommodate one-off transfers, setting up recurring payments, or arranging a transaction for a later date. The service is available 24 hours a day, 7 days a week through your online banking where you can send up to £100,000 with ease. You also have the option of sending money overseas through telephone banking (£10,000 limit), or you can head to your local branch, where there’s no upper limit on transfer size.
To make comparing even easier we came up with the Finder Score. Fees, features and customer service across the most popular international money transfer services are all weighted and scaled to produce a score out of 10. The higher the score the better the service – simple.
Read the full methodologyPlease note: You should always refer to quotes you receive from transfer services themselves directly for exact amounts as they may vary from our estimates.
Transfers using Lloyds Bank’s International Moneymover Service are completely free.
However, if you’re arranging the transfer in-branch or over the phone, an optional “Correspondent Bank Fee” can also be paid. Paying this fee means that your recipient shouldn’t incur any costs at their end – Lloyds covers it. When you don’t pay this (as is the default with online banking) you opt to “share the payment charges with the recipient”, and your recipient may incur a fee from their bank. The Correspondent Bank Fee is £12 for money sent to countries in Zone 1 (USA, Canada and non-EEA European countries), and £20 for countries in Zone 2 (rest of world). You won’t need to pay this if you’re transferring to another Lloyds Banking Group account.
Lloyds uses the live “interbank”/”mid-market” exchange rate, with a margin added on top. The margin varies from 3.55% on transfers below £10,000 to 1.5% on transfers over £250,000. To view Lloyds’ current 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.
Transfers should arrive in your recipient’s bank in 1–3 days, however the time will vary from country to country.
Lloyds Bank is one of the “Big Four” banks in the UK, with over 250 years of banking experience (it was established in 1765). It’s regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority with registration number 119278 and is covered by the Financial Ombudsman Service (FOS). Your eligible deposits with Lloyds are protected by the Financial Services Compensation Scheme (FSCS) which can offer compensation if a bank goes bust. Lloyds’ online services use “Enhanced Internet Authentication” (EIA), encryption and 2-factor authentication.
Lloyds offers the following transfer options when you want to send money to an overseas bank account:
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.
In order to use Lloyds’ international money transfer service you’ll need to be a Lloyds Bank account holder. If you’re set-up for online banking or use the Lloyds app for most of your day-to-day banking needs, you can follow these steps to arrange your international bank transfer:
The money can be with your receipient within 24 hours for transfers within Europe and all you’ll need is a smartphone or computer, an internet connection, or if you’re heading into a branch, your passport or driving licence and a separate proof of address. Finally, you’ll need your recipient’s address and account details.
If you want to send a phone transfer, then the number you need to call will depend on your account type.
Lloyds international transfers are convenient for existing Lloyds customers, and it’s obviously a well-known, trusted brand. However, when compared to dedicated international money transfer services, it’s simply not competitive.
So if you’re sending a small (less than £500) transfer, then you might be happy enough to swallow the poor exchange rate for the sake of ease. But because Lloyds charges a margin on the exchange rate, the potential savings you can get from looking elsewhere when transferring more, or further afield, are simply too attractive.
App-first transfer specialists like Wise or WorldRemit have got the user experience down to a fine art, so it’s really not much extra hassle to use them for fast, small transfers. Meanwhile forex specialists like TorFX or Currencies Direct are fantastic at the human touch that makes a tangible difference when transferring larger sums.
So while we absolutely appreciate the beautiful horse, Lloyds lost us at the rates and fees.
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