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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.
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.
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.
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.
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
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.
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:
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Considering a Lloyds personal loan? Use our calculator to work out how much you’ll pay back. Not only that, you can see how Lloyds stacks up against the competition and make sure you’re getting the best deal.
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