Lloyds Bank international money transfers review

Learn how you can use Lloyds’ international transfer service to send money abroad quickly and conveniently.

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  • 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 takeClock icon for transfer speed

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.
1 - 18 of 18
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
TorFX
24 hours
£0

View details
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Wise (TransferWise)
4 hours
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Central FX
24 hours
£0

View details
Central FX's dedicated team will guide you or your business from first call to final payment.
Currencies Direct
24 hours
£0

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
CurrencyTransfer
24 hours
£0

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Xe
Within minutes
£2
SPECIAL OFFER ✓ £25 Amazon voucher when you refer a friend

View details
Xe has fast transfers with low fees and a range of foreign currency tools.
PassTo
Within minutes
From £0.99

View details
Get the first 2 transfers for free and also £5 when you refer a friend. T&Cs apply.
PassTo specialises in remittances to bank accounts and cash pickup locations in 45+ countries.
Remitly
Within minutes
From £1.49
SPECIAL OFFER ✓ Get £10 off with code FINDER

View details
Get £10 off with code “FINDER” when you send £100 or more. New customers only. Offer expires 14/07/22.
Remitly has quick, affordable transfers around the world, with both express and economy options.
CurrencyFair
24 hours
£2.50

View details
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Revolut
Within minutes
From £0
SPECIAL OFFER ✓ Sign up and get a free £10 top-up plus 1 month of Revolut Premium

View details
New customers get a £10 top-up when they sign up with Finder plus a premium month for free. T&Cs apply.
Revolut is a digital bank that sends money fast to 30+ currencies, often with no fee added to the exchange rate.
WorldRemit
Within minutes
From £1.99
SPECIAL OFFER ✓ Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
VertoFX Business
24 hours
£0

View details
Special offer: New customers get $100 trade credit after their first transaction. T&Cs apply.
VertoFX sends money via bank transfer at competitive rates and fees in 35+ currencies.
TorFX Business
24 hours
£0

View details
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Currencies Direct Business
24 hours
£0
SPECIAL OFFER ✓ https://www.currenciesdirect.com/en/info/refer-a-friend

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
Airwallex
Within minutes
£0

View details
Make business transfers to 130+ countries in 30+ currencies without international fees.
CurrencyFair Business
24 hours
£2.50

View details
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
WorldFirst Business
24 hours
£0

View details
WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.
Wise (TransferWise) Business
2 days
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
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