Lloyds Bank

Lloyds Bank international transfer calculator and review

Lloyds' international transfer service is convenient for existing customers, but it's not the cheapest around.

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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.

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Name Product Fastest transfer Fee Key benefits Amount received
Lloyds Bank International Transfers
24 hours
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Please note: You should always refer to quotes you receive from transfer services themselves directly for exact amounts as they may vary from our estimates.

How much does Lloyds charge for international transfers?

Transfers within the European Economic Area (EEA) do not incur a fee, however a margin is added to the exchange rate. Lloyds charges a fixed transfer fee of £9.50 on transfers outside the EEA (in addition to the margin added to the exchange rate).

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.

What are Lloyds Bank’s international transfer exchange rates?

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.


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How long does an international transfer with Lloyds Bank take?

Transfers in within the European Economic Area (EEA – check the full list of countries) should arrive no later than the next working day. Transfers to the US, Canada, South Africa, Australia, New Zealand, the Middle East and the Far East can take up to 4 working days. Other transfers can take a maximum of 14 working days.

Are Lloyds international transfers safe to use?

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.

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 transfer. This allows you to send money overseas quickly and conveniently.
  • Scheduled transfer. This allows you to schedule a transfer for a date in the future.
  • Regular 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 for international transfers?

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.

Lloyds international transfers pros and cons


  • 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.
  • Transfer immediately, at a later date or set up recurring payments. You can even eset up a “SEPA Direct Debit” to pay regular bills in Euros to accounts held in the European Economic Area (EEA).


  • Transfer fees. Transaction fees apply to all transfers to non-Lloyds accounts outside Europe.
  • Exchange rate margins. Lloyds doesn’t use the interbank exchange rate – it adds a small margin on top (which is a bit cheeky given that it may also charge you fixed fees). The exchange rate will typically be significantly worse than if you were to use a specialist money transfer service.
  • Transfer speed. Lloyds Bank isn’t the fastest transfer service around, particularly if your’re sending outside Europe.

How to make an international transfer with Lloyds Bank

Lloyds banking app screenshot showing how to create a new international payee

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:

  1. Sign in to your online banking or mobile app. Visit the Lloyds Bank site and look for the log-in button, or simply launch the mobile app and verify yourself.
  2. Go to the account you wish to transfer from and select “Pay & Transfer”. Look for the icon with arrows pointing in opposite directions.
  3. Create a new payee. At this point you’ll usually be able to select “International bank account”. You’ll need to provide their full name, address (for anti-fraud purposes), IBAN (International Bank Account Number) and BIC/SWIFT (Bank Identification Code) number. Some countries may require slightly different details, but those are the most common. Your recipient may need to go to their own online banking to get these numbers for you.
  4. Enter sending amount and desired currency. At this point Lloyds should give you an indication of how much your transfer will cost (or how much your recipient is going to receive). You should be able to see what fees are being applied and what exchange rate is being used.
  5. Action the transfer. If you’re happy to proceed, you can go ahead and press send. Lloyds may ask you to enter a passcode again at this point or verify your ID with biometrics, since you’re sending to somebody new.
  6. Wait for your transfer to arrive. Lloyds international money transfers can take anywhere from a 1-14 business days to land, depending on the destination country.

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.

The verdict: Are Lloyds international transfers any good?

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 within the European Economic Area (EEA), 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 and often a fixed fee on top, 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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