Lloyds Bank: Foreign Currency Exchange, International Money Transfer & ATM Fees explained
Co-Founder of Monito and money transfer expert, François has been helping Monito’s users navigate the jungle of money transfer fees, bad exchange rates and tricks for the last ten years.
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Travelling or sending money abroad? Discover Lloyds Bank's fees for International Wire Transfers, Currency Exchange and for using your credit or debit card abroad (incl. ATM fees). You'll learn how to save money and how to make smarter decisions about currency exchange.
Lloyds Bank international money transfer - all you need to know
Lloyds Bank is a large, international bank headquartered in the United Kingdom. The bank allows customers to make international money transfers 24 hours a day, seven days a week, although transfers will only be processed during normal business hours. Lloyds Bank has generous international money transfer limits of £100,000 a day and you can send money online, at a Lloyds branch or over the telephone.
Lloyds Bank also stores details of anyone you send money to, making it easy to send repeat international money transfers. Although they provide a range of comprehensive money transfer services, Lloyds Bank exchange rates are poor, meaning you’ll pay much more in hidden fees than if you used a dedicated money transfer provider.
What are the international money transfer fees and exchange rates for Lloyds Bank?
Lloyds Bank lists the fees it charges to make international currency transfers. Making an international transfer from your account will cost £9.50 to send the money. You or the recipient will also need to pay a “Correspondent Bank Fee,” as follows:
- The U.S., Canada and Europe outside the EEA: £12
- Everywhere else: £20
Lloyds Bank says, “If you share the payment charges with the recipient, you will only pay our £9.50 Payment charge and the recipient will pay their bank’s charges and any agent bank charges that apply.” Note that the beneficiary’s bank may also charge them a fee to receive the money into their account.
Lloyds Bank also charges an exchange rate that it worse than the baseline, interbank exchange rate. The difference between the baseline exchange rate and the rate offered by Lloyds Bank, is listed on their website as follows:
- International money transfer of 0 - £25,000: Exchange rate will be up to 3.2 percent worse
- International money transfer of £25,000.01 - £75,000: Exchange rate will be up to 2.4 percent worse.
- International money transfer of £75,000.01 - £250,000: Exchange rate will be up to 2 percent worse.
- International money transfer of £250,000.01 and above: Exchange rate will be up to 1.5 percent worse.
Here’s how that works out in practice:
Sending £2,000 to France and exchanging to euros
- The baseline, interbank exchange rate is 1 GBP to 1.13372 EUR
- The exchange rate offered by Lloyds Bank is 1 GBP to 1.09730 EUR, 3.2 percent worse
- This means that 2,000 GBP will convert to 2,267 EUR with the baseline rate, and 2,194 EUR with Lloyds Bank
- When you also take into account the £9.50 fee, this means Lloyds Bank will charge you around 80 EUR / 70 GBP more than the baseline rate, a total of around 3.5 percent
- This does not take into account correspondent bank fees
This is why it is generally not recommended to wire money internationally with Lloyds Bank if you’re looking for the cheapest way to send money abroad, but to compare all providers with Monito and find cheaper alternatives. Find out more with our complete guide on how banks and money transfer operators make money with hidden fees.
What are the international money transfer limits for sending money with Lloyds Bank?
Limits on how much you can send depend on the method you’re using:
- Online: Send up to £100,000 per day
- In branch: No maximum limit
- Telephone Banking: Send up to £5,000
How long does a Lloyds Bank international money transfer take to arrive at the recipient bank?
Lloyds Bank has cutoff times for the latest you can instruct them to send an international money transfer, as follows:
- Payment in euro made through a Lloyds branch or through telephone banking: No earlier than 2 p.m. and no later than 3 p.m., U.K. time
- Payment in a currency other than euro made through one a Lloyds branch or through telephone banking: 3 p.m., U.K. time
- Payment in any currency made through Internet Banking: 3 p.m., U.K. time
If you send money before the cutoff time, the transfer will start on that business day. If you make it after the cutoff time, the transfer will start on the next business day. Here’s how long Lloyds Bank says it will take to send the money to the beneficiary:
- Payments in euro to another country in the European Economic Area (EEA), or to Monaco, Switzerland or San Marino: No later than the next business day
- Any other currency to EU and EEA countries, or to North America, Canada, South Africa, Australia, New Zealand, Middle East and the Far East: Up to four business days
- Any currency to any other country: Should take no longer than 14 business days
If you’re in a hurry, try finding the fastest way to send money abroad by comparing all international money transfer services with Monito.
How to make a Lloyds Bank international wire transfer?
Lloyds Bank allows you to make international money transfers in several ways:
In a Lloyds Bank branch
Visit your local branch, talk to a staff member and follow their instructions. You will need to bring identification documents, your bank account details and details of the beneficiary of the payment.
Through telephone banking
In the U.K., call Lloyds Bank on 0345 300 0000, outside the U.K., call them on 0173 334 7007. Once you are connected, complete your security checks and then follow the instructions of the Lloyds Bank customer service agent
Via Lloyds Bank online, internet banking
Log into the Lloyds internet banking service, choose make a payment and follow the instructions.
In all cases, you will need to provide details of the beneficiary who will receive the transfer into their bank account. You will need to provide:
- Their name and address
- The name and address of their bank
- Their IBAN (International Bank Account Number) or account number or their BIC (Business Identifier Code) / SWIFT code / clearing code
- You may also need to provide other information like the reason for the transfer and further details
What is Lloyds Bank’s SWIFT Code?
If someone needs to send you money from abroad, they’ll need a SWIFT Code. The SWIFT Code for Lloyds Bank is: LOYDGB2L.
Which Lloyds Bank address and details should someone use when sending me money from abroad?
People from overseas can send money to your Lloyds Bank account in pounds or a foreign currency. Here are the instructions, provided by Lloyds Bank, on how to best receive money into your account:
- How to send the payment - You must instruct the overseas bank to send funds via SWIFT (Society for Worldwide Interbank Financial Telecommunication).
- Where to send the payment - Quote Lloyds Bank with the SWIFT code LOYDGB2L (Lloyds Bank is part of Lloyds Banking Group).
- Account details you should use - Your account number, sort code of your account, your IBAN (International Bank Account Number) and BIC (Business Identifier Code) of the account you want crediting. These are the same as your sort code and account number but in a format recognized abroad.
- You can find your IBAN and BIC by logging on to Internet Banking, selecting an account from “Your Accounts” then clicking on the ‘Show IBAN / BIC’ link.
Lloyds Bank charges for electronic payments received from outside the UK, other than by SEPA credit transfer:
- For payments of £100 or less: £2 fee
- For payments of over £100: £7 fee
Note that these fees will not apply to payments in pounds received from a bank account within the EU to a Lloyds Bank Basic Account. If you are paid in a foreign currency, Lloyds Bank will use their own exchange rates and convert the amount into pounds before depositing it in your account.
What Monito Likes About Lloyds
- If you’re a Lloyds Bank customer, you can send money easily
- Lloyds Bank provides multiple options for sending money
- There are generous limits on how much you can send
- Secure transfer with a bank you already trust with your money
What Monito Dislikes About Lloyds
- Super expensive international money transfers
- Hidden fees in the currency exchange rate margin
- Little visibility of the exchange rate applied to your transfer beforehand
- You can only send money to a bank account
- It takes up to 14 business days, depending on where you’re sending money
Alternatives to Lloyds Bank
Find the cheapest way to send money abroad
Lloyds Bank currency exchange service
If you’re travelling abroad and want to exchange your pounds to a foreign currency before your travel, Lloyds Bank allows you to convert your money.
- You can get travel money delivered to your home or a Lloyds Bank branch by 1 p.m. the next working day if you order before 3 p.m.
- There’s no delivery fee
- Lloyds Bank also provides an instant travel money exchange service into euros and U.S. dollars in select branches
- They do not charge a fee if you purchase from a Lloyds Bank current account
Note that If you use your credit card to order travel money, a cash advance fee may apply. You can order and pay online, at a Lloyds bank branch or over the phone. Remember that Lloyds Bank exchange rates are poor. You can find much better deals, and pay much less, by comparing international money transfer providers.
Compare travel money services for any major currency
Using your Lloyds Bank credit card abroad
In general, the foreign fees applied for using your Lloyds Bank credit card abroad will depend on your credit card. You can compare the options on Lloyds Bank’s website or learn about innovative multi-currency cards here. Typically, Lloyds Bank charges a 2.99 percent foreign transaction fee on the total amount of money you spend in a foreign currency.
What are the fees for using Lloyds Bank credit or debit cards at an ATM abroad?
When you withdraw cash in a foreign currency outside the UK, at a cash machine or over the counter, Lloyds Bank charges a fee of 2.99 percent of the value of the withdrawal and an additional, fixed fee of £1.50.
What you need to know when withdrawing money/paying abroad?
The ATM or Point of Sale device will often ask you if you want to use your card’s currency (USD if you’re banking with Lloyds Bank) or the local currency (let’s say Euros if you’re in Paris).
What are the fees for paying in foreign currencies online or at a shop with Lloyds Bank credit or debit cards?
Using your debit card to make a purchase or other transaction in a foreign currency will attract a foreign transaction fee of 2.99 percent of the total value of the transaction and an additional foreign currency purchase fee of £0.50. You will not pay the £0.50 fee if you use a Platinum or Premier account debit card.
You always want to pay in the local currency! If you pay in your home currency (UK pounds), you’re getting a dynamic currency conversion (DCC) which is often a very bad rate (we’ve seen 5-18% currency exchange margin).