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Bank of Scotland International Transfers & Exchange Rates
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Published On:
November, 25 2022
Edited On:
March, 24 2023

Bank of Scotland International Transfers & Exchange Rates

The Bank of Scotland is the 5th oldest bank in the UK, having been established in the 17th century. Today, the bank offers personal, business, and private banking services and the Bank of Scotland is a subsidiary of Lloyds Banking Group. This review covers everything you need to know about the Bank of Scotland to help you make the right international transfer decisions, including the fees and exchange rate margins charged by the Bank of Scotland.

About the Bank of Scotland

The Bank of Scotland was founded over 300 years ago and is headquartered in Edinburgh. It has long been one of Europe’s foremost banking institutions, and was one of the first banks on the continent to print its own bank notes (something it continues to do to this day). In 2008, Bank of Scotland became part of the Lloyds Banking Group, and currently the bank has over 280 branches and 2.8 million personal customers.

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Bank of Scotland Exchange Rates and Fees

The Bank of Scotland supports more than 165 global currencies for international money transfers. When using these services, the bank will charge you both a flat fee and a margin on top of the mid-market exchange rate (if your transfer involves a currency conversion). Here is what you should look at in terms of the cost of international transfers with the Bank of Scotland.

Exchange Rates

The Bank of Scotland charges an average margin of 1.50%-3.55% above the currency conversion rates you see on Google, Reuters, and other news organisations. The exact margin you will be charged will depend on the currencies involved in your transfer, and generally more commonly used currencies will have more favourable margins applied.


International payments with the Bank of Scotland attract a £9.50 charge. The exception to this is that payments made in Euros from your account incur zero transaction fees.

Additional Costs

Correspondent banks may charge between £12-£20 in the form of receiver’s fees, with the costs deducted from the amount the beneficiary is able to collect. Also, Bank of Scotland charges between £2- £7 to receive incoming payments.

Bank of Scotland Pros and Cons

Just like with any other service provider, it is important to evaluate the Bank of Scotland’s pros and cons before using any of its services. Here is a quick summary of what to consider.


Part of a larger banking group: Bank of Scotland is part of Lloyds Banking Group, UK’s largest provider of basic and social bank accounts.
Wide currency support: The bank supports more than 165 global currencies.
Large transfer limits: Customers can transfer as much as £100,000 online with limitless branch transfers.


Large exchange rate margins: The margins of 1.50%- 3.55% can be expensive, especially when making large transfers.
High intermediary fees: While Bank of Scotland charges £9.50 per transfer, there are correspondent bank fees of up to £20 that you may have to absorb.
No global presence: The Bank of Scotland doesn’t operate internationally. However, it links up with Lloyds Bank Corporate Markets plc to enable such services.
Longer delivery times: International payments can take anywhere from 1-4 days to be delivered, with a maximum time of 14 days stated by the bank.

How to Open an Account and Transfer Money With Bank of Scotland

For you to use any of the Bank of Scotland’s services, including international money transfers, you need to first open an account. Here are both the account opening and money transfer processes.

Opening an Account

Go online, choose the type of account you want to open (most likely ‘personal’) and follow the below steps.

  1. About You: Enter your name, date of birth, and nationality

  2. Your Household: Key in your current address

  3. Your Income: State your employment status and income

  4. Contact Details: Provide your phone number and email address

Check that all the details you’ve filled in are correct then submit the form.

Sending Money

  • Step 1: Log onto the online platform and select ‘Payments and transfers’

  • Step 2: Click on ‘Pay someone new’

  • Step 3: Enter the beneficiary’s account details

  • Step 4: Input the amount you want to pay and the reference

  • Step 5: (Optional) Schedule the payment for a later date - this can be done up to 31 days in advance

  • Step 6: Review the payment confirmation and click on ‘Make payment’


The Bank of Scotland is one of the constituent banks in the Lloyds Banking Group. When making international transfers, the bank links you up with Lloyds Bank Corporate Markets plc to enhance its global coverage. It supports a large number of currencies and offers its customers large online limits.

That being said, don’t expect Bank of Scotland to be the cheapest option around. Its transfer fees and exchange rate margins can quickly add up making your transfer expensive - especially if you’re transferring large amounts in an exotic currency. If you want the best deal for your money transfer, it is best to look for an alternative in specialist money transfer companies. The best way to do this is to take a minute to fill out our comparison form, which will show you your best options in seconds.

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April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.

Answers to key questions about Bank of Scotland

Before jumping in to begin using the Bank of Scotland’s products and services, here are a few things it’s essential for you to know.

Can I open a Bank of Scotland account in any country?
Does Bank of Scotland have an app?
Are there transfer limits?
How long do transfers take with Bank of Scotland?
What customer support options are available?
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