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Lloyds International Transfers

Lloyds is a household name and one of the Big Four banking institutions in the United Kingdom. With over 250 years of experience in personal and business banking, Lloyds has managed to steer through both the good and bad economic times.

The bank’s customers enjoy a wide array of products and services including banking solutions, investing, insurance, wealth management, and pension services. In this review, we shall dig deeper into the banking solutions offered, especially in relation to the bank’s international money transfer services including Lloyds exchange rates.

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About Lloyds

Founded in 1765 by John Taylor and Sampson Lloyd, this bank started as a private financial institution in Birmingham. Over time, it grew to what we know today as the Lloyds Banking Group bringing together Lloyds Bank, Bank of Scotland, Halifax, and Scottish Widows among other leading brands.

The group is cross-listed on the London Stock Exchange and New York Stock Exchange in addition to being among the largest companies listed on the FTSE 100 financial index. Lloyds has over 1100 branches spread across England and Wales and serves more than 10 million customers. 

Through its multi-currency services, the bank supports over 50 foreign currencies including the Sterling, Euro and US dollar. This means you can use Lloyds bank to pay in foreign currency or exchange currency. For example, if you are abroad and you need to pay in foreign currency, you can use your Lloyds debit card for purchases outside local jurisdictions and foreign currencies.

Lloyds exchange rates and fees

Lloyds bank is a major player in the foreign currency market. It purchases different foreign currencies at wholesale exchange rates and then adds an exchange rate margin when selling them to its customers. These exchange rates are automatically applied.

When using these services to make international money transfers, there are fees that you should expect to incur. Here is a breakdown of the Lloyds exchange rates and the fees Lloyds bank charges.

Lloyds Exchange rates

The bank adds a margin of between 4.5-6% on top of the mid-market rate when transferring customers’ funds overseas. Here are a few scenarios involving the major currencies.

  • GBP to USD: The bank charges 4.95% above the mid-market rate
  • GBP to EUR: Lloyds bank charges 5.08% above the mid-market rate
  • GBP to AUD: Customers pay 4.96% above the mid-market rate
  • GBP to CAD: Customers are billed 5.1% on top of the mid-market rate.

If you would like to know more, you can check Lloyds bank exchange rates by visiting their website. The exchange rates may vary depending on the country you are sending money.

Lloyds charges among the highest exchange rate margins of all banks when sending money abroad or when receiving foreign currency, and these rates are significantly higher than you’ll find if using specialist money transfer companies.

Lloyds Transfer fees

The fees you pay depend on how much you send and how you send it. Below is a snapshot of the fees to expect when sending or receiving money in foreign currency.

  • Online transfers: When you transfer less than £5,000, you pay £10 in fees. Transfers from £5,000 and above attract a £17.50 charge.
  • Branch and telephone: Customers making transfers using telephone or branch banking are charged £20 for transfers under £5,000. Any amounts from £5,000 and above are charged at £35 per transaction.

Additional costs

Apart from the Lloyds exchange rates and the international money transfer fees charged above, beneficiaries may also be charged inward SWIFT fees by the receiving bank. Such fees range from £7-8 per transaction.

Lloyds pros and cons

Lloyds is an established bank and a reliable provider of large domestic and international transfers. However, when looking at speed and cost, alternatives such as money transfer companies are worth considering. Here are the pros and cons to consider when using Lloyds’ services.

Pros
High transfer limits: Through the branch, customers can send upwards of £100,000 per day.
Security: As with most banks, Lloyds has one of the best-in-class technologies including secure SSL protocols and firewalls ensuring customers’ money is safe.
Foreign exchange solutions: Customers have access to specialised foreign exchange management services such as limit orders, regular currency plans, and spot foreign exchange deals.
Cons
High exchange rate margins: The Lloyds bank exchange rate margins are higher than what you would ordinarily get with specialist money transfer companies, or even with other banks. At 4.5- 6%, the margins can significantly eat into your transfer.
Steep fees: While branch and telephone banking enable customers to send large sums of money, sending small amounts ends up costing more.
Delivery speeds: Most transfers through Lloyds take about 1-3 working days to be delivered. Having said that, certain remittance routes and local regulatory checks may delay payments for up to 5 working days.
Limited payout options: Funds can only be sent to a beneficiary’s bank account. For any other payout options such as cash pickups and mobile wallet deposits, you may have to look for alternative transfer options like money transfer companies.

Lloyds Bank Swift Codes

BankCountryCity
Lloyds Tsb Bank Plc Australia BranchAustraliaSydney
Lloyds Tsb Bank PlcEcuadorGuayaquil
Lloyds Tsb Bank PlcEcuadorQuito
Lloyds Tsb Bank Gibraltar LimitedGibraltarGibraltar
Lloyds Tsb Bank PlcGibraltarGibraltar
Lloyds Tsb Bank Guensey LtdGuernseyAlderney
Lloyds Tsb Bank Guensey LtdGuernseySt Martin
Lloyds Tsb Bank Guensey LtdGuernseySt Peter Port
Lloyds Tsb Bank Guensey LtdGuernseySt Sampson
Lloyds Tsb Bank PlcHong KongHong Kong
Lloyds Tsb Bank Iom LtdIsle Of ManCastletown
Lloyds Tsb Bank Iom LtdIsle Of ManDouglas
Lloyds Tsb Bank Iom LtdIsle Of ManRamsey
Lloyds Tsb Bank Plc Tokyo BranchJapanTokyo
Lloyds Tsb Bank Plc Jersey BranchJerseySt Brelade
Lloyds Tsb Bank Plc Jersey BranchJerseySt Helier
Lloyds Tsb Offshore LimitedJerseySt Helier
Lloyds Tsb Offshore LtdJerseySt Helier
Lloyds Tsb Bank PlcLuxembourgLuxembourg
Lloyds Tsb Bank PlcMonacoMonaco
Lloyds Tsb Bank PlcNetherlandsAmsterdam
Lloyds Tsb Bank PlcNetherlandsHaarlem
Lloyds Tsb Bank Plc SingaporeSingaporeSingapore
Lloyds Tsb Merchant Bank LimitedSingaporeSingapore
Lloyds Bank PlcSouth KoreaSeoul
Lloyds Bank International SaSpainBarcelona
Lloyds Bank International SaSpainBilbao
Lloyds Bank International SaSpainMadrid
Lloyds Bank International SaSpainMarbella
Lloyds Bank International SaSpainPalma De Mallorca
Lloyds Bank International SaSpainPamplona
Lloyds Bank International SaSpainSanta Cruz De Tenerife
Lloyds Bank International SaSpainSevilla
Lloyds Bank International SaSpainValencia
Lloyds Tsb Bank PlcSwitzerlandGeneva
Lloyds Tsb Bank PlcSwitzerlandZurich
Lloyds Tsb Bank PlcUruguayMontevideo
Lloyds Tsb Bank PlcUsaMiami Fl
Lloyds Tsb Bank PlcUsaNew York Ny

Does Lloyds have an app?

Yes, Lloyds has a mobile banking app; customers can use it for the following features and functionalities:

  • Make bill payments and money transfers
  • Manage standing orders and direct debits
  • Contact customer services
  • Check account balances and any pending payments
  • Check Lloyds exchange rate
  • Update their details
  • Check your Lloyds foreign currency account
  • Contact customer support

What is the Lloyds Bank app?

Lloyds is a long-standing high street staple in the UK banking world and in order to keep up with the rapid digitalisation of traditional bank services, the company has developed a secure mobile application for its customer base of over 10 million people. 

As with the Lloyds Internet Banking platform, the mobile app can be used to pay bills, send money transfers to contacts, deposit cheques online, move money between accounts, set up and manage direct debits or standing orders, as well as useful account management services like updating contact details or resetting PIN number.

How do I get the Lloyds Bank app?

The Lloyds Bank app is compatible with all recent versions of iOS or Android devices. It can be downloaded for free from the Google Play Store or App Store. 

As a product of Lloyds Bank, existing customers can set up the mobile app using the same details used for their Internet Banking. Biometric technology such as facial and fingerprint recognition is used to guarantee total safety during the login process. 

Can I make international transfers with the Lloyds Bank app?

Yes, the Lloyds Bank app facilitates overseas payments in more than 30 foreign currencies. They offer a Lloyds foreign currency account. Plus, as a UK based bank, Lloyds customers can take advantage of fast, fee-free Euro transfers within the SEPA zone.

Although it is possible to make international transfers through this banking app, it is important to fully understand the various Lloyds bank exchange rates and bank transfer fees that will be added to all foreign currency exchange transfers arranged through Lloyds Bank.

How does the Lloyds Bank app perform?

We will now take a look at how the Lloyds Bank app performs, to find out if it is a worthy competitor of the leading money transfer apps.

User interface: the formatting is largely similar to the Internet Banking, green and white design with clearly displayed prompts, familiar enough for customers to easily navigate. It is very secure due to multiple layers of security: fingerprint and facial recognition, time-out screen settings, requests for PIN number and memorable data, as well as sophisticated encryption. 

Speed and bugs: according to user feedback online, any bugs encountered by customers are quickly fixed and the software improved upon. From our testing, this app functions quickly and efficiently, without any glitches.

How to Send Money with the Lloyds Bank App

Once you have downloaded the app and registered/logged into your account, follow these 3 steps to send money quickly and securely with Lloyds Bank:

Step 1. Log into your Lloyds account using the credentials used during registration; click on Make a Transfer once logged in

Step 2. Enter the amount you wish to transfer and select the account from which the funds should be transferred

Step 3. Enter the recipient’s account details, being careful to ensure the information is correct; clicking Transfer once complete

How long does it take to send through the Lloyds Bank app?

  • SEPA Direct Debit transfers: within the same working day (unless it is a public holiday in either sending or receiving countries) 
  • Euro transfers to countries within the EEA: within 1 working day
  • Non-Euro transfers to countries within the EEA: within 4 working days
  • Any currency to North America, Canada, South Africa, Australia, New Zealand, Middle East and the Far East: within 4 working days
  • Any currency to any other country: within 14 working days

Can you add money directly to the Lloyds Bank App?

As a mobile banking app, users will have full access to funds held in their Lloyds Bank account(s).

Ratings and Feedback for the Lloyds Bank app

Android users have rated the Lloyds Bank app 4.7 stars out of a possible 5 over on the Google Play Store; and iPhone owners have given it 4.8 stars, indicating this mobile app is reliable and convenient across all devices.

Answers to key questions about Lloyds

As you consider using Lloyds to help you send money locally or abroad, it is important that you also look at certain aspects that may affect your transfers. Here are answers to some of the questions you may have. 

Can I open a Lloyds account in any country?

You can only open a Lloyds foreign currency account only if you live in the UK or EU. Individuals who have been granted the right to UK residency for at least 12 months can also apply for an account. Accounts are available in Sterling, Euro, and US dollar.

Are there transfer limits?

Lloyds has put limits depending on the mode of transfer. For online transfers, the limits are £10,000 per transaction and a maximum of £30,000 per day. Larger amounts of up to £100,000 per day can be done over the phone. There is no upper limit for branch transfers.

How long do transfers take with Lloyds?

According to Lloyds, transfers take anywhere from 1-3 working days. However, when transferring to far off destinations such as to countries in Asia and Africa, some transfers may take up to 5 working days to be delivered. 

What customer support options are available?

There are several ways customers can reach out to Lloyds for support. Here are some of the options available.

  • Telephone: UK customers can call 0345 300 0116 while those outside the UK should call +44 173 323 2030 for support.
  • Social media: Support is also available via WhatsApp at 9711773333 and on Twitter at @LloydsBank.

How to open an account and transfer money with Lloyds

To be able to send money using the Lloyds banking service, you must first open an account with them. You can sign up online, over the phone or at one of their branches. The process is straightforward with a few checks along the way. 

Before we get into the mechanics of account opening, you must have the following documents on hand:

  • Proof of identity: The documents expected are your passport, driver’s license, or EU identity card.
  • Proof of address: Here, you could provide your utility bills, a letter from your employer, council tax, or any other documents having your physical address.

Opening an account

Here are the steps to expect when opening a Lloyds bank account online

1. Personal information: Enter your name, date, and country of birth.

2. Your household details: Enter your postcode and house or flat number. You also must state whether the house you live in is a rental or you own it.

3. Your income: Indicate your employment status, your employer if applicable and your UK tax status.

4. Contact details: Type in your UK phone number and email address.

5. Confirm your details: Check that all your details are captured correctly and submit the form.

If you would like to create a Lloyds foreign currency account, you can check their website to see all the conditions and follow the instructions.

Sending money

When your account is approved, you can now send money in person at the branch, over the telephone or 24/7 online to your family, friends, or business partners. Here are the steps to follow:

1. Log into your account using the credentials provided

2. Click on ‘make a quick transfer’ 

3. Enter the amount you wish to transfer

4. Select the accounts from which the funds are to be transferred

5. Select the beneficiary account

6. Check through and confirm the transfer details and click on ‘Transfer’.

Summary

Lloyds has been in the financial industry for over two hundred years but it is not just a famous bank, rather a reliable provider for personal and business financial solutions. Whether you are looking for investment and wealth management solutions or a secure platform to facilitate your financial transactions, Lloyds is one of the top choices.

Having said that, it is important to also note that Lloyds charges fees and commissions on its transfers. Also, you need to keep in mind the foreign currency exchange rates when sending money to another country. Depending on your transfer amount and destination, you may pay a lot more than you’ve budgeted for, as Lloyds charges among the highest exchange rate margins in the industry for international transfers. Also, transfer deliveries often take time hence the service may not be appropriate if you want your funds delivered fast.

For more transfer choices and better deals, it is worth considering money transfer companies. Typically, they are faster, cheaper and have a lot more payout options compared to banks. To make your work easier, MoneyTransfers.com has developed a tool to enable you to make quick and accurate comparisons of the various providers available on your transfer route and how much they charge to send funds across borders. 

April Summers

April is a trained journalist and the Content Editor for MoneyTransfers.com. 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.