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TSB Bank International Transfers

TSB Bank plc. is a UK bank offering both retail and commercial banking services. Originally founded in the early 19th century, today the bank has over 536 branches across England, Scotland, and Wales. Our review will take users through every aspect of TSB international transfers, including any exchange rate mark-ups, transfer fees and available currencies.

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About TSB Bank

TSB stands for Trustee Savings Bank, a banking corporation founded in Dumfriesshire, Scotland, in 1810. In 1995 the bank merged with Lloyds Banking Group, one of the UK’s Big Four, forming Lloyds TSB. Today, TSB provides more than 5.2 million customers with financial support in the form of insurance and mortgage solutions, along with the traditional banking and global transfer services.

From current accounts to credit cards, TSB Bank offers an array of financial products and support to their customer base. This review will focus on the different aspects of their international bank transfer services, in order to help our users make a well-informed decision when arranging their next cross-border payment.

Can I use TSB Bank for international bank transfers? 

Yes, TSB offers international bank transfer services in over 20 currencies. Customers set up global payments through the bank’s online payment platform, in-person or via phone.

TSB exchange rates and fees

TSB charges a transfer fee on top of an exchange rate spread for all international transfers. Here are the costs to expect when using the bank’s services to send or receive money overseas.

Exchange rates

Making international payments from your TSB account typically incurs an average profit margin of 5% above the mid-market rates. The exact margin will vary depending on the currencies involved, but even as an average margin, this is a great deal higher than the rate of exchange offered by specialised money transfer operators.

Transfer fees

The fees incurred for an international bank transfer with TSB differ depending on how the payment is arranged:

  • Payments arranged through internet banking: £10.00 – £17.50 fee
  • Payments arranged in-person or over the phone: £20.00 fee

The sender can choose to pay all the fees themselves, share the charges with the recipient or ask the recipient to pay the full cost.

Additional costs

If your recipient is based outside of the EEA (not a Euro transfer) you may be charged an additional correspondent fee of up to £6.00. Customers will also be charged £2.00 – £7.00 for incoming international transfers deposited in their TSB account.

How do TSB Bank transfer fees compare to using a money transfer provider?

Based on the currency conversion costs and fee structure presented above, it seems moving money overseas with TSB is a far more costly option than the majority of money transfer providers on the market. Most specialist service providers apply minimal exchange rate mark-ups (0.05 – 1.5%) and many of them charge low or no fees.

TSB pros and cons

TSB is a well-respected bank with a substantial customer base, wide branch network and robust online financial services platform. However, users should consider all strengths and weaknesses before deciding whether or not to use a bank to send an international money transfer.

Pros
Extensive UK network: TSB currently has over 536 branches spread throughout England, Wales, and Scotland
Fee-free Euro transfers: The bank does not charge for payments sent in Euros within the EEA
Flexible transfer options: Customers can set up international transfers online, in branch or through telephone banking
Cons
High transfer fees: Customers could be charged £20 per transfer, a significant amount, especially for smaller transfers.
Large foreign exchange spread: Customers are likely to pay roughly 5% above the mid-market rate for foreign currencies
Delivery time: Payments can take 3-5 working days to be deposited to a foreign bank account
Incoming payment charges: TSB employs a receiving fee, in addition to correspondent fees, for incoming foreign transfers
Limited accessibility: This bank is available to UK customers only

Answers to key questions about TSB

Before using TSB to transfer your money internationally, we urge users to consider the following areas related to international finances.

Can I open a TSB Bank account in any country?

You can only open a TSB account if you are a UK resident, although the bank does offer alternative options for EU residents.

Does TSB Bank have an app?

Yes, TSB Mobile Banking is an app that is available to download for free on both iOS and Android devices. The mobile app can assist with the following:

  • Setting up and managing payments
  • Amending or cancelling payments
  • Contacting customer support
  • Moving money between TSB accounts

Are there transfer limits?

Yes, the maximum amount TSB customers can send online is £75,000 per day. This is pretty high compared to other service providers.

How long do transfers take with TSB Bank?

According to the bank, international transfers take 1 – 3 working days to be fully processed. This delivery window may extend to 5 working days depending on the intermediary and receiving banks’ security checks and processes.

Can I use a TSB Bank debit card when travelling abroad?

Yes, TSB assures customers they will be able to use their debit card overseas wherever Visa is accepted, albeit for an additional fee of 2.99% per transaction. Read the TSB You and Your Money Abroad guide to learn more.

How to send and receive money with TSB Bank

When dealing with international payments, some banks are more complicated than others. Luckily, TSB is well-equipped to handle cross-border transfers, and have developed an intuitive online platform and mobile app to help facilitate these kinds of transactions.

Sending money

Step 1. Log in to your account via the online banking platform or mobile app

Step 2. Select the ‘Move Money’ option and tap ‘Transfers’

Step 3. Enter the account you want to transfer funds from and the amount you wish to send

Step 4. Enter the beneficiary’s details (full name, contact details and bank account information)

Step 5. Select the payment frequency, desired transfer date and chosen currency

Step 6. Review the transfer in full, ensuring all the information has been correctly entered, then confirm

Receiving money

If you are being sent money from overseas, you will need to give the sender your bank account information. Prepare to provide the following details:

What customer support options are available?

The following options are available for customers who require help from TSB Bank:

  • Telephone: Call +44 20 3284 1575; customer service agents are available Monday to Saturday from 8.00 am – 8.00 pm, Sunday 8.00 am – 6.00 pm.
  • Live chat: Available via the website or mobile app
  • FAQ page: Review the Help and Support page

Visit this page for a full list of contact options available, categorised by topic.

Summary

TSB is a well-established, long-standing bank serving millions of people in England, Scotland and Wales. By offering international transfer services at over 500 bank branches as well as online via their banking platform and mobile, TSB makes it easy for customers to transfer money internationally.

However, customers must be aware that TSB charges high exchange margins (around 5%), high transfer fees, and is limited to 20 major currencies only. For this reason, the bank is not as well positioned as the specialist remittance companies that offer worldwide, low-cost, global transfers. Before sending any money abroad, we urge users to compare their options to ensure they are receiving value for their money.

Simplify the research process by using our comparison tool to discover the best money transfer deals on the market. It only takes a minute and could result in big savings the next time you send money to or receive money from abroad.

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.