Lloyds Bank Exchange Rates - Are you getting a good deal?
If you are a Lloyds Bank customer and looking to send money overseas through an International Money Transfer (IMT) or get some travel money, you can use the comparison table snapshot below for an indication of how Lloyds Bank exchange rates compare to alternative FX providers.
Lloyds Bank has the largest number of retail customers in the UK, with over 13 million customers. Lloyds Bank provides a range of financial products and services, including international money transfers (IMTs). Customers can use the bank's online or mobile banking platform to initiate an IMT, or they can visit a branch in person to request a transfer.
Lloyds Bank's foreign exchange rates for money transfers compare favorably with other major banks but not so well when compared to currency exchange specialists.
Lloyds Bank does provide customers with a clear breakdown of the fees associated with each transfer, including any exchange rate margins, transfer fees, and other charges. This transparency allows customers to compare the cost of their transfer with other providers and choose the most cost-effective option for their needs.
Lloyds Bank state that they don't charge extra fixed fees for Online overseas transfers. However, the true cost is in the exchange rate markup plus any correspondent and recipient bank charges.
Our research shows that on average, Lloyds Bank's markup on their foreign exchange rates is somewhere between 3.5 - 8%, depending on the amount you're sending, where you're sending it to and which currency will be received.
Extra Fees for Branch and Telephone: less than £5,000 is £20 and £5,000 or over is £35