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Understanding the Table:
The comparison table above helps you see the total cost of your Lloyds Bank currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of available providers, simply enter your transaction type, details and click ‘GET RATES’.
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
No margin analysis data available for Lloyds Bank at this time.
The transfer charge you pay depends on the amount of money you send and how you send it:
Lloyds Bank state that they won't charge you extra fixed fees for transferring money overseas online. However, the true cost is in the exchange rate margin (see comparison table above) plus any correspondent and recipient bank charges.
There are two ways for Lloyds Bank customers to Send Online Money Transfers these are via the Currency Internet Banking platform or Lloyds Bank International Moneymover Service.
Both these services are available 24/7. However Lloyds only process the payments during normal banking hours so if your rate was not booked then the final rate may differ depending on the market.
You can make international money transfers online via Lloyds Bank's Currency Internet Banking. This service is for any of these international accounts:
The fine print:
You can send up to £30,000 – or currency equivalent – a day to almost anywhere in the world. There is a limit of £10,000 per payment.
For larger amounts up to £100K (currency equivalent) it is possible to give an instruction over the phone
loyds International Moneymover is a service offered by Lloyds Bank that allows customers to send and receive international money transfers quickly and securely. The service is available to Lloyds Bank current account holders who have registered for online banking.
With Lloyds International Moneymover, customers can transfer money in a range of currencies to over 200 countries worldwide. The service offers competitive exchange rates and low transfer fees, and allows customers to track the progress of their transfer in real-time.
Customers can use the Lloyds International Moneymover service through the bank's online banking platform, where they can initiate a transfer, set up recurring payments, and manage their payment history. The service also provides customers with a clear breakdown of the fees associated with each transfer, including any exchange rate margins, transfer fees, and other charges.
- less than £5,000 = £20
- £5,000 or over = £35
It's worth noting whatever the transfer method that Lloyds exchange rates and fees will vary depending on a range of factors, including the amount being transferred, the destination country. Customers should always compare rates and fees to ensure that they are getting the best value for their money.
The best GBP to NGN exchange rate is 1888.21 from Wise. This is -0.75% compared to the mid-market rate 1,902.5.
As exchange rates can vary significantly between banks and also between currency exchange providers, it's therefore important to carefully compare British pound (GBP) to Nigerian naira (NGN) rates from different sources before making a conversion.
The above Lloyds Bank - Sterling to Naira comparison table makes it easy to compare the Total Fees (both variable and fixed) you are being charged by Lloyds Bank and other foreign exchange providers against the latest GBP-NGN mid-rate and the possible savings of using various providers.
Looking at the full GBP to NGN - Send Money comparison table the provider with the best GBP to NGN exchange rate is Wise at 1888.21, -0.75% from the latest mid-market rate 1,902.5.
The next best is Western Union at 1873.94, -1.5% from the mid-rate.
Among the banks the Lloyds Bank rate is -71.306 at -103.7% the Royal Bank of Scotland rate is -59.8912 at -103.1% and the Barclays Bank rate is -65.5986 at -103.4% compared to the mid-rate 1,902.5.
It's important to note that exchange rates also fluctuate frequently due to market conditions. Additionally, banks like Lloyds Bank often apply a margin to the exchange rate, resulting in a less favorable rate for customers compared to the mid-market rate. For more competitive rates, you might consider using a specialized currency exchange service or platforms that offer rates closer to the mid-market rate.
View a full list of exchange rates by selecting your Base (from) currency:
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