In this article we take a look at Lloyds Bank and examine how Lloyds exchange rates & international money transfer services compare to other options available to you.
Online International Payments with Lloyds
There are two ways for Lloyds customers to Send Online Money Transfers these are via the Currency Internet Banking platform or within Sterling Internet Banking.
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.
Lloyds Currency Internet Banking
You can make international money transfers online via Currency Internet Banking. This service is for any of these international accounts:
– International current account in Euros and US Dollars.
– Savings accounts in all currencies (Bonus Saver and Incentive Saver). Penalties may apply, depending on account withdrawal restrictions.
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
Lloyds Sterling Internet Banking
Send from £1.01 up to £100,000 per day via Internet Banking.
Lloyds Exchange Rates – Are you getting a good deal?
If you are a Lloyds 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.
The transfer charge you pay depends on the amount of money you send and how you send it:
Lloyds 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.
Extra Fees for Branch and Telephone
– less than £5,000 = £20
– £5,000 or over = £35
General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any legal, accounting or financial decisions. The foreign exchange rates and products compared on this page and website are chosen from a range of products that bestexchangerates.com (BER) has access to and are not
representative of all the products available in the market.
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