This review is specifically for the Lloyds international payment service and is intended to break down exactly what the lloyds money transfer offering is – how long international payments can take and the fees involved. This is one of two bank money transfer reviews on MoneyTransferComparison.com, to see reviews of dedicated money transfer services, check our top money transfer companies list. If you’re looking to make a lloyds money transfer abroad then read on.
|🏛️ Established||Lloyds Bank was founded in 1765 – making it one of the UK’s oldest banks.|
|🌎 International Clients||✗ UK Clients|
|💱 Currencies Offered||GBP, EUR, USD, CAD, ZAR, AUD, NZD & AED advertised, but we know that being a bank they will have access to every currency.|
|💷 Minimum Transfer||£1.01|
|📲 Trading via||In branch – no maximum limit.|
Telephone – £5,000 maximum limit
Online – £100,000 maximum limit
|🏢 Offices In||Offices throughout UK – England, Scotland and Wales|
|⚖️ Regulation||✓ Prudential Regulation Authority (UK), FCA (UK), Financial Services Compensation Scheme(UK), Financial Services Compensation Scheme (UK), British Bankers’ Association (UK)|
|🤯 Fees||Payments in Euro are free.|
£9.50 direct international payment fee from Lloyds for all other currencies.
£12 correspondent bank fee for transfers to USA, Canada and Europe (Non-EEA).
£20 correspondent bank fee to the rest of the world.
|👨👩👧👦 Client Reviews||752 reviews on TrustPilot, 549 reviews on reviews.co.uk (note neither account is actively managed by Lloyds Bank)|
|⭐ Client Rating||1.8 / 5 TrustScore on TrustPilot, 2.8 / 5 score on reviews.co.uk|
View Recommended Alternatives:
Some competitors to Lloyds international payment service are presented in the table below. Be sure to compare their currency rate with that of Lloyds money transfer abroad before you read on:
- Min Transfer: £/€/$ 100
- Currencies Supported: 39
- Offices : UK, EU, USA, India, South Africa.
- Our Rating : 97.8%
- Most Global Offices and Reach
No Fees from Anywhere and Competitive Rates
96% Client Satisfaction
- Min Transfer: £/€ 100
- Currencies Supported: 40
- Offices : UK, EU, Singapore, and Australia.
- Our Rating : 93.4%
- High Quality Bespoke Service
MoneyFact's Best Provider Award
Over 100 Years of FX Experience Across Its Trading Desk
- Min Transfer: £/€/$ 50
- Currencies Supported: 120
- Offices : UK, EU, Australia, USA, HK, UAE, and South America.
- Our Rating : 92.8%
- Business Oriented, Many High Profile Business Customers
Industry Veteran since 1979
Diverse Hedging Options and Excellent Guidance
Our Rating: N/A%
Status: Not In MTC’s Most Recommended List
“Cannot be directly compared to small commercial money transfer companies or currency brokerages but is significantly more expensive than specialists in this space”
Bottom Line: Lloyds Bank Review for International Payments
Lloyds Bank is the oldest of the big four banks to exist in the UK. It is far more regulated than commercial FX companies, and has a highly regarded app. We also like the fact that unlike other banks they are happy to provide an indication on their FX margins online.
With that being said however, the spreads are very high compared to the new industry standard being set by dedicated FX companies, and the payment fees are costly. Cheaper than other big banks but still much more expensive than specialised international money transfer firms online.