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Lloyds International Transfer: Fees and Exchange Rate (UK)

Money transfer

If you’re a Lloyds customer and need to send money abroad, check out this handy guide. We’ll walk through all you need to know about sending money overseas with Lloyds including the costs, transfer times and exchange rates available, so you can check it’s the best service out there for you.

Lloyds international transfer fee

Figuring out the costs of sending an international transfer can be tricky. There are often a few different fees to know about including a transfer fee, agent/correspondent bank fees, and an FX spread. This is a markup added to the exchange rate used - an extra fee.

Different providers structure their fees differently, which can make it harder to work out the true cost of your international transfer. To help build a picture we’ve compared a few options below in a cost example:

Cost example: Sending £1000 to a USD account online

Provider Transfer fee Exchange rate used (1 GBP - USD) Recipient gets
Lloyds £9.50 + £12 correspondent bank charges Mid-market rate + up to 3.55% FX spread Log into online banking to model payment and check overall costs
Wise £4.25 1.40010 $1,394.15
Xoom £1.99 1.3808 $1,380.80
HSBC £4 Third party fees may be applied, which are paid by the recipient HSBC exchange rate which may include a fee added onto the mid-market rate Log into online banking to model payment and check overall costs

*Fees and exchange rates correct at time of research - 20 April 2021

Lloyds correspondent bank charges

One fee you need to know about when sending a payment with Lloyds is the correspondent bank charge. Correspondent banks - which are also known as agent banks - work in partnership with your normal bank to process international transfers. They can then charge a fee for this service.

The fee levied by correspondent banks can be paid either by the sender or the recipient. If the recipient pays, the costs are deducted from the transfer as it is processed. If you’d rather pay upfront yourself when you make the transfer, here’s the cost:

Destination country Lloyds correspondent bank fee
Zone 1 - Canada, US and Europe (non-EEA) £12
Zone 2 - rest of world £20

Lloyds international transfer exchange rate

Each bank or international transfer provider sets its own exchange rate. That means you’ll find a range of different rates available for your payment - and shopping around for the best deal is a smart option.

The way Lloyds calculates the exchange rates used for international transfer is to take the mid-market exchange rate - the one you’ll find on Google - and add a markup. This is an extra fee wrapped into the rate offered for your transaction.

The markup used depends on how much you’re sending - here’s what you need to know.

Transfer value GBP Lloyds markup
Up to £25,000 3.55%
£25,000.01 - £75,000 2.4%
£75,000.01 - £250,000 2%
£250,000.01 and above 1.5%

While adding a markup to the exchange rate is not uncommon, not all international payment providers choose to do this. You may be better off looking for a service which uses the mid-market exchange rate with no markup, and charges a simple, transparent fee per transaction.

How to make a money transfer with Lloyds

Sending money internationally is easiest online. You’ll be able to make a quick payment using your mobile or online banking service and any previous recipient details will be stored to make it simple to make repeat payments, too. Here are the details you’ll need to get started:

Processing the payment online takes just a few steps:

What is the Lloyds transfer limit?

You can send an international transfer for any amount from £1.01 with Lloyds. Maximum limits are then set according to the way you arrange the payment:

Lloyds bank transfer time

If you get your payment arranged before the cut off time the transaction will be processed on the same day. Cut off times for online services are 3pm - if you’re making the payment in a branch or by phone the cut off may be slightly earlier at 2pm. Payments being made after the cut off won’t be processed until the following working day.

Once your payment is on its way the length of time it takes to arrive depends on where it’s going. Here’s an approximate guide to the wait time.

Sending money to Lloyds international transfer arrival time
UK, EEA, Monaco, Switzerland or San Marino - in euro Next working day
Another EEA country - in GBP, another EEA currency or Swiss francs No later than 4 working days
North America, Canada, South Africa, Australia, New Zealand, Middle East and Far East Should not take more than 4 working days
Rest of world Should not take more than 14 working days

Don’t forget payments may also be held up if there are public holidays either in the UK or in the destination country.

Lloyds UK contact

If you run into problems or have a question about your international payment with Lloyds you can get in touch in a few different ways:

Making an international payment should not be difficult - but finding the best provider out there may take a little research. You can make your payment with Lloyds or opt for a third party provider to send money online all over the world. Make sure you check all the fees and charges for each option available so you can compare them and find the one which suits your needs best.

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