Do you want to know about Lloyds Bank Charges for Transferring Money Abroad? Or you’re planning to transfer money overseas for the first time in your life; you may be concerned that the process will be costly and complicated. However, With Lloyds Bank International the process of making an international money transfer is straightforward and easy.
For international payments, or transfer money to your accounts overseas, Lloyds won’t charge you to transfer money abroad. The Lloyds bank charges for transferring money abroad are free through the International Moneymover Service. However, the correspondent and recipient bank fees could apply; let’s find out the Lloyds bank charges for transferring money abroad in this article.
Table of Contents
Lloyds Bank Charges for Transferring Money Abroad – Fees and Charges
International Moneymover Service
The Lloyds bank charges for transferring money abroad are free through the International Moneymover Service – Examples of Moneymover Service are
- Through Internet Banking
- By International PhoneBank, in a branch, or by writing
- By Standing Order
- To any other accounts by Lloyds Banking Group
Lloyds Bank Charges For Transferring Money Abroad – Correspondent Bank Fee
- Zone 1: Canada, United State Of America, and Europe – £12
- Zone 2: Other Countries – £20
(Note for the purposes of the Correspondent bank fee, Europe includes all EEA countries, Switzerland, Monaco, Guernsey, & San Marino)
Lloyds Bank Charges for Transferring Money Abroad – Electronic Funds Transfer
(CHAPS payments made within those of the British Isles) £30
When you make An International Payment there are two payment methods to choose from:
Lloyds Bank Charges for Transferring Money Abroad
- Split Charges
- Pay all Charges
Split Charges:
The recipient and correspondent banks in other countries might charge a fee for receiving payments, which is payable by the beneficiary should you decide to split the cost.
Pay All Charges
The Correspondent Bank Fee is due for international transactions if you opt to pay the charge to the recipient, if you’re allowed to do so, based on the location of the transaction and the type of bank account you have. This Correspondent Fee will replace the entire Correspondent Bank charges.
The bank that is receiving the money may charge the customer an amount, but we are unable to give information on this fee. What is the amount for Correspondent Bank Fee is contingent on your location at the receiving bank.
Lloyds Bank Charges for Receiving Funds
Electronic Bank Transfers – from different financial institutions are completely free
Cheque Collections – Cheques from £5 at £100: £S5, Cheques with £100 and higher, 25p per £100 – (£15 minimum, £80 maximum per cheque)
What to Keep In Mind When Sending Money to another Country
When you’re sending money to another country; there are some items you should keep in mind:
Time zones
The processing of your payments is done by banks during their regular working hours. The receiving bank might be located in a different zone. This could affect the speed at which your payment is processed. It is possible to be aware of this in case you must adhere to a deadline for payment.
Charges and costs
Lloyds bank charges for transferring money abroad through this Lloyds Bank International Moneymover Service are absolutely free. However, the correspondent and recipient bank charges could apply as explained above.
Delays
Bank payments to banks within the European Economic Area (EEA) – (in euros or in another EEA currency)
The law requires that the bank that receives the money from us has to pay the amount to the account of its customer when it receives the payment from us.
For payments outside of within the EEA, Monaco, and Switzerland or in currencies other than the EEA While it is usually within 5 working days, it is impossible to predict precisely when the foreign bank will receive the money. It will be contingent on the bank’s banking policy of the country, but shouldn’t take more than 14 days.
Frequently Asked Question
How do you go about making an international transfer through Lloyds?
You can send an international transfer via their online banking service or mobile application.
On the internet, you’ll be able to follow the directions on the screen to complete your payment.
In the menu ‘More Actions’, select ‘Payments and Transfers in the menu, and then select ‘Send money outside of the UK’.
Choose an account you’ve already paid for or enter the details to create the first time. After the information is put in place, you’ll be able to see an estimation of the cost prior to hitting the send button.
How long will it take for payments?
The payment should reach the bank of the recipient within 1 to 3 days. The amount is different between countries. We don’t have any control over how long it takes for the bank that is the beneficiary for the process to finish the transfer.
What are the requirements to do in order to conduct international payments?
To perform an international transfer of funds with Lloyds You’ll require the following details:
- The name of the recipient
- The address of the recipient
- The IBAN number of the recipient, or any other international account number
- The bank name of the beneficiary and address
- The bank’s SWIFT/BIC number of the recipient (this SWIFT/BIC searcher will help you find it even if you’ve not been provided with it)
What should I do or give to the sender to receive an international transaction through Lloyds?
The information you’ll need to provide for an international transfer to the account of your Lloyds bank account is as the following:
- Your account number
- Your sort code
- Your IBAN number – calculate your Lloyds IBAN number
- Your BIC
- The name of the bank is Lloyds Bank – and the SWIFT code
What is the time frame for an international transfer of funds with Lloyds take?
If you’re making a transfer in euros inside the EEA (European Economic Area) you should have it in the account of the beneficiary within the next day. If you transfer the money after 3:00 pm it could be necessary to wait for an additional day. Paying in other currencies inside the EEA could require up to 4 working days.1
For transactions outside of the EEA, There could be a lengthier wait time for payments outside the EEA. Lloyds estimates that it will not take more than 14 days.1
Is there a way for me to transfer money faster without an additional cost?
Lloyds offers an express transfer service for international transfers if there’s a company bank account, however, this service isn’t offered for regular international transfers made from personal accounts. The cost for this service is £28.3
Conclusion
Here in this article, we have helped you with Lloyds bank charges for transferring money abroad. Transferring money internationally can be difficult and the exact cost is difficult to figure out.
If you do decide to transfer money ensure you are aware of the amount it will cost you, and also how much the money actually ends in the hands of the recipient. For additional questions about your transfer; you could contact Lloyds the number to call them for any concerns: their number is 0345-602 1997 within the UK or +44 1733 347 0007 from overseas.
You can also make use of the Lloyds branch finder to find your local Lloyds Bank branch; their website explains the different ways to reach them including writing Lloyds via email.