Lloyds Bank

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Lloyds Bank Review, Exchange Rates, Fees Calculator & User Score

  • Fees and costs: Average
  • Transfer speed: Good
  • Safety and reliability: Very Good
  • Customer satisfaction: Good

Advantages

  • Years of experience
  • Well-designed platform

Disadvantages

  • High markup on the exchange rates

0 users would recommend it

0 users wouldn’t recommend it

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What is Lloyds Bank Wire Transfer?

Lloyds Bank is one of the biggest UK’s banks and has been on the market for more than 200 years. The logo has a characteristic dark horse. They offer a variety of financial services, and after you open up an account, you can order both domestic and international payments. Lloyds has an extensive network of branches and ATM in England and Wales. In 2012 they had almost 16 million personal customers and small business accounts.

How Does Lloyds Bank Wire Transfer Work?

If you want to send money overseas with Lloyds Bank, open up a current account and enable online banking features. You need to prepare the recipient’s full name and address, their IBAN or account number, the name of the receiving bank, or BIC/SWIFT code in case of European payments.

The bank will then take care of the whole international transaction process for you, and your recipient should get the money within 14 days. Popular destinations such as the USA or Europe get the payment within 4 working days.

Lloyds Bank Wire Transfer Fees and Costs

While the costs can depend from country to country, in general,, it costs 9.50GBP to send an international payment from your Lloyds Bank’s account.

Be aware that your recipient’s bank may also add extra fees for processing the transfer. USA, Canada, or Europe charge 12GBP, while the rest of the world costs 20GBP in processing fees. When ordering the transfer you have an option to choose who will pay these costs. You can leave them upon your recipient.

Lloyds Bank Wire Transfer Exchange Rate

The exchange rates at Lloyds change depending on the amount you are trying to send. The markup is set at around 1.50% to 3.20% above usual market prices. You get the best exchange offer for sending amounts above 250,000GBP.

Lloyds Bank Wire Transfer Limits

With the online platform, you can send up to 100,000GBP per day. If you are looking to make higher transactions, contact the bank's representatives or visit their local branch, where you can set up such deals.

The minimum payable amount is 1GBP, and you can send up to 5,000GBP through telephone banking.

Lloyds Bank Wire Transfer compared to online platforms

Lloyds Bank is undoubtedly well-established and reliable because of their years of experience and scale of operations. On the other hand, they are not able to offer better prices and exchange rates than independent online money transfer providers. However, when it comes to comparison with other mainstream banks, Lloyds seems to have quite a strong offer. But 14 days to process transactions and fees that could add up to more than 30GBP for a small transfer make the service quite expensive and slow for an online international transfer. On the other hand, it’s very secure to send money with them, and their network can reach almost every country in the world.

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How to use Lloyds Bank Wire Transfer?

To start ordering your international payments, you need to open an account with Lloyds Bank. They have a versatile offer, and you will most likely find a suitable account for you. There is a basic free current account, but you can also choose the offer with extra features and monthly fees. Remember, then to open the Lloyds Bank account, you need to be a resident of the UK.

You can also manage your finances through an online app and order the payments there.

How to sign up?

Visit your local branch or contact the bank’s representative to get the latest information and help with opening the account. If you already use some of Lloyds Bank products, you can register for online banking to access your account easier and make online transfers without the need for visiting bank locations and standing in queues.

Is Lloyds Bank Wire Transfer safe and reliable?

Security

The bank is fully regulated and checked by the government, as they need to comply with all of the financial laws. The security measures are at the highest level, and the online tools have a variety of features to improve your safety. You get a notification every time someone tries to log-in into your account, and you can set up double verification measures for any action. For example, when you order a payment online, the bank’s representative can call you to ask if it’s you making the transaction.

Public Reception

After being on the market for more than 200 years, the bank couldn’t avoid some controversies and troubles. There were multiple accusations of tax avoidance and money laundering schemes, and the bank was fined many times for failing to meet various regulations and policies.

At one point, there was also an organized attack on Lloyds customers, as hackers sent phishing emails to get access to their bank accounts. Since then, the bank is doing a scam prevention campaigns to warn users about fraud attempts and to double-check if the email they get is from real bank representative.

Comments

The Lloyds Bank reviews found online have mixed opinions. The customer seems to be divided, as there is an equal number of positive and negative comments.

“I bank online mostly and have used other banks, but I find Lloyds online very reliable and easy to use. They've also been helpful to me on the very rare occasions when I've raised a query with them. For me its been excellent online banking with very good support” ~ Alan on Trustpilot

As an advantage acts the fact that the bank has set up a fraud prevention team. They are responsible for solving issues with suspicious activity and will even refund you if your money gets stolen.

“I've been personally banking with Lloyds for 13 years and never had a problem. Their internet banking is easy to use, they promptly contacted me once where some dodgy transactions were going through my debit card (which I was totally unaware!) and I haven't lost any money. I can't really complain about them.” ~ MG on Trustpilot

As we’ve mentioned earlier, in order to use Lloyds Bank services, you need to be a resident of the UK, and even if you are working there and have all legal permissions to stay, there may be problems with registration.

“This bank makes it very hard for people that come from other countries to make an account, even if they are already working in the UK. Due to my NiNo being processed at the moment I was asked to bring utility bills(that are not easy to have, if you don't have a bank account or enough time in the country). And a letter from my employer verifying that I work there, which I brought and got rejected, because they did not like the format of the letter, even though it had all the required information.” ~ complains one of the users on Reviews.co.uk platform

Other people mention that the overall costs for transfers and currency conversion are too high, compared with the competition:

“Banked with these guys for some time and whilst I like the app and the staff I have conversed with over the phone, they charge way too much for currency payments.” ~ Shauna on Trustpilot

Customer Support

You can reach customer support through a phone call. There are different phone numbers available depending on what issue you have. There is also a live online chat available on their website. Some of your basic problems and questions may be solved by visiting FAQ and help section on the platform. They explain there all of the main features of the account, how to use it and how to order the payments.

Final Thoughts

Lloyds Bank Wire Transfer Review

Lloyds have numerous years of experience and have handled the finances of millions of people. Therefore, the sole service should be considered reliable and safe. However, when it comes to the costs and fees of sending and receiving international transfers, some of the independent online payment processors are able to offer better rates. On the other hand, compared to other banks, Lloyds' offer is quite sensible. The biggest drawback is the high markup on the exchange rate, as it can exceed 3%. The design of the platform and the transparency of the information makes it easy to research information, find suitable account, and register with them.

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