It can be confusing trying to get clear and helpful information from the big banks.

I’ve put together this guide to save you time searching for the answers.

You will find out what Lloyds charges for an international money transfer, how long it takes, and how the process works.

Lloyds international transfer fee

One of the most common things people want to know is the fee Lloyds charge for an international transfer.

Lloyds Bank charge a flat fee of £9.50 for international transfers, whether it is done online or in a branch. There is no fee if you transfer money to another Lloyds bank account.

Lloyds International Payments


Branch or Telephone

Lloyds to Lloyds

Transfer Fee




You should be aware that Lloyds also charge a ‘correspondent bank fee’.

This is an additional fee paid to intermediary banks used by Lloyds in executing your payment.

The correspondent bank fee is £12 for payments to the USA, Canada & Europe, or £20 for anywhere else in the world.

You can elect to share the correspondent fee with the recipient.

If you need to amend, cancel your transfer, or change the beneficiary details, there are ‘additional fees’, but Lloyds does not state how much these will be.

You can avoid paying these fees by using a money transfer company.

Note - some money transfer companies will also charge you fees, but there are some who don’t.

Lloyds Bank exchange rates (important)

A lot of customers think the transfer fee is the only charge.

Unfortunately, they don't realise that the real cost of their international transfer also depends on the exchange rate you get.

Like all the banks, Lloyds sets their own exchange rates.

The exchange rate you are offered has a profit margin already added by Lloyds.

I took a look behind the scenes and have worked out what Lloyds adds on.

The margin varies based on the amount you send.

Here are some examples below:

  • £25,000 amount – 3.2% margin = £800 in exchange rate costs
  • £50,000 amount – 2.4% margin = £1,200 in exchange rate costs
  • £100,000 amount – 2.4% margin = £2,400 in exchange rate costs

To put this in perspective, on a £50,000 transfer, you would be charged £1,200 in exchange rate costs and a £9.50 transfer fee.

As you can see, Lloyds exchange rate costs are way bigger than the fee.

The fee is really just an annoyance.

You might even call it a diversion.

On discussion boards, and even on Google search results, all the talk seems to be about the fee.

What's the fee? How much is the fee?

The exchange rate barely gets a mention.

I suspect most people aren’t aware of the real cost.

I also suspect the banks want you to focus on the fee.

The exchange rate is the elephant in the room. By looking at the mouse, you miss the elephant.

The broader point is if you just use Lloyds Bank for your international payments without even comparing their exchange rates, you may be a lot worse off.

Small differences in the rate can make a big financial difference to you.

My advice is to always get a quote from an alternative provider and compare how much money you would receive for your pounds.

There’s no harm in shopping around.

If you carry out a comparison, do it at roughly the same time because exchange rates move throughout the day.

You want to be comparing apples with apples.

Get a quote

How long does a Lloyds Bank international payment take?

The time taken depends on the currency and destination.

For payments in euros to the UK or an EEA country, your money should be delivered the next working day.

Payments in other any other currency generally take up to 4 working days.

Business customers can pay for an express service, but this option is not available for personal customers.

Lloyds has a daily cut-off time of 3 pm.

If your payment is made after that time, it will count as the next working day.

Does Lloyds have a daily limit?

Lloyds has a daily limit of £100,000 for international transfers using online banking.

That will be plenty for most people unless you transfer is connected to an overseas property transaction, in which case you may need to send more.

If you need to make a transfer over £100,000, you may want to consider using a money transfer specialist, as they do not have daily limits.

It will save you time (and fees).

The real issue is whether you are comfortable sending large amount of money online.

I know a lot of people (including myself) who would hesitate at sending a big chunk of my money through an online platform.

It’s easy to make a mistake with international transfers, including things like the direction of currency, the beneficiary details, and picking the best time to exchange your money.

You may get greater comfort by speaking to someone who is familiar with international money transfers.

It can take away the stress and worry of making a mistake.

You may even save money by exchanging your currency at a favourable time.

The information you will need

To send money abroad with Lloyds, you need the following information:

  1. Recipient’s name and address.
  2. Recipient’s bank name and address.
  3. The recipient’s BIC (Bank Identifier Code).
  4. The recipient’s IBAN (International Bank Account Number).

You may not be familiar with a BIC or IBAN.

The BIC identifies a specific bank, and the IBAN identifies an individual account.

All banks in the world have a BIC. It is also known as a SWIFT code.

It’s usually on a statement or shown when you log in.

If not, you can look it up online (it is not confidential information).

An IBAN is a long string of letters and numbers. 

It varies in length from country to country.

There are quite a few free online IBAN generators.

If you’re a bit nervous about this putting your IBAN together, you can get assistance within a branch or ask a money transfer specialist.

How to send money abroad with Lloyds

The first step is to choose how you want to send your money:

  • Internet Banking
  • Mobile App;
  • PhoneBank; or
  • Branch

Here's a quick overview of each...

Internet Banking:

  1. Log in as usual
  2. Select ‘More actions’ (on the right-hand side menu)
  3. Select ‘Send money outside the UK’ (second one down).
  4. Select either ‘Pay someone new’ or ‘select an international recipient’ (for an existing recipient).
  5. Enter all the recipient information as required above.
  6. Choose the amount of pounds (GBP) to send and the currency needed.
  7. Select ‘Continue’ and if happy with the details ‘Confirm payment’.
  8. Input your password.

The process drags on a bit.

There’s a lot of information and steps needed as an international transfer is not as straightforward as a domestic payment.

Mobile app:

To get started, click on the ‘three dots’ in the top right-hand corner.

From the right-hand menu, select ‘Send money outside the UK’ (sixth one down).

Then the steps are pretty much the same as Internet Banking.


To carry out an international transfer with Lloyds, you must register for PhoneBank first.

Once that's done, you can call the numbers below.

From the UK, call 03457 449900

From outside the UK, call +44 (0) 1539 736626


Remember to bring your ID!

Lloyds states that to prove your ID, in most cases, you will only need to produce one of the following:

  • a current photo driving licence
  • passport from the United Kingdom

Maybe best to bring both along just in case.

It’s then just a case of speaking to someone in the branch, and they will find the right person to help.

Also, don’t forget to bring the details of the recipient (as listed above).

Do I have to use Lloyds?

Even if Lloyds have your money, you are not beholden to your bank.

You still have a choice in the matter.

A money transfer company can do the same job - often at a much lower cost.

With a money transfer company, the only additional step is to register.

It’s really a basic ID check (required by law).

You only have to register once, then you are good to go.

Most UK residents can be identified using their name and address.

Once that’s done, you have the power.

Perhaps the biggest difference when using a money transfer company like ourselves, is the service.

You may have noticed there’s a big push these days to make customers do everything online.

The big banks and most of the money transfer companies want you to push all the buttons and take all the responsibility.

They want to remove all human contact (customer service).

That might suit the companies, but what about the customers?

When I’ve sent a lot of money abroad, I wanted some reassurance and assistance that my transfer was correct.

I didn’t want to punch in a load of information and hope for the best.

The average person doesn’t make regular international transfers. So why put yourself through the aggravation of trying to do everything yourself.

At Key Currency, we don't force you onto an online platform or make you download an app. 

Instead, every customer has an account manager – a real person.

Our account managers assist with the payment details, discuss and agree with you on the right time to exchange your money. We will also keep you fully informed at all stages of your transfer.

It’s a better way of doing things.

In terms of security, we are a fully regulated Authorised Payment Institution. It means all money transfers are conducted through safeguarded client accounts.

As a company, we are open and transparent.

The names, faces and backgrounds of all our people are shown on our website.

We also have a 5-star “excellent” customer rating on the review website Trustpilot; it's the highest rating available.

To make a no-obligation enquiry, please request a quote below.

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