International money transfers using Lloyds

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Sending Large Money Transfers using Lloyds

At Regency FX we help you achieve the most from the currency you are converting using Lloyds’ international transfer options including receiving international payments.

As an independent currency specialist, we have lower overheads than the banks enabling us to pass on the savings to you. Which is great when it comes to reducing Lloyds’ money transfer fees.

We can also discuss and agree on the right time to exchange your money rather than using a bank or online-only system and having to accept the rate they give you on the day.

It is worth bearing in mind that Lloyds have a maximum online transfer threshold per day which cannot be exceeded. This may mean that your Lloyds international transfers will have to be programmed over a number of days rather than in one session.

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What is the timeframe with Lloyds international payments?

Lloyds overseas transfer timeframes can vary depending on destinations and the currencies involved and is subject to Lloyds’ fee for international payment.

For example, if the payment is in Euros and it is going to the UK or any EEA country then it normally arrives in the desired account the next working day.

To send money from Lloyds abroad for any other country it can take up to 4 working days.

Every company has its cut-off times in the day. To make an international payment with Lloyds’ the overseas transfer cut-off is 3pm.

Payments sent after Lloyds’ overseas transfer cut-off time are counted as next working day! Timing is crucial when sending money from Lloyds to abroad if you want to avoid late payment penalties.

What information do you need?

You will need: the recipient’s name and address, their bank name and address, their BIC (Bank Identifier Code) and their IBAN (International Bank Account Number).

BIC’s help know what bank is used and the IBAN helps to find out the individual account.

BIC can also be known as SWIFT; you can find this when you log into your bank or on your statement.

IBAN’s are a long combination of numbers and letters, each country’s IBANs can vary.

Money transfer specialists can help you with finding and entering this information.

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Are there daily limits with Lloyds?

Yes. Lloyds have a daily limit of £100,000 with international transfers with online banking.

For money sums over this amount, it would be a good idea to use a money transfer specialist as they do not have daily limits.

It also comes down to whether you feel happy sending large amounts online with little guidance.

Many people do not feel fully comfortable sending large amounts of money online.

This is due to the fact that is very easy to make mistakes when sending money online on your own.

Money transfer companies can assist you with the process to ensure there are no mistakes made.

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Do Lloyds have international transfer fees?

Lloyds charge a standard fee of £9.50 online or in a branch, it is free if you are sending the money to another Lloyds account.

There is also a fee for the receiving bank account that is known as a correspondent fee.

This is £12 for payments to the USA, Canada and Europe and £20 for any other countries.

Additional charges occur if you need to amend or cancel your payment.

To avoid these fees, use a money transfer company.

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Exchange rates with Lloyds

Many people are aware of the transfer fees but not so aware of the exchange rate costs!

These rates are not standard as each bank and money transfer company set their own rates.

Exchange rates offered by banks usually already have the profit margin added into it.

Usually, the margin is better the more money you send.

For example:

£100,000 transfers have a 2.4% margin meaning that you pay £2,400 in exchange rate costs.

£50,000 transfers have a 2.4% margin meaning you pay £1,200 in exchange rate costs.

£25,000 transfers have a 3.2% margin meaning you pay £800 in exchange rate costs.

Not many people talk about the exchange rate costs even though they are bigger than the transfer fees.

If you do not compare exchange rate costs you could lose a lot of money.

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How do you send money internationally using Lloyds?

There are multiple ways in which you can send money: internet banking, mobile phone app, phone bank or in a branch.

With internet banking there are several steps which are:

Log in, go on ‘more actions’, then click ‘send money outside the UK’, then ‘pay someone new’, then enter in all the information required, choose the amount of GBP pounds and then the currency that you need, then continue if all done correctly and then finally type in your password.

Using the mobile app is pretty simple: click on the three dots in the right-hand corner, then send money outside the UK then the steps are the same as the internet banking method I have explained above.

The Phonebank method requires you to register with Phonebank first, then call 03457 449900 from the UK or +44 (0) 1539 736626 outside the UK.

If you, do it in a branch you will need your ID, this is either an up-to-date driving license or a passport from the UK. To be safe you can bring both!

You will also need the recipient’s details.

Is Lloyds your only option?

No, they are not.

Money transfer companies can do the same thing for you will a significantly lower cost.

To transfer money through a money transfer specialist there are four simple steps: identity check, get an exchange are, make your payment and finally your money is sent out!

Most of the banks and some money transfer companies will encourage you to do it online on your own.

However, at Regency FX we can help you every step of the way with human contact!

Who are we?

Regency FX are a UK based independent currency broker, specialising in high volume transfers.

We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.

All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.

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The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.

They can often refer to the rates that banks exchange at rather than what is available to you, the customer.

Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.

We can monitor the market on your behalf enabling you to budget more effectively.

As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.

Get a quote and see how we stack up.