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Review_ Offshore Banks

Offshore Banks

Lloyds International

An independent review of Lloyds International by our team of experts

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Summary

Lloyds International is the offshore banking arm of Lloyds Bank, part of Lloyds Banking Group, one of the largest banking groups in Europe. The Lloyds Bank International name, which dates back to the group's overseas expansion in 1911, is now used for its offshore interests, with accounts based in the Isle of Man or Gibraltar, both well-regulated and politically stable jurisdictions, and eligible deposits protected under the Financial Services Compensation Scheme.

It offers three main things: international current accounts (a standard account with a monthly fee, and a fee-free Premier account for higher balances), international savings (fixed-term, bonus saver and money-market accounts in a range of currencies), and a foreign-exchange service covering transfers, spot deals, regular payments and limit orders. Eligibility for the standard account requires a £50,000 income or £25,000 in savings; the Premier account requires £100,000.

Lloyds International also offers investment advice, which is examined in the verdict below.

Pros

  • Well-known, trusted brand

  • Separate Premier tier for higher balances

  • Choice of accounts and currencies

Cons

  • Cumbersome investment proposition (in-house, not independent)

  • Premier services can carry extra charges

  • Narrow, unsophisticated service range

  • Not available in all countries (no EU residents)

  • Expensive (fees and wide FX margins)

Our verdict

Lloyds is an excellent United Kingdom high-street bank, and Lloyds International extends that to a competent everyday offshore account for expatriates, based in the well-regulated Isle of Man and Gibraltar. For current-account banking, multi-currency holding and straightforward transfers, it does the job.

Beyond that, the proposition thins out quickly. The range of services is narrow, and the investment side is the weakest part: the in-house advisers can recommend from a panel but lean towards Lloyds' own solutions, so the advice is not independent, and processing investment instructions can reportedly take months, which is no way to run a portfolio. A bank sells what a bank holds, and Lloyds International is no exception.

The everyday costs add up too. There is a monthly account fee unless you qualify for the premier tier, premier benefits can be withdrawn if your balance slips, and the foreign-exchange service, while reasonably comprehensive, carries the wide margins banks typically take on currency. There are cheaper, more transparent ways to move and change money.

Used for what it is good at, ordinary international banking, Lloyds International is fine. For investing and for coordinating real wealth, look to an independent, transparent and low-cost approach instead. If you have, or are approaching, around GBP 500,000 of investable assets, a no-obligation Second Opinion will show whether your current arrangements are costing you more than they should.

FAQs

  • What is the minimum needed to open a Lloyds International current account?

    • You generally need a gross annual income of £50,000 (or currency equivalent), or £25,000 to save with them. For joint accounts, at least one applicant must meet the income threshold, and you must make an initial deposit within 30 days. The fee-free Premier account requires £100,000 in income or savings.

  • Can I open a Lloyds International account if I live in the EU?

    • No. If you live in the EU (outside the UK), Lloyds International cannot offer you an account. Availability is also restricted in various other countries.