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When Lloyds Banking Group was formed in 2009, it brought together many well-known brands, including Lloyds, Halifax, Bank of Scotland and Scottish Widows.
Lloyds Banking Group is a financial services group focused on retail and commercial customers – with millions of customers in the UK, and a presence in nearly every community.
The group's headquarters is located at 25 Gresham Street in the City of London.
Lloyds Banking Group's activities are organised into: retail banking (including mortgages and sole traders); commercial; life, pensions and insurance; wealth and international.
Lloyds has extensive overseas operations in the US, Europe, the Middle East and Asia.
Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Eligible deposits with them are protected by the Financial Services Compensation Scheme (FSCS).
Lloyds Bank International is a wholly owned subsidiary of Lloyds Bank in the United Kingdom, which is in turn part of Lloyds Banking Group, one of the largest banking groups in Europe.
The bank's overseas expansion began in 1911 - and the Lloyds Bank International name, historically a major international commercial bank, is now used for its offshore banking interests.
Lloyds International accounts are based either in the Isle of Man or Gibraltar. Both jurisdictions have strong reputations for political stability and effective regulation.
Lloyds International has three primary product offerings:
Lloyds International offers two types of current accounts:
1. International current account:
The International current account is their everyday international bank account and its key features include:
2. Premier international current account:
Lloyds Bank International has three types of international savings accounts that can be summarised below:
|1. Fixed term deposit||2. International bonus saver account||3. Money market|
|Available in Sterling and US Dollar||Available in Sterling and US Dollar||Save in most major currencies|
|Terms 1 to 6 months||Earn a bonus rate in the first year||Instant access to your money via phone bank or internet banking|
|No withdrawal until the end of the term||Make new deposits into your account at any time||Full flexibility – make new deposits into your account at any time|
|Lloyds Bank International will open a servicing account to pay your interest in||Interest is paid monthly (after 12 months the interest rate will automatically reduce)||Interest paid monthly for Sterling, Euro and US dollar accounts, and half yearly for other currencies|
|Accounts are domiciled in the Isle of Man||Accounts are domiciled in the Isle of Man||Accounts are domiciled in the Isle of Man|
|Available in many countries but not all||Available in many countries but not all||Available in many countries but not all|
|Access: At the end of term
Minimum deposit: £10,000/
Maximum deposit: £5m/$5,000,000
|Minimum deposit: £5,000, $5,000
Maximum deposit: No Maximum
|Minimum deposit: £10,000 (other currencies vary)|
Lloyds Bank International's foreign exchange services allow you to move money between different currencies.
You should however, be aware of the potential risks of foreign exchange rates changing.
They types of transfers offered by Lloyds Bank International includes:
Lloyds International's everyday banking services helps with everyday transactions to large foreign exchange transfers.
Additionally, Lloyds International offers something called Premier Banking.
Premier Banking offers access to a dedicated relationship manager and a range of additional services that they claim helps make your international banking life simpler.
You qualify for premier banking if you have £100,000 to save with Lloyds International, or a sole annual income of £100,000 (or currency equivalents).
You can learn more about this service in the FAQs section of this review.
The benefits of the everyday banking services provided by Lloyds International, as stated by them, are as follows:
* Receiving banks may still charge.
Monthly Fee for Lloyds International - international current account is £7.50, €8, US$10.
Only one fee applies if you have accounts in multiple currencies.
No monthly fee is charged for the first three months, except where the account has been converted from a premier international current account when it is charged upon account opening.
If you live in the EU (excluding the UK), they are unable to offer you an account.
You can find all the details of Lloyds International current account interest rates and charges here.
Eligibility for Lloyds International's premier banking service will be regularly reviewed to confirm you continue to meet the criteria.
If you no longer meet the criteria, they will contact you to explain how they can continue to meet your international banking needs.
Lloyds International reserve the right to remove your premier banking service benefits and to move your premier current account balance to a different account, which includes paying a monthly fee.
The benefits can be summed up below:
Their internet banking is not a secure process and open to fraud.
I was put on hold for hours to report the fraud.
Lloyds International provides an adequate international banking service for expats in some jurisdictions.
However, its overall range of services is poor and the investment services it provides are cumbersome and unwieldy.
It can take several months to process investment instructions which is, in our view, ineffective.
Our verdict is that Lloyds is an excellent UK, high street, retail bank. It is not particularly effective for senior international professionals - or for anything other than current account banking.
If you have, or are on your way to achieving £250,000 of investable assets, we recommend contacting us for a Second Opinion.
There are likely to be cheaper options available with more transparent fee structures.