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REVIEW SUMMARY

Lloyds International

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).

Overview
FAQ
Customer Reviews
Expert Verdict

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:

  1. International current accounts
  2. International savings
  3. Foreign exchange

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:

  • Currency choice: Sterling, Euro and US Dollar with a visa debit card for each currency (monthly fee applies).
  • Free international transfers: However, correspondent and recipient bank charges may apply.
  • 24/7 access: Worldwide access to your money with internet banking.
  • Current monthly account charges/fee: Monthly fee of £7.50/€8/US$10.
  • Eligibility: You will need a sole annual income of £50,000 or £25,000 to save (or currency equivalents). 
  • Availability: Not available in all countries.

2. Premier international current account:

  • A choice of three currencies: So you can spend without paying exchange fees (Sterling, Euro and US Dollar).
  • Charges/fees: No monthly fee and free international payments.
  • Eligibility: You will need a deposit of £100,000 (or currency equivalent) to save and maintain with them within 6 months. Or, you have a sole annual income of £100,000 (or currency equivalent) and you are able to save and maintain a balance of £100,000 (or currency equivalent) with them within 12 months.

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/
$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:

  • International money transfers: Make international payments online or by phone. You can send up to £30,000 a day (or currency equivalent).
  • Spot foreign exchange: Make international payments and exchange one currency for another at the current exchange rate.
  • Regular currency plan: Used for making overseas mortgage payments, paying a current salary back to your home country and payments to relatives overseas.
  • Limit order foreign exchange: Place an order to exchange your money when an agreed target rate is struck.

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.

NOTE:

  • Lloyds International has a team of advisers whose job is to provide investment advice. Whilst they can recommend from a range of third party investments, the investment solutions are more likely to be recommended from their in-house solutions, so you can conclude that the advisers are not independent.
  • Lloyds International offers a relatively comprehensive FX service, but it is not without its limitations.  
  • Banks tend to make big margins out of FX, and we believe there are better alternatives when you need to change money.
  • Find out why our team of experts gave Lloyds International 2 out of 5 stars in the expert verdict section of this review.

 

The Pros

> Well-known brand
> Separate brand for HNW
> Choice of accounts

The Cons

> Cumbersome investment proposition
> Charged additionally for premier services, if you are a Lloyds International premier banking customer
> Unsophisticated service range
> Available in some countries – but not all
> Expensive option
What are the benefits of the everyday banking services provided by Lloyds International?

The benefits of the everyday banking services provided by Lloyds International, as stated by them, are as follows:

  1. Current account in GBP, Euros and US Dollars
  2. They won’t charge you for international transfers*
  3. Telephone and 24/7 internet banking
  4. Savings in a range of currencies
  5. Partnership with UK and international payrolls 
  6. Set up direct debits and standing orders easily

* Receiving banks may still charge.

What is the minimum amount needed to open an international current account with Lloyds International?
  • To be eligible you need a gross annual income (the amount you receive before tax) of £50,000 or currency equivalent.
  • For joint accounts at least one of the applicants needs a gross annual income of that amount.
  • Alternatively you can also be eligible if you have £25,000 (or currency equivalent) to save (solely or jointly) with Lloyds Bank International banking services.
  • You also need to make an initial deposit into your account within 30 days of opening.
What is the monthly fee for the international current account?

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.

Am I eligible for Lloyds International's current account in the EU?

If you live in the EU (excluding the UK), they are unable to offer you an account.

What are the overdraft interest rates for the international current account?

You can find all the details of Lloyds International current account interest rates and charges here.

Am I eligible for Lloyds International's premier international account?
  • You will need a deposit of £100,000 (or currency equivalent) to save and maintain with them within 6 months.
  • Or, you have a sole annual income (the amount you receive before tax) of £100,000 (or currency equivalent) and you are able to save and maintain a balance of £100,000 (or currency equivalent) with them within 12 months.
  • For joint accounts at least one of the applicants needs a gross annual income of that amount.

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.

What are the advantages of online international payments provided by Lloyds Bank International?

The benefits can be summed up below:

  • You can transfer money overseas when it suits you – 24 hours a day, 7 days a week. Payments are processed during normal banking hours.
  • It's easy to send money to anyone you've already made a payment to, as Lloyds Bank International will store their details.
  • You can send up to £30,000 – or currency equivalent – a day to almost anywhere in the world. There is a limit of £10,000 per payment
  • For larger amounts up to £100K (currency equivalent) it is possible to give an instruction over the phone.

Terrible service

Their internet banking is not a secure process and open to fraud.

I was put on hold for hours to report the fraud.

 

Expert assessment of Lloyds International

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.

Lloyds International - Interest Rates and Charges

Lloyds International - International Current Account Terms and Conditions

Lloyds International - Customer Relationship Agreement

Lloyds International - Premier International Account Benefits Summary

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