Lloyds
International

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:

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.