Lloyds Bank

lloyds bank review
  • Editor Rating

  • Rated 1 stars
£30 to £5000000
  • 20%

  • Lloyds Bank Review
  • Reviewed by:
  • Published on:
  • Last modified: January 5, 2017
  • Exchange Rate
    Editor: 25%
  • Website Friendly
    Editor: 11%
  • Customer Service
    Editor: 16%
  • Overall
    Editor: 15%

Lloyds Bank Review

Originally founded in Birmingham in 1765, Lloyds Bank is the principal subsidiary of Lloyd’s Banking group, and the largest retail bank in Britain. Today Lloyds Banking Group’s assets are valued at over £806 billion.

Lloyds Bank has an extensive network of over 1,200 branches throughout the UK and offers 24-hour telephone and online banking services. With over 30 million customers, Lloyds is one of the UK’s leading providers of financial services. The Group has 11 million online banking users, including more than 6.5 million active mobile users. Lloyds Bank online service receives over 1.5 million logons a day, with over half of those from a mobile or tablet.

Personal Transfers:

  • Account holders can make international payments in branch, via telephone or online
  • Online payments available 24/7, processed during normal banking hours
  • No minimum limit for transfers
  • Spot Contract/Regular Payments/Limit Order FX
  • Repeat payments made easily – details of prior payments are stored securely
  • Online up to £100,000 through Internet Banking
  • No limit to amount of international payment in branch. When paying over £100,000, Lloyds provides a dedicated currency team to help get best exchange rate
  • Up to £5,000 can be transferred through telephone banking

International Payments Charges and Fees

  • £9.50 fee per transfer
  • Charges don’t include any charges made by the recipient’s bank
  • Payment rates are shown on Lloyds International Payments calculator. The figures are based on the currency exchange rate when the calculation is made and are valid for 10 minutes
  • Receiving a payment up to £100 – £2 fee
  • Receiving a payment of £100 or over – £7 fee
  • Lloyds convert the money received into pounds sterling on the day it’s paid into the account (at a rate the bank chooses)

International Payment Delivery Times:

Euro to EU/EEA/Monaco/Switzerland – next day delivery

Other currency to EU/Americas/Australia/Middle East/Far East – 4 working days

Any currency to any other country – 12 working days

Lloyds Bank International Business Services offer UK Business Support with:

  • Importing and Exporting
  • International Payments
  • Spot Contract/Regular Payments/Forward Contracts
  • Helpful guides and advice
  • Foreign Exchange specialist teams develop tailored solutions for UK businesses
  • Award winning e-solution Arena specialises in helping SME set up accounts abroad for receiving foreign currency

Exchange Rates: No fees for exchanges on International Money Mover service and Premier accounts, however the exchange rates Lloyds uses are not premium, this is where the hidden rates come into play.

Lloyds Currency calculator shows an exchange rate that is surprisingly below mid-market rate, claiming a savings (against mid-market rate) of more than £15 for a spot transfer of £1,000, however, this disclaimer isn’t seen except in the small print under FAQ: “You can get an exchange rate illustration by using the Online International Payments calculator, but this will only be an estimate. Before a payment is confirmed online, the agreed and final rate will be shown.” This first rate is impossibly low so it is not a good place to start, but especially confusing is that the final rate has a hidden fee of as much as £35 with bank to bank systems like Lloyds.


Not easy to navigate, not user friendly because there is an avalanche of information to trudge through on the road to making a transfer. Lloyds Bank offers so many services that customers are certain to waste time searching – so certain in fact that the bank has flagged the way through Personal Banking options, Business Banking services and Private Banking or International Banking with a “Find your way” menu. Obviously many customers are drowning in the debris-filled seas of Lloyds Bank’s website.

For those who still have time to read articles, Lloyds interactive international property and rental expense guides give Lloyd’s clients the security of feeling their UK bank has worldly insights. For advice about moving abroad and others coming to the UK, some great articles are tucked away in the personal Banking section. A wealth of ideas, showcases and articles ranging from warnings of high taxes for those seeking to export to China are on offer for business account holders.


Lloyds Bank is rated as Bad on TRUSTPILOT with a 2.6 rate tallied from 51 reviews. Irritation with internet banking is the most oft-repeated issue from clients expecting the 24/7 accessibility they had been promised. When they were not able to make the online platform work, they found calling the bank wasn’t helpful either. The lack of customer service following long wait times was reported when customers tried to resolve all sorts of  issues (not just transfers) available online. When transfers had been concluded customers reflected they had not expected the rates and fees they had paid in total, this seems to be caused by the complicated process where the rates they had first seen (sans fees) was assumed to be the final return.

Editor’s Review:

Trust is the essential currency for financial firms, whether they are banks or foreign exchange companies, and without transparency trust is utterly eroded. Hidden fees and lengthy delivery times for transfers makes Lloyds and other High Street banks an unappealing option for customers needing to make foreign exchanges. Lloyds customers are probably only using the bank to make transfers because they have not yet compared them with a specialist company. Once they do, the improvement in exchange rates and dedicated customer service will make them wonder why they stayed with complicated and slow traditional big banks for transfers for so long. 1 out of 5 stars for Lloyds Bank International transfer services.



None for foreign exchange, even for the person who enters a Lloyd’s bank with £100,000 to transfer and has a dedicated team getting them the best rate.


Lack of simple service tools online and a currency calculator that’s misleading. Lloyd’s can’t compete with any other rate except the high street big four banks. The calculator makes it appear that Lloyd’s Bank offers a rate too good to be true-which, of course it is.