Lloyds Bank is one of the four largest banks in the UK. If you have an account at Lloyds Bank, you can receive travel money via two channels: internet banking or your local branch.
Lloyds Bank can be of substantial help as it pertains to getting funds when you travel. You have the choice to purchase foreign currency at a Lloyds branch, order foreign currency online or complete an international transfer through the bank to cover your travelling costs.
Lloyds Bank Currency Exchange Rates
Last updated: Jan, 21 3:00
|Currency||Rate||750 GBP Buys|
|East Caribbean dollars||3.3028||2,477.10|
|Hong Kong dollars||9.8028||7,352.10|
|New Zealand dollars||1.911||1,433.25|
|Peruvian nuevo sol||3.9709||2,978.18|
|South African rand||18.1472||13,610.40|
|South Korean won||1437.23||1,077,922.50|
|United Arab Emirates dirham||4.6132||3,459.90|
The following are some aspects of how Lloyds Bank enables you to receive money when travelling abroad:
Lloyds Bank Travel Money Products
Lloyds Bank has three ways through which you can acquire foreign currency for your trip abroad:
Buy Foreign Currency at a Branch
A Lloyds Bank branch has to have counter service for you to instantly trade for foreign currency. In the UK, there are over 600 branches where you can trade local currency for Euros or US Dollars. To see the full list, visit Lloyd’s website.
Order Foreign Currency for Delivery/Collection
You can use Lloyds’ website to order foreign currency or travelers’ cheques if you cannot get foreign exchange services or if you need a different currency from euros or dollars.
You can have them delivered to your home or a Lloyds branch where you can collect them. There is a limit on the amount that can be sent per delivery so you may have to make several orders.
Make an International Transfer
Making an international transfer from your local account to a foreign account (travel destination) is the best option if you need to pay for a charge upfront or want to avoid high international ATM withdrawal fees. However, you will need to pay the international transfer fee.
Lloyds Travel Money Fees
You need to account for Lloyds’ travel money fees if you are going to use their service. The fees will depend on the travel money order amount and the method of acquiring the funds.
The following are some of the fees you can expect to find:
- When you order foreign currency or travelers’ cheques online or at a Lloyds branch, there is going to be a markup in the exchange rate which acts as a transaction fee.
- When you initiate international transfers, you should expect a transfer fee of £9.50. You should also expect the receiving bank to charge you a fee for receiving an international payment.
If you make an international transfer through SWIFT, you should expect to pay a correspondent bank fee of £12 – £20. The fee is paid if you make a transfer to a destination without a Lloyds branch.
Lloyds Travel Money Exchange Rate
Lloyds Bank will clearly state their exchange rate on their website if you buy foreign currency online or in the local branch if you exchange currency there.
You should compare Lloyds’ foreign currency exchange rates with the mid-market range to ensure you are getting a fair deal. The mid-market is the inter-bank foreign exchange rate.
The difference between the mid-market rate and the quoted exchange rate is the mark-up/profit the banks are making on each transaction. If the difference is too large, you can use another service with a lower mark-up such as TransferWise.
Ordering Lloyds Travel Money
Sometimes, you can save money by going to a Lloyds branch to exchange the currency yourself. The reason is that if you order travel money with Lloyds online, they will charge you a delivery fee to deliver it to your home.
You cannot make arrangements to have it delivered anywhere else other than a nearby Lloyds location because they will only make the delivery to the cardholder’s address.
When making an international transfer, check the costs associated with the transfer and the exchange rate that will be used. You can also use TransferWise to compare different international transfer fees.
You may have to pay a transparency fee for the service but TransferWise is regulated by the FCA (Financial Conduct Authority) and can sometimes be faster than a traditional bank transfer.
Lloyds Travel Money Card
Prepaid travel cards are growing in popularity among travellers due to their increased convenience and security as compared to regular debit and credit cards. To be more elaborate, if you lose your travel card during your travels, even if someone was to get your card and crack your PIN, they would only have access to the funds you put on the card and not your bank account.
Lloyds do not have a travel money card so you will have to consider other options if you would like a travel card. If Lloyds do ever release a travel card, you should be wary of the exchange rates for transactions made via the card. It is always advisable to pay for goods and services in the local currency.
Be sure to check out Lloyds Bank’s website for more information about their travel money policies including daily limits and infraction penalties. You will also find ways to contact them in case of any queries.