Lloyds TSB has become the first high street bank to drop transfer fees for international customers.
Lloyds TSB International, the part of the bank that offers services to expats, has withdrawn international transfer fees for both existing and new customers with Premier Bank Accounts. The change will cover all transfers to overseas bank accounts whether they’re done online, by phone or by post.
Typical overseas transfer fees
Lloyds TSB International customers would previously have been charged £15 for online transfers and £25 for phone transfers. Customers of other banks can typically expect to pay between £10 and £30 for international transfers.
The bank estimates there are 5.5 million UK expats based across the globe with 1.87 million of them transferring currency at least once every three months.
Managing director of Lloyds TSB International Russell Galley said: ‘Removing fees for international money transfers is a logical, and we hope popular, step to take as we try to build the market-leading banking service for expats. Many expats rate foreign exchange and money transfers as an important financial service and fee-free transfers will be a great benefit to the huge number of our customers who continue to have financial commitments in more than one country.’
Premier Bank Accounts
Lloyds TSB’s Premier bank accounts are available to people with an income of at least £50,000, or who have £25,000 to deposit. The account is free if customers keep a balance of at least £2,500 in their account, but charges a £20 fee if it drops below this amount. The account does not pay interest on credit balances.