How to do a money transfer

Moving money from your Lloyds Bank credit card to your current account could be useful for dealing with unplanned expenses or for when you can’t use plastic.

What is a money transfer and how does it work?

Read our in-depth guide to find out all you need to know about money transfers.

Money transfer guide

Steps to take

We’ll guide you through it.

  • 1. Log on to Internet Banking online or with the app, and check what money transfer options are available on your account.

    2. Fill in a simple form. You might have to do a quick automated security check depending on who you bank with. This should only take a few minutes.

    3. Enter transfer amount. The minimum amount for money transfers is £100. You can only transfer up to 93% of your credit limit, including your existing balance, to allow for fees and transactions that haven’t hit your account yet.

    4. Approval. Once approved, money transfers usually show on your account the next working day after we approve them. They can’t be cancelled and fees can’t be returned.

    Make a money transfer

What do I need before I make a money transfer?

  • Make sure you have the bank account details you want to transfer to with you, as you’ll need to tell us the account number and sort code. 
  • It must be a UK current account in your name, registered to the same address as your Lloyds Bank credit card.
  • Read everything thoroughly before you submit your request. 
  • Once your promotional period rate ends, any remaining balance will revert to the standard rate for money transfers.

 

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Let’s look at the details

  • Money transfers are generally either 0% p.a. interest for a set time period or a longer-term fixed low interest rate. You might be offered one or both types of transfer on your account.

  • You’ll usually be charged a fee for each individual money transfer made. This will be a percentage of the amount transferred and will be added to the balance. For example, a transfer of £1,000 with a 3% fee would result in a £30 transfer fee.

  • To keep your promotional rate, you’ll need to make at least your minimum monthly payments on time. If you pay late or miss a payment, you may have to pay fees, lose any promotional offers you have, and it could damage your credit score. If you’ve got a Direct Debit set up, check the amount due after your transfer’s approved, especially if you normally clear your balance in full.

  • If you need to increase your credit limit to transfer any balances, the simplest way is online. Or you can give us a call.

    More about credit limit increases

  • As soon as transactions show on your monthly statements, those with a higher-interest rate will be paid before any lower-rate balances, including any promotional rates that might be finishing soon.

    Balances with the same interest rate will be paid off in the following order: 

    1. Cash transactions (ATM or over the counter withdrawals)
    2. Card purchases
    3. Balance and money transfers
    4. Default fees, including interest and other charges added

    For each type of balance, the oldest transactions and any related fees, charges and insurance, will be paid first.

  • Because money is transferred to your current account and you use your debit card or cash to make a purchase, it won’t be eligible for Section 75 of the Consumer Credit Act 1974 protection.

Before you go ahead, ask yourself:

  • Does this option suit my borrowing needs, or should I consider other alternatives?
  • Will I be able to make repayments, even if my circumstances change?


Still not sure? Read our money transfer guide

All set to do a money transfer?

Log on to see your options in Internet Banking or using the Lloyds Mobile Banking app.

View my options

Register for Internet Banking

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Whether you’re new to credit cards or you’re an existing customer we are here to help.

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If you need information, or want to make a change to your Lloyds Bank credit card account, this is a good place to start.

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If you need information, or want to make a change to your Lloyds Bank credit card account, this is a good place to start.

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