What is a money transfer?
Exploring one of the ways you can use your credit card.
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If somewhere doesn’t accept credit cards or if you need funds in your current account to pay for an unexpected bill, for instance. A money transfer could help.
Available on some credit cards, Money transfers move money directly from your credit card into your own UK current account and can help you be more flexible with your finances in emergency situations.
You can transfer as little as £100, the minimum usually allowed. While the maximum is usually 93% of your credit limit to leave room for any potential interest or fees.
When it comes to requesting a money transfer, there’s two main costs you should be aware of.
The first is your transfer fee. A percentage of the money you’re moving added on to your balance at the time of the transfer.
The second is interest, which you’ll pay over time until your balance is cleared.
Sometimes, you’ll find interest rates as low as 0% for a set period of time as part of a promotional offer. But remember that once the offer runs out, any remaining balance will be charged at your standard money transfer interest rate until repaid.To help you make an informed decision, at Lloyds Bank we’ll always tell you your money transfer fee and interest rate up front.
Now let’s see how a money transfer with a promotional offer works in practice with help from Elisha.
One month, Elisha gets an unplanned £500 repair bill for her car. Unfortunately, she hasn’t budgeted for this in her current account. Plus, her garage doesn’t accept credit cards.
However, she has a credit card with a promotional offer. It has a money transfer fee of 3% and 12 months of 0% interest on any money transfers made in the next 30 days.To cover the cost of the repair, she makes a money transfer of £500 from her credit card into her current account.
Now, she can pay for the repair with her debit card.Including the 3% money transfer fee, which costs her £15. Her overall credit card balance is now £515.
She can pay this off in 10 monthly payments of £51.50. She can pay it off in one go on her next payday. Or, however she chooses.Elisha won’t pay any interest as long as she pays at least her monthly minimum payment, clears her full balance before her 0% interest rate offer ends, stays within her credit limit and doesn’t spend anything else on her credit card. This also assumes that she had no existing balance on the card to begin with.
But it’s important to note that if she doesn’t clear her balance before the end of the offer period she’ll pay interest at her standard money transfer interest rate.
Like Elisha, you can use a money transfer to help you stay financially flexible. But be sure to consider all your available options to make sure that a money transfer is right for you.
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Visit lloydsbank.com/creditcards for more information.
Why is a money transfer useful?
A closer look at money transfers

You may be charged a money transfer fee
This fee is usually a small percentage (up to 5.00%) of the amount you’re transferring into your current account. You’ll most likely be charged each time you make a money transfer.

You’ll also pay interest, but the rate can vary
If you get a promotional interest rate but don’t clear your balance before it finishes, you’ll move onto your standard money transfer rate. The sooner you clear your balance, the less interest you’re likely to pay.

You can’t transfer to a foreign account, or one that isn’t yours
Any money transfer must always be sent directly to a UK current account in your name.

The minimum amount you can transfer is £100
The maximum amount varies from person to person, depending on your credit limit and your credit available at the time.
How to make a money transfer with us
So you can make an informed decision, we will always tell you up front what fees and interest rate you’ll be paying. If you’re an existing customer, log on to Internet Banking or the Mobile Banking app to see your money transfer offers.
If you’d prefer, you can also call PhoneBank® to access and manage your account.
0345 602 1997 (+44 1733 347 007 from outside the UK). Lines are open 24/7 and our advisers are available from 8am – 8pm Monday - Friday, 9am - 5pm Saturday - Sunday.
Not all Telephone Banking services are available 24 hours a day, seven days a week.

Frequently Asked Questions
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Once approved, the transfer usually arrives on the next working day.
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The minimum money transfer is usually £100. The maximum amount is usually 93% of your credit limit.
Remember, you may pay an interest rate and fee each time you complete a money transfer.
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No, Section 75 of the Consumer Credit Act only protects you when you use your credit card directly to pay for goods or services.

Where next?
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.