Sending money abroad: a guide

International money transfers

If you need to make payments abroad, or send money to your own accounts overseas, our free overseas money transfers service could make sense.

Correspondent and recipient bank charges may apply.

Find out how the process works.

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You may need to make overseas money transfers for a variety of reasons.

This service could be particularly useful for people:

  • Topping up a bank account in a different country.
  • Paying bills.
  • Sending money to family.
  • Making purchases.
  • Running a home or a holiday home.
  • Working or living abroad.
  • About to move to the UK.
  • Buying or investing in a property abroad.
  • Travelling frequently.
  • With dependants in different countries.

If you are sending money abroad for the first time, you could be worried that the process is complicated and expensive. But for Lloyds Bank International Banking customers, making an overseas money transfer is simple and straightforward – and, it's free with our International Moneymover Service. However, correspondent and recipient bank charges may apply. Whilst our services will be available to many of our customers, there are countries where, due to legal or regulatory restraints, we cannot provide them. This step-by-step guide explains how the process works.

Sending money abroad step-by-step

  • If you know you will need to send money abroad on a regular basis, it could make sense to set up an international bank account. You can bank in different major currencies with flexibility.

    You need to hold one of these Lloyds Bank International accounts:

    • International Current Account in Sterling, US Dollars or Euros
    • Savings accounts in all currencies (Bonus Saver and Incentive Saver).
  • Lloyds Bank Corporate Markets plc lets you make payments online 24 hours a day, 7 days a week, or over the phone. We’ll process your payment during normal banking hours. Payment limits vary depending on the account you have and on how you request the payment, but will usually be higher for payments made online.

  • There are several options to choose from:

    Electronic transfers

    The cheapest and simplest way of sending money abroad is through an electronic transfer. You can use the free, fast International Moneymover Service which allows you to make overseas money transfers in all major currencies. However, correspondent and recipient bank charges may apply.

    International Standing Orders

    These allow you to make overseas money transfers on a regular basis using your International Currency Account. They are ideal for paying bills, topping up an account in another country or sending money to family on a regular basis. It means you won't forget to make a payment if you’re busy or away. It's as straightforward as setting up a normal standing order. You can set up the payment online, by phone or in writing and once the initial instruction has been received it will happen automatically, until you request it to stop.

  • If you are sending money abroad, your payment is being converted from one currency into another. Lloyds Bank International banking offers a wide range of foreign exchange services to help make your transfer quick and easy.

     To find out the current exchange rates please contact us.

  • You can make a payment in two ways

    • Pay in your own currency, which is then converted into the local currency when it arrives at its destination
    • Convert the amount into the destination currency before paying it overseas

    When you make overseas money transfers online with your international currency account, you'll be able to see clearly how much money will leave your account – or how much the recipient will get.

    If you need to be sure of how much is leaving your account then pay in your own currency – but the amount that will be deposited in the account abroad will depend on the exchange rate on the day that payment is made.

    If you need certainty about the exchange rate, make your payment in the currency of the destination country. This removes any uncertainty about the exchange rate used by the receiving bank.

    Please be aware that the overseas banks involved may make a charge, which we have no control over.

  • You'll need to get information from the person or company that you want to make an overseas money transfer to, about their bank account.

  • If you’re making a payment online, it's easy to set up the payment details once you have the information you need from the intended recipient (see step 6).

    Alternatively, if you find sending money abroad easier to do by phone or mail then you’ll need to provide the details of the recipient (see step 7) and the payment to us. You can start sending money abroad to the new recipient as soon as their details are set up.

  • You can set up the recipient and make overseas money transfers via Internet Banking. Just log in and follow the instructions.

    To make the payment by phone or in writing make sure you include the details of the payment along with the instructions to set up the recipient (see steps 7 and 8). You can print out a receipt for the payment if you make it online, otherwise, check your statements to confirm the overseas money transfer has been made as requested.

    Payments are subject to normal account withdrawal restrictions.

  • Your recipient’s details are saved, so it's easy to make a payment again. If you need to make a payment regularly to the same recipient, consider setting up an International Standing Order.

  • We can’t guarantee the cancellation as your payment may already have been made, but if you ask us to stop a payment, we will do our best.

    You could receive less than the original amount of the payment, because of adverse exchange rate movements. There is a charge of £20 per payment.

  • If, for any reason, the money doesn't arrive, please tell us as soon as possible and we'll try to trace it. You may be charged for this service.

Don't forget...

When you’re sending money overseas, there are a few things you need to be aware of:

Time zones

Your payments are only handled by banks during their normal working hours – and the receiving bank may be in a different time zone. This can affect how quickly your payment is handled. You may need to take this into account if you need to meet a payment deadline.

Costs and charges

Sending money overseas using the Lloyds Bank International Moneymover Service is free. However, correspondent and recipient bank charges may apply.

Delays

Payments to banks in the EEA (in euro or another EEA currency).

By law, the bank receiving the payment from us must pay it to its customer’s account on the day it receives it from us.

For Payments outside the EEA, Monaco and Switzerland or in non-EEA currencies While this will usually be within five working days, we cannot control exactly when the foreign bank will get it. This will depend on the banking practice of that country but should be no longer than 14 working days.

Receiving money from abroad

If you're being sent money from overseas, it’s normally cheaper and easier to receive the money through an electronic bank transfer. So, make sure you provide your bank details to the sender.

If you’re sent a cheque or a draft, you can pay it into your account. Cheques or drafts can be processed as either:

  • funds by negotiation
  • funds for collection

The costs for handling them (and how quickly you can access the money) will depend on how they’re treated.

Funds by negotiation

Cheques or drafts by negotiation will be credited into your account in a few days, minus charges. This service can only be used if the draft or the cheque is in the local currency. Cheques can still be unpaid by the bank, at a later date.

Funds for collection

If the payment is from a high-risk country or isn't in the sender's local currency, it’s likely the payment will be sent for collection. This means your account won't be credited until we’re certain the money will be paid. The time this takes will depend on the country involved – it can take several weeks.

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