- Lloyds TSB International now the first on the high street bank to withdraw transfer fees
- Fee-free service available to all existing and new personal banking customers[i]
- New offering expected to be popular with those transferring overseas at least once a quarter
- Move builds on market-leading exchange rates
Lloyds TSB International has continued to improve its offering for expat customers by announcing it has removed fees on international money transfers for all new and existing holders of the a Premier International Account[ii].
Customers with this account will no longer be charged when moving currency to any overseas bank account[iii] regardless of whether the payment involves a currency exchange, or using the online, telephone or postal service.
“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,” said Russell Galley, Managing Director, Lloyds TSB International.
“It demonstrates our commitment to our expat customers and reflects improvements that we’re making across the board, from introducing best-buy savings rates to developing an award-winning internet banking service[iv].
The move comes as Lloyds TSB announces the results of a new poll that reveal just how frequently expats are transferring money to other countries – as well as the average fees they are having to pay for the privilege. It was found that 34 per cent – which works out at an estimated 1.87 million expats[v] - are thought to transfer money internationally at least once a quarter. This figure stands at 18 per cent for those doing so even more frequently and comes with an average cost of £15.10 per transfer.
The independent and weighted survey, commissioned by Lloyds TSB International, polled 1,030 expats and also showed 39 per cent of expats hold savings held in Sterling. In addition, 57 per cent of expats admitted to being concerned about foreign exchange rate fluctuations and how they might impact their current financial situation. In fact, 17 per cent said this was “one of their main financial concerns” for the upcoming year.
“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,” concluded Galley.
Lloyds TSB International has recently introduced market-leading or near market-leading savings accounts[vi] including a fixed-term, five year Sterling account paying 4.5 per cent AER[vii], some nine times better than the Bank of England base interest rate and a one year Sterling account paying 3.4 per cent AER, despite UK base rate increase in the next 12 months remaining unlikely.
Further information on Lloyds TSB International’s Premier International Account can be found at www.lloydstsb-offshore.com/international-current-accounts. Information on Lloyds TSB International’s foreign exchange services can be found at www.lloydstsb-offshore.com/foreign-exchange.
Lloyds TSB International provides a wide range of banking and investment services for expats. Further information can be found at www.lloydstsb-offshore.com, including guidance on moving abroad.
- Ends -
[i] Lloyds TSB International market research, April 2012.
[ii] People with a gross annual income of £50,000, or who have £25,000 to deposit (or the currency equivalent of either amount), are eligible for the Premier International Account. The account is free if customers keep a balance of at least £2,500, or €2,500, or US$3500 in their account. If their balance falls below these values during the month, then a fee of £20/€20/US$30 is payable in that month. International money transfer fees were previously £15 online and £25 on the phone.
[iii] Lloyds TSB International will not charge customers an international money transfer fee. Customers may be charged a fee by another bank. Excluding charges levied by the correspondent Bank and recipient Bank abroad.
[iv] Lloyds TSB International was named ‘Best Consumer Internet Bank – UK’ at the Global Finance, Best Internet Banks in Europe Awards, August 2011.
[v] There are approximately 5.5 million British expats around the world, according to the Institute for Public Policy Research (2006 – the latest accurate data available). 34 per cent of 5.5 million is 1.87 million.
[vi] According to Moneyfacts.co.uk, 17 May 2012.
[vii] Apart from exceptional circumstances, withdrawal is not possible before the completion of the fixed term, a charge may be payable in such circumstances, interest is paid yearly and the minimum deposit for both fixed-term sterling deposit accounts mentioned in the release is £10,000. These rates are currently available for fixed term deposits and are correct at time of going to press. AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year.
Lloyds TSB Offshore Limited. Registered Office: PO Box 160, 25 New Street, St. Helier, Jersey JE4 8RG.
Registered in Jersey, number 4029. Regulated by the Jersey Financial Services Commission. We abide by the Jersey Code of Practice for Consumer Leading.
The Guernsey branch of Lloyds TSB Offshore Limited is licensed to conduct banking, investment and insurance business by the Guernsey Financial Services Commission under the Banking Supervision (Bailiwick of Guernsey) Law 1994, the Protection of Investors (Bailiwick of Guernsey) Law 1987 and the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law 2002. PO Box 53, 1 Smith Street, St Peter Port, Guernsey, GY1 4BD.
The Isle of Man branch of Lloyds TSB Offshore Limited is licensed by the Isle of Man Financial Supervision Commission and registered with the Insurance and Pensions Authority in respect of General Business.
Business Address: PO Box 111, Peveril Buildings, Peveril Square, Douglas, Isle of Man IM99 1JJ.
Legislation or regulations in your home jurisdiction may prohibit you from entering into transactions with us.
We reserve the right to make final determination on whether you are eligible for any products or services.
For further information on Lloyds TSB International, please contact:
Colleen Brayshaw, Grayling (on behalf of Lloyds TSB International)
Tel: +44 (0)20 7932 1872
Mob: +44 (0)7946 794 223
Email: colleen.brayshaw@grayling.com
George Morrison, Grayling (on behalf of Lloyds TSB International)
Tel: +44 (0) 20 7592 7928
Mob: +44 (0)7595 963 758
Email: george.morrison@grayling.com