A guide to international payments

Electronic transfers

Benefits

The quickest, cheapest and easiest way to send money overseas is to do it electronically. If you have an international currency account with Lloyds you can use the International Moneymover Service which gives you the ability to make fast, free international payments* in all major currencies.

Things to consider

You may need to alert the recipient that the payment has been made, so they can check their account to confirm that the money has turned up.

International Standing Orders

Benefits

It's easy to set up International Standing Orders to make regular international payments with your international currency account. You can do this whether you want to send money back home, pay bills or just top up an account in a different country. 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.

Things to consider

Money leaves your account regularly, so you have to keep an eye out to make sure you don't become overdrawn. You will have to formally change your payments if your bill increases.

International drafts

Benefits

An International Draft – the international equivalent of a cheque – is useful if you don't have your recipient’s bank account details to pay directly into their account.

The bank account that the draft is paid into has to be in the same name as the recipient on the draft, which helps keep them safe.

Things to consider

There is a fee for an international draft compared with the free electronic service. They are posted, so to send money overseas this way can take much longer than using online payments. However, the recipient will see the payment has been made as soon as it arrives in the mail.

Click here for more information on sending money overseas.

* Recipient and Corresponding Banks abroad may charge a fee for receiving payments.

You can make payments to almost anywhere in the world.

When you send money abroad with Lloyds TSB International, you can be sure that your payments will get to their destination safely and on time. Occasionally we might make additional security checks, if we feel it’s necessary, before we send money overseas.

We aim to get all electronic payments to the recipient bank in 1-3 days, varying from country to country. However, we cannot guarantee how long it will then take for the recipient bank to process the transfer.

Because the payment is being converted from one currency into another, you want to make sure you get a good deal. Lloyds TSB International offer a wide range of foreign exchange services to help make your transfer quick and easy.

To find out the current exchange rates please call Offshore PhoneBank®:
From the UK: 08457 449 900
From outside the UK: +44 (0) 1539 736 626
Lines are open 24 hours a day, 7 days a week. Telephone calls may be recorded and monitored.

You can make a payment in two ways:

• In your local currency, which is then converted into the destination currency.
• By converting the amount into the destination currency before you send it.

When you make international payments online, 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 know how much is leaving your account then pay in your own currency – but, the amount that will be deposited overseas will depend on the exchange rate on the day payment is made.

If you need to be sure 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, over which we have no control.

Click here to find out what information is needed to make an international payment.

You can make international payments if you hold one of these Lloyds TSB International accounts:

• Premier International Account in Sterling, US Dollars or Euros.
• Instant Access savings accounts in all currencies (Bonus Saver and Incentive Saver). Remember, some savings accounts have penalties or restrictions on withdrawing money.

With your international account, you can send up to £30,000 (or currency equivalent) a day to almost anywhere in the world. There's a limit of £10,000 per payment.

Learn how easy it is to make an international payment online. Find out more.

When you make an international payment, there are a few things you need to take into consideration:

• Time zones
  Your payments are only handled by banks during normal working hours – and the receiving bank may be in a different time zone, so this can affect how quickly your payment is handled.
• Costs and charges
  It's free to send money overseas or receive international payments using the Lloyds TSB International Moneymover Service. Recipient and Corresponding Banks abroad may charge a fee for receiving payments.
• Delays by external parties
  We aim to have all online payments with the destination bank within 1-3 days. However, we cannot guarantee how long the bank will then take to credit the account of the recipient. The payment may have to go through several links in a chain overseas, and some banks are more efficient with international payments than others.
  
  International Drafts are sent by mail, so may be slower.

If you are getting money from overseas, it’s cheaper and easier to receive the money by an electronic bank transfer.

You can pay cheques into your account. Cheques or drafts can be processed either as funds by negotiation or funds by collection. The cost for handling them (and how soon they are credited) will depend on which of these methods is used.

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.

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.

For more information on charges for sending and receiving international payments with Lloyds TSB International click here.

For more ways to take advantage of sending money overseas, take a look at our Foreign Exchange Services.

If you need more help

If you need help, one of our experts will be happy to advise you over the phone and help sort out an overseas money transfer.

Call our Offshore PhoneBank®
From the UK: 08457 449 900
From outside the UK: +44 (0) 1539 736 626
Lines are open 24 hours a day, 7 days a week. Telephone calls may be recorded and monitored.