A step-by-step guide to sending money abroad

Guidance

If you need to make payments abroad, or send money to your own accounts overseas, our free* overseas money transfers service makes sense. Find out how the process works.

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

You may need to make overseas money transfers for a variety of reasons. People find them useful for:

  • Topping up a bank account in a different country.
  • Paying bills.
  • Sending money to family.
  • Making purchases.
  • Running a home or a holiday home.

This service is particularly useful for people:

  • 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 TSB International customers, making an overseas money transfer is simple and straightforward – and, it's free* with our International Moneymover Service. This step-by-step guide explains how the process works.

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

Sending money abroad step-by-step

1. Assess your needs

If you know you will need to send money abroad on a regular basis, it makes 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 TSB International accounts:

  • International Current Account in Sterling, US Dollars or Euros
  • Savings accounts in all currencies (Bonus Saver and Incentive Saver)

2. Think about how you want to make payments

If you don’t want to queue in a branch every time you need to send money, a Lloyds TSB International account lets you make payments online or on the phone, 24 hours a day, 7 days a week. (this service is unavailable online for Premier International Accounts opened in Sterling)

With a Lloyds TSB currency account, you can send up to £30,000 a day to most countries in the world - with a maximum of £10,000 for each transaction.

3. Consider safety and security

By choosing Lloyds TSB International you can be sure that your payments will get to their destination safely and on time.

4. Understand the various methods available for sending money overseas and weigh up the pros and cons.

There are several options to choose from:

Electronic transfers

The cheapest and simplest way of sending money abroad is through an electronic transfer. If you have an International Currency Account with Lloyds TSB, you can use the free*, fast International Moneymover Service which allows you to make overseas money transfers in all major currencies.

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.

International Drafts

These are the international equivalent of a cheque. They’re useful if you don't have your recipient’s bank account details. International Drafts are sent through the mail, which often takes longer than electronic transfers.

The bank account that the draft is paid into has to be in the same name as the recipient on the draft.

Weigh up the pros and cons, together with the costs of the different methods for sending money abroad.

In most circumstances, using electronic payments will be the quickest, cheapest and easiest method of sending money abroad for both one-off and regular payments.

Click here for more information on sending money abroad.

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

5. Check the exchange rate.

If you are sending money abroad, your payment is being converted from one currency into another. 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.

6. Decide on the currency you want to use.

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.

7. Gather the information you need from the intended recipient.

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. Click here for full details

8. Set up the payment details.

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 7).

Just login to your currency account and fill in the details for the payment. To see how easy this is watch our demonstration.

Watch a demonstration of how to create a new recipient online.

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. Click here for information on how to contact us.

You can start sending money abroad to the new recipient as soon as their details are set up.

9. Make the payment.

If you've got a currency internet banking account, it’s really easy to make overseas money transfers once you have set up the recipient. Just login and follow the instructions. This service isn't available for Premier International Accounts opened in Sterling.

To see how easy sending money abroad is – watch our demo

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.

10. Need to repeat a payment?

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.

11. Need to stop a payment?

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.

12. What you should do if the money doesn't arrive

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 TSB International Moneymover Service is free. But, overseas banks handling the payments may levy charges that we have no control over.
  • Delays
    We aim to have all overseas money transfers with the destination bank within 1-3 days. However, we can’t 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 might be slower to reach the recipient.

Receiving money from abroad

If you're being sent money from overseas, it’s 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.

For more information on charges for sending and receiving overseas money transfers with Lloyds TSB International click here.

Get help with sending money abroad

If you need more help with sending money abroad, one of our experts will be happy to advise you over the phone.

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.

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

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