Note it may be possible to negotiate a better rate over the phone. The transparency is certainly welcome but for reference we have compared the exchange rate to that of Wise and they are definitely more expensive with their standard pricing. To make a brief comparison, commercial FX companies such as Tor FX and Currencies Direct charge £0 per transfer for private clients from the UK on any amount, and most destinations will receive payments within 1-2 days.Įxchange Rates: Unlike some banks you are able to find an indication of the Lloyds Bank exchange rate for Lloyds international payments. Euro transfers to EEA countries are free. £20 correspondent bank fee for transfers to the rest of world. £12 correspondent bank fee for transfers to Europe, US and Canada. That being said though it’s difficult to ignore the fact that there are a number of discontent Lloyds Bank customers.įees: The fees detailed on Lloyds’s website for a Lloyds transfer abroad are £9.50 for all non-Euro transfers. So if we consider there are no prompts for customers to leave a review it means customers who have a poor experience will be a lot more likely to proactively leave a review than those that have had a positive experience. It’s important to point out Lloyds Bank does not actively manage reviews on either site and does not encourage their clients to leave online reviews. Looking at the reviews found on both TrustPilot and reviews.io there are considerably more negative reviews than there are positive. Difficulties opening a business bank account.Card often blocked when using it overseas.As well as a number of users praising the fraud team there are just as many or maybe more criticising how their fraud cases have been resolved.Costly overseas fee when using credit card abroad.

Often issues in accessing the online platform and Lloyds slow to resolve.

There is a significant amount of negative reviews to be found online and the FCA has fined Lloyds Bank for its shortcomings in fraud detection.

On the other hand, it’s not all positive for Lloyds Bank. Arguably it is even ‘too big to fail’ for the UK government to allow it if there were to be another downturn. There are more regulatory bodies supervising its activities than any other commercial financial service provider. Lloyds bank is definitely “safe” in the old-fashioned sense of the word – in fact it’s the oldest of all the biggest major banks in the UK. Prudential Regulation Authority (UK), FCA (UK), Financial Services Compensation Scheme(UK), Financial Services Compensation Scheme (UK), British Bankers’ Association (UK) Whilst it was a little time ago now Lloyds Bank were also fined the largest for its time for failing to control their sales team, on the back of a number complaints to the financial ombudsman service. Like other major banks it was fined for its role in mis selling PPI, whilst it was also fined for fraud failings in a scandal that impacted a number of its customers. However, like most major corporations in the limelight it has received a fair share of bad press too. Lloyds slogan “By your side” has become synonymous with its famous black horse adverts, and vouches to the fact Lloyds offers a wide variety of financial services for students, adults, small businesses and corporates. Even companies such as Transferwise, who are constantly getting media coverage, struggle to get close to the level received by the incumbent big four banks in the UK market. It also gets significant media coverage, with its symbolic black horse symbol in place for hundreds of years. Of the big four banks it was also the first to be founded – way back in 1765 and exactly 100 years earlier than the next of the big four banks to launch – HSBC in 1865.īeing a bank, it is much heavier regulated than commercial FX companies. Lloyds is known as one of the largest retail and commercial banks in the United Kingdom – deemed one of the big four (alongside Barclays, HSBC and Natwest).

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