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Lloyds Bank

lloyds bank review
  • Editor Rating

  • Rated 1 stars
£30 to £5000000
  • 20%

  • Lloyds Bank Review
  • Reviewed by:
  • Published on:
  • Last modified: January 5, 2017
  • Exchange Rate
    Editor: 25%
  • Website Friendly
    Editor: 11%
  • Customer Service
    Editor: 16%
  • Overall
    Editor: 15%

Lloyds Bank Review

Lloyds Bank, one of the top four biggest UK banks after HSBC, Barclay’s and Royal Bank of Scotland, is the principal subsidiary of Lloyds Banking group. Lloyds bank was originally founded in Birmingham in 1765. Presently Lloyds Banking Groups employs 88,000 people and has an annual revenue of £11.8 billion.

With over 30 million customers, Lloyds bank is one of the UK’s largest providers of financial services. Lloyds Bank has an extensive network of over 2,000 branches located throughout the UK and offers 24-hour telephone and online banking services.  The Group has 11 million online banking users including more than 6.5 million active mobile users. Lloyds Bank online platform receives over 1.5 million visitors daily, with a majority of those from a mobile or tablet.

Personal Exchange Services:

  • Lloyds bank account members can make International Payments in bank branches, by telephone and online
  • Online payments are available 24/7, processed during routine banking hours
  • No minimum limit for transfers
  • Spot Contract/Regular Payments/Limit Orders
  • Regular payments are expedited as prior payment details are securely stored
  • Online limits are up to £100,000 through Internet Banking.
  • No limit to amount of transfer in branch
  • Lloyd’s provides a dedicated currency team to assist clients with transfer larger than £100,000
  • Up to £5,000 can be transferred by telephone


Charges and Fees for International Payments 

  • £9.50 fee per transfer
  • Fees don’t include the charges made by the recipient’s bank
  • £2 fee for receiving payments under £100
  • £7 fee for receiving payments of £100 or above
  • Rates are displayed on Lloyds International Payments calculator. Quotes are based on the live currency exchange rate and are valid for 10 minutes
  • Lloyd’s convert the money received into pounds sterling on the day it’s paid it into the account at a rate the bank selects


International Payment Delivery Times:

Euro to EU/EEA/Monaco /Switzerland – next day delivery

Other currency to EU/Americas /Australia/MidEast/FarEast-4 working days

Any currency to any other country – 12 working days

International Business Services:

  • Importing and Exporting
  • International Payments

Lloyds offers UK Businesses a range of services beyond the spot contracts, regular payments and limit orders individual clients have access to.

Their foreign exchange specialist teams develop tailored solutions for companies, especially e-Commerce industries with their award winning e-solution Arena.

Exchange Rates: No fees for exchanges on International Money Mover service and Premier accounts.

Lloyds Currency calculator shows an exchange rate notably lower than the inter-bank rate, implying an impossible savings  of more than £15 against the mid-market rate for a transfer of £1,000. It’s naturally too good to be true, and the disclaimer is well hidden in their FAQ section in tediously tiny print: ‘ You can get an exchange rate illustration by using the Online International Payments calculator, but this will only be an estimate.Before a payment is confirmed online, the agreed and final rate will be shown.’  Given Lloyds bank to bank system, the actual rate after the transfer is received could reflect the burden of additional bank fees of up to £35.


As time is money, the avalanche of financial services makes finding  specific avenues for transferring money very time consuming. The drop down menu doesn’t work as well as searching the ‘Find your way’ menu, suggesting other souls have also gotten lost sifting for specific services through Lloyds website.  Expect to peruse many pages of complex banking offers and Lloyd’s doesn’t disappoint. The site is designed to advertise a range of banking options from personal banking to business banking, private banking and international banking, not to seamlessly support foreign exchange transfers.

An information overload continues down each path the visitor takes as a wealth of content offers them tips on moving to the UK or abroad. Articles on exporting to Asia warn of the pitfalls of taxes for business clients and cost of living guides that include rental and property expenses abroad offer Lloyds bank account holders a wealth of helpful information, lending the bank an impressive sense of global reach.


TRUSTPILOT rating for Lloyds Bank is Bad with 97 reviews giving it a 1.0 rating. The single largest issue clients found fault with is internet banking, followed closely by time wasted when attempting to resolve glitches online with telephone customer support services. Lloyd’s high rates and transfer fees often appalled clients when they had completed their transfers.

Editor’s Review:

Lloyds currency calculator promises a competitive rate, then  hides the small print that explains that their advertised rate isn’t realistic. Busy people have little time to waste and certainly better things to do then seek out and study small printed disclaimers. Transparency and speed are both lacking in the process of transferring with Lloyds bank. A foreign exchange company knows the importance of providing a trustworthy service. They can deliver a better rate without hidden fees in a far more timely manner.  High Street banks like Lloyds don’t offer dedicated currency specialists to clients, like foreign exchange companies do, and when issues arise with online banking, clients have no friendly consultant they can call upon for assistance. 1 out of 5 stars for Lloyds Foreign Exchange.



None for foreign exchange, even for the person who enters a Lloyd’s bank with £100,000 to transfer and has a dedicated team getting them the best rate.


Lack of simple service tools online and a currency calculator that’s misleading. Lloyd’s can’t compete with any other rate except the high street big four banks. The calculator makes it appear that Lloyd’s Bank offers a rate too good to be true-which, of course it is.