Lloyds TSB International improves offering by removing international money transfer fees
June 30, 2012 Business News(PRLEAP.COM) Lloyds TSB International has continued to make improvements to its customer offering with the announcement that from 30 May 2012 it will provide fee-free international money transfers for new and existing Premier International Account holders.
It was revealed that customers will no longer need to pay the transfer fee when moving currency to any overseas other bank account , regardless of whether the transaction involves currency exchange and whether it is completed using online, telephone or postal facilities.
The move comes as the bank also publishes details of a new survey which shows the number of expats who are sending money overseas on a regular quarterly, monthly, weekly or more frequent basis – at an average cost of £15.10 per transfer2.
It was revealed that of the 1,030 expats polled as part of Lloyds TSB International independent and weighted survey, 34 per cent transfer funds at least once every three months some 1.87 million , with the number doing so more frequently estimated to be around 18 per cent. Furthermore, with 39% of expats holding Sterling savings, it is hoped the idea of fee-free money transfers may prove particularly popular.
Commenting on the move to remove fees on international money transfers, the banks managing Director Russell Galley said it was a logical progression that would further demonstrate how Lloyds TSB continues to push for improved products and services for its global customer base – including best-buy savings rates and an award-winning online banking service.
"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," he added.
As well as free international money transfers, Lloyds TSB International continues to offer exchange rates typically better than its other high street rivals1. In addition, it recently introduced market-leading or near market-leading savings accounts with a a fixed-term, five year Sterling account paying 4.5 per cent AER , some nine times better than the Bank of England base interest rate and a one year Sterling account paying 3.4 per cent AER8, 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.
Lloyds TSB International market research, April 2012.
From a survey of 1,030 British expats based in the 10 most popular expat destinations. Conducted by Freshminds, the research uses a sample of expats from each country that is representative of the global spread of British expats. The survey was conducted online in April 2012. The countries involved are: Australia, Spain, USA, Canada, France, New Zealand, South Africa, Germany, UAE and Hong Kong.
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.
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.
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.
Lloyds TSB International was named 'Best Consumer Internet Bank – UK' at the Global Finance, Best Internet Banks in Europe Awards, August 2011.
According to Moneyfacts.co.uk, 17 May 2012.
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.
George Morrison, Grayling (on behalf of Lloyds TSB International)
Lloyds TSB International
+44 (0) 20 7592 7928
Lloyds TSB International
+44 (0) 20 7592 7928