Hailey Johnson
Lloyds Bank customers with a Club Lloyds account can make purchases or withdraw cash anywhere in the world without incurring foreign transaction fees. This benefit is also extended to Club Lloyds Platinum and Silver account holders. However, these premium accounts come with a monthly cost of £22.50 and £11.50, respectively, which cannot be waived by depositing a minimum amount into the account each month. For those without a Club Lloyds account, Lloyds Bank charges a flat fee of £9.50 for international transfers, with additional 'correspondent bank fees' for payments made outside of the USA, Canada, and Europe.
| Characteristics | Values |
|---|---|
| International transaction fees | Charged |
| Foreign currency transaction fee | Charged |
| Foreign currency purchase fee | Charged |
| Foreign currency cash withdrawal fee | Charged |
| Currency conversion fee for Silver, Gold, Platinum and Premier Lloyds debit cards | Not charged |
| International transfer fee | £9.50 flat fee |
| 'Correspondent bank fee' | £12 for payments to the USA, Canada & Europe, £20 for anywhere else |
| Fee for amending, cancelling or changing beneficiary details | Yes, but amount not stated |
| Fee for using Lloyds debit card abroad | £7 per week for up to 6 weeks a year |
| Club Lloyds account fee | £3 per month, increasing to £5 from 2 June |
| Club Lloyds Silver account fee | £11.50 per month |
| Club Lloyds Platinum account fee | £22.50 per month |
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What You'll Learn
International transaction fees
Lloyds Bank customers with a Club Lloyds account will not pay fees on foreign currency transactions or cash withdrawals when using their debit cards abroad. This account is one of an increasing number of packaged bank accounts that allow users to enjoy some premium perks alongside their banking. The basic package costs £3 a month, the silver package costs £11.50 a month, and the platinum package costs £22.50 a month. The fee-free spending abroad will also apply to Club Lloyds Platinum and Club Lloyds Silver accounts.
Lloyds Bank charges a flat fee of £9.50 for international transfers, whether done online or in a branch. There is no fee if you transfer money to another Lloyds bank account. Lloyds also charges a 'correspondent bank fee' of £12 for payments to the USA, Canada and Europe, or £20 for anywhere else in the world. If you need to amend, cancel your transfer, or change the beneficiary details, there are 'additional fees', but Lloyds does not state how much these will be.
To avoid paying these fees, you could use a money transfer company, though it is worth noting that some of these will also charge fees. You could also add Lloyds Travel Smart to your debit card for £7 per week, though this only applies to the bank's charges, so you will still need to watch out for independent exchange rate costs or foreign transaction fees from international merchants or providers.
It is important to understand the terms under which you can use your card abroad. Even if you think your card does not charge a foreign transaction fee, it is best to check the small print to avoid any extra charges.
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Foreign currency fees
Lloyds Bank customers with a Club Lloyds account will not pay fees on foreign currency transactions or cash withdrawals when using their debit cards abroad. The account fee starts at £3 a month, although this will increase to £5 a month from 2 June. The fee can be waived if customers deposit £2,000 or more into their accounts each month. Club Lloyds customers will be able to use their Lloyds debit card to make purchases or withdraw cash anywhere in the world without incurring fees.
Club Lloyds account holders will also receive a range of other benefits, including a subscription to Disney Plus, discounted cinema tickets, magazine subscriptions, and access to preferential rates on savings accounts.
Lloyds Bank also offers Lloyds Travel Smart, which costs £7 per week and can be used for up to six weeks a year on single or multiple trips overseas. However, Travel Smart only applies to the bank's charges, so customers will still need to pay attention to independent exchange rate costs or foreign transaction fees from international merchants or providers.
For international money transfers, Lloyds Bank charges a flat fee of £9.50, whether the transfer is done online or in a branch. There is no fee for transferring money to another Lloyds bank account. Lloyds also charges a 'correspondent bank fee' of £12 for payments to the USA, Canada, and Europe, or £20 for anywhere else in the world. Additional fees may apply for amending, cancelling, or changing beneficiary details.
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Club Lloyds account fees
Lloyds Bank does charge for overseas transactions. However, there are ways to avoid these fees, such as by adding Lloyds Travel Smart to your debit card for £7 per week. Lloyds Bank is also increasing the fee on its Club Lloyds account from £3 to £5 per month, which could cost some customers an extra £24 a year. This account fee increase will come into effect from June. Club Lloyds is a fee-paying current account that offers an annual 'lifestyle benefit', such as Disney+ subscriptions, cinema tickets, and exclusive interest rates.
Club Lloyds customers can also open a Club Lloyds Monthly Saver, allowing them to save between £25 and £400 per month at a fixed interest rate of 6.25% gross/AER for 12 months. Withdrawals from this account are free of charge. Additionally, Lloyds Bank is doubling its interest-free overdraft buffer from £50 to £100 from 14 April 2025, meaning customers won't be charged interest on the first £100 of their arranged overdraft.
The monthly fee for the Club Lloyds account is waived when customers pay in at least £2,000 in a month. Some customers have taken advantage of this by setting up a standing order to transfer £2,000 into their Club Lloyds account and then immediately withdrawing it to avoid the monthly fee.
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International transfer fees
Lloyds Bank customers with a Club Lloyds account will not pay fees on foreign currency transactions or cash withdrawals when using their debit cards abroad. Club Lloyds account holders will also have foreign currency fees removed. The basic package costs £3 a month, the silver package costs £11.50 a month, and the platinum package costs £22.50 a month. The fee-free spending abroad will also apply to Club Lloyds Platinum and Club Lloyds Silver accounts.
Lloyds Bank charges a flat fee of £9.50 for international transfers, whether done online or in a branch. There is no fee if you transfer money to another Lloyds bank account. Lloyds also charges a 'correspondent bank fee' of £12 for payments to the USA, Canada and Europe, or £20 for anywhere else. If you need to amend, cancel your transfer, or change the beneficiary details, there are 'additional fees', but Lloyds does not state how much these will be.
There are ways to avoid paying these fees, for example, by using a money transfer company. However, some money transfer companies will also charge fees. Lloyds sets its exchange rates, and the exchange rate offered has a profit margin added by the bank, which varies based on the amount sent. For example, on a £50,000 transfer, you would be charged £1,200 in exchange rate costs and a £9.50 transfer fee.
It is important to understand the terms under which you can use your card abroad. Even if your card does not charge a foreign transaction fee, checking the small print can help avoid extra charges.
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Exchange rates
It is recommended to compare exchange rates with alternative providers to ensure you are getting a competitive rate, as small differences in rates can make a significant financial impact. Exchange rates fluctuate throughout the day, so it is important to compare rates at similar times to get an accurate understanding.
Additionally, when making international transfers with Lloyds, there are other fees to consider. Lloyds charges a flat fee of £9.50 for international transfers, regardless of whether they are done online or in a branch. Transfers to another Lloyds account are free. There is also a 'correspondent bank fee' for intermediary banks, which is £12 for transfers to the USA, Canada, and Europe, and £20 for other destinations.
For Lloyds customers with specific account types, there may be benefits that reduce or eliminate foreign transaction fees. Club Lloyds account holders, for instance, do not incur foreign currency fees for debit card transactions or cash withdrawals abroad. This account has a monthly fee, which starts at £3 and can increase depending on the package chosen.
To avoid foreign transaction fees, Lloyds also offers a service called Travel Smart, which costs £7 per week and can be used for up to six weeks per year. However, this only covers the bank's charges, and additional fees from merchants or providers may still apply.
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Frequently asked questions
Yes, Lloyds Bank charges a flat fee of £9.50 for international transfers, whether done online or in a branch. There is no fee for transfers to another Lloyds bank account. However, they also charge a 'correspondent bank fee' of £12 for payments to the USA, Canada and Europe, and £20 for anywhere else.
Lloyds Bank has removed foreign transaction fees for Club Lloyds account holders. This account starts at £3 a month, but the fee can be waived if you deposit £2000 or more into the account monthly.
Yes, Lloyds Travel Smart can be added to your debit card for £7 per week, allowing you to use it for up to six weeks a year on single or multiple trips overseas. However, this only applies to the bank's charges, and you may still incur other fees.
Yes, you could consider using a card from another bank that does not charge foreign transaction fees, such as Monzo, Starling, Chase or the Wise card from the money services provider Wise.
