New and existing holders of the bank’s Premier international Account will no longer be charged a transfer fee to move currency to any overseas bank account, whether it involves a currency exchange or not, and regardless of how they request the transfer – online, by telephone or by post, Lloyds TSB International said.
Previously, the bank had charged £15 for sending money online, and £25 for sending it by phone.
In announcing the removal of transfer fees, the offshore specialist banking arm of Lloyds Banking Group noted that a recent survey of 1,030 British expats, in the ten most popular expatriate destinations, found that 34% transfer money overseas “at least once a quarter”, at an average cost per transfer of £15.10.
The survey, conducted online in April, also found that 18% of expatriates transfer money across borders on a monthly, weekly or even “more frequently still”, Lloyds TSB International noted.
Given that 39% of expats’ savings held by Lloyds TSB International are kept in sterling, the bank said, its fee-free money transfers are expected to prove “particularly popular for regular savers who prefer sterling to their local currency”.
Russell Galley, managing director of Lloyds TSB International, said that the removal of fees for the bank’s expatriate customers was a further demonstration of its commitment to them.
In announcing the removal of transfer fees, Lloyds TSB International noted that its clients might expected to be charged a fee on fund transfers by the recipient bank.
To be eligible for a Lloyds TSB International Premier International Account, individuals must have a gross annual income of £50,000, or have £25,000 to deposit (or the currency equivalent of either amount). They are not charged account fees if they keep a balance of at least £2,500 (or €2,500, o$3500) in their account. If their balance falls below these values during a given month, then they will be charged a fee of £20/€20/US$30.
More information may be found on the Lloyds TSB International website, by clicking here.