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Lloyds Bank

lloyds bank review
  • Editor Rating

  • Rated 2 stars
£30 to £5000000
  • 40%

  • Lloyds Bank Review
  • Reviewed by:
  • Published on:
  • Last modified: June 13, 2016
  • Exchange Rate
    Editor: 25%
  • Website Friendly
    Editor: 11%
  • Customer Service
    Editor: 16%
  • Overall
    Editor: 15%

Lloyds Bank Review

Lloyds Bank is the principal subsidiary of Lloyd’s Banking group, one of the top four largest UK banks after HSBC, Barclays and Royal Bank of Scotland. Originally founded in Birmingham in 1765, Lloyd’s Banking Groups’ assets are worth over $1,333 billion today.

Lloyds Bank has an extensive network of over 2,000 branches throughout the UK and offers 24-hour telephone and online banking services. With over 30 million customers Lloyd’s is one of the UK’s leading providers of financial services. The Group has 11 million online banking users; including more than 6.5 million active mobile users. Lloyds Bank online service receives over 1.5 million lo- ons a day, with over half of those from a mobile or tablet.

Personal Transfer Services:

  • Account holders can make International Payments in branch, via telephone or online
  • Online payments available 24/7, processed during normal banking hours
  • No minimum limit for transfers
  • Spot Contract/Regular Payments/Limit Order FX
  • Repeated payments made easily –details stored securely of prior payments.
  • Online up to £100,000 through Internet Banking.
  • No limit to amount of International payment in branch. When over £100,000 Lloyd’s provides a dedicated currency team to help get best exchange rate
  • Up to £5,000 can be transferred through Telephone Banking.


International Payments Charges and Fees

  • £9.50 fee per transfer
  • Charges don’t include any charges made by the recipient’s bank.
  • Payment rates are shown on Lloyd’s International Payments calculator. The figures are based on the currency exchange rate when the calculation is made and are valid for 10 minutes.
  • Receiving a payment up to £100 – £2 fee;
  • Receiving a payment of £100 or over – £7 fee.
  • Lloyd’s convert the money received into pounds sterling on the day it’s paid it into the account (at a rate the bank chooses)


International Payment Delivery Times:

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

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

Any currency to any other country – 12 working days

Lloyd’s International Business Services offer UK Business Support with:

  • Importing and Exporting
  • International Payments
  • Spot Contract/Regular Payments/Limit Order FX
  • Helpful guides and advice
  • Foreign Exchange specialist teams develop tailored solutions
  • Award winning e-solution Arena


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

Lloyd’s Currency calculator shows an exchange rate that’s considerably below mid-market rate, claiming a savings ( against mid-market rate) of more than £15 for a spot transfer of £1,000, however, this disclaimer isn’t seen except in the small print under FAQ:’: 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.’ This rate doesn’t show bank fees which can be a much as £35, with Lloyd’s bank to bank system.


With so many services, expect many pages and Lloyd’s won’t disappoint-unless the visitor wants specific information in a timely manner. Personal Banking or Business Banking, Private Banking or International Banking are the major categories to select from with each promoting Lloyd’s bank accounts. Finding specific services from drop down menu doesn’t work as well as searching the ‘Find your way’ menu, suggesting many find it difficult to find their way through Lloyd’s website.

Excellent content is hidden within the International Banking section including advice about moving abroad and coming to the UK. A wealth of ideas showcases articles ranging from warnings for those seeking to export to China (high taxes) and a plethora of global insights. Interactive international property and rental expense guides give Lloyd’s clients the security of feeling their UK bank has worldly insights.



TRUSTPILOT rates Lloyd’s Bank as Bad with a 1.0 rate from 97 reviews. Internet banking proves to be the main complaint followed closely by lack of customer service when phoning regarding myriad internet banking issues. Rates and fees (as seen in transfers) confound Lloyd’s banking customers.

Editor’s Review:

Trust is a fundamental cornerstone of all financial firms, whether they’re banks or foreign exchange companies. Transparency is another essential component. Hidden fees and lengthy delivery times for transfers makes Lloyd’s (like the other High Street banks) a highly uncompetitive choice for foreign exchange.  Lloyd’s doesn’t do what it says on its own packet- it promises a rate, hides the small print and delivers a different rate. 1 out of 5 stars for Lloyd’s 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.