Business Account Overseas Money Transfer Options – Lloyds Bank
Lloyds Bank overseas business payments may have associated charges and fees which you can avoid when making corporate money transfers. If your business has overseas payments to manage, a regular foreign payroll to make, or overseas earnings to repatriate, Lloyds business clients should consider using a currency transfer specialist to help save money and automate these processes.
| LLOYDS BANK | MIN. TRANSFER | SPEED | *GUIDE RATES | INFORMATION |
|---|---|---|---|---|
| GBP £ - to EUR | NO MINIMUM | 5/7 DAYS | €1.142 | MORE DETAILS |
| GBP/EUR (BROKER RATES) | FROM £100 | 1 DAY | €1.193 | MORE DETAILS |
| EUR € - to GBP | NO MINIMUM | 5/7 DAYS | £0.791 | MORE DETAILS |
| EUR/GBP (BROKER RATES) | FROM £100 | 1 DAY | £0.826 | MORE DETAILS |
| GBP £ - to CHF | NO MINIMUM | 5/7 DAYS | Fr 1.06 | MORE DETAILS |
| GBP £ - to CZK | NO MINIMUM | 5/7 DAYS | Kc 28.971 | MORE DETAILS |
| GBP £ - to DKK | NO MINIMUM | 5/7 DAYS | kr 8.516 | MORE DETAILS |
| GBP £ - to HUF | NO MINIMUM | 5/7 DAYS | Ft 469.37 | MORE DETAILS |
| GBP £ - to NOK | NO MINIMUM | 5/7 DAYS | kr 13.261 | MORE DETAILS |
| GBP £ - to PLN | NO MINIMUM | 5/7 DAYS | zl 4.96 | MORE DETAILS |
| GBP £ - to SEK | NO MINIMUM | 5/7 DAYS | kr 13.25 | MORE DETAILS |
Transfer exchange rates are calculated and updated hourly (Monday to Friday) from 8 am to 4 pm UK – GMT
Lloyds Business Account – General Fees
Fees associated with a Lloyds Bank Business Account vary depending on the type of account you have, the transactions you make, and the balance you maintain. The monthly maintenance fee for the basic business account is £6.50, while the Monthly Account Fee for the Business Extra Account is £25. The fees for cash deposits, cash withdrawals, cheques, and other transactions are also charged depending on the account type.
However, some transactions such as local electronic payments and standing orders are free of charge within the UK. It is important to carefully review the account fees and transaction charges to choose the right account that meets your business needs and budget.
Lloyds Business Account – International Charges
It is important for businesses to be aware of charges that Lloyds Bank make when you send or receive business payments overseas and factor them into their financial planning. Business owners may want to explore alternative options if they frequently conduct international business and want to minimise these charges, whilst attaining the very best foreign exchange rates when making or receiving payments in other currencies.
Lloyds Bank – International Business Exchange Rates
With a global network of branches and partnerships, Lloyds Bank can provide quite competitive rates for businesses who make regular international currency transfers. Businesses can also use Lloyds Bank’s online platform to manage their foreign exchange transactions and access real-time market data. Whether it’s buying or selling goods overseas, paying international suppliers, or managing a global payroll, Lloyds Bank’s international business exchange rates do help businesses save money and streamline their operations, however it’s worth shopping around to find out if you can attain a better deal.
Lloyds Bank and SEPA (Single Euro Payments Area)
SEPA (Single Euro Payments Area) rules are written around the euro currency, general EU banking laws and do not take into account the actual currency conversion or money transfer exchange rates, which is what happens when money is transferred into or out of the euro zone. European banks including Lloyds Bank can still charge anything they like for that service, irrespective of SEPA.
The aim of SEPA is to make payments in euro and across Europe as fast, safe and efficient as UK payments are today. On the downside, all banks (Lloyds Bank included) will still charge their own foreign exchange margin rate to the transaction.
Example: Lloyds Bank SEPA Business Transfer
A Lloyds Bank SEPA business currency transfer (Lloyds Bank to an external bank brand) from UK pounds to the euro has a commission fee capped at £2.00 on the actual transaction, however the transfer amount sent has a 5.0 percent exchange rate margin applied, which is deducted on the total amount received. This is far from the best business money transfer deal on the market. Moreover, SEPA payments can take longer to complete than transactions via a currency transfer specialist.
For businesses who transfer regular amounts overseas to make payments in the euro or other popular European currencies, using a currency broker is a money saving decision if your monthly transfers exceed £250. For smaller amounts you’ll have to continue using Lloyds Bank service.
For further information regarding Lloyds Bank overseas business exchange rates, business account international payment fees, charges and SEPA, you could ask a currency transfer specialist which options you have available for your business payment requirements, or contact your local branch’s Lloyds Bank Business Manager directly.
