- Published: 28 June 2012
- Written by NeonDrum
29th June 2012 - It has been announced that from 30 May 2012, Lloyds TSB International will improve its offering for expats by introducing fee-free international money transfers for its new and existing Premier International Account holders.
The move means customers with this kind of account will no longer be charged transfer fees when moving currency to any overseas bank accounts, regardless of whether it is requested online, over the telephone or by post or if it involves currency exchange.
“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,” said Russell Galley, Managing Director at Lloyds TSB International.
He added that by removing these fees, the bank was taking another step in its bid to build a market-leading banking service for expats. This commitment, Galley explained, could be seen in this and the many other improvements it has made – such as best-buy savings rates and the development of an award-winning internet banking service.
Lloyds TSB International will continue to offer market-leading exchange rates which are typically better than those offered by many of its high street rivals1. The bank recently introduced savings accounts including 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 one year Sterling accounts paying 3.4 per cent AER8, despite UK base rate increase in the next 12 months remaining unlikely.
Lloyds TSB International also revealed details of an independent and weighted survey which asked 1,030 expats about their current habits in terms of international money transfers. It was revealed that 34 per cent of expats – which equates to around 1.87 million - transfer money internationally at least once a quarter2 at an average cost of £15.10 per transfer2. The number of people doing this on an even more frequent basis amounted to 18 per cent.
The research2 also showed 57 per cent of expats had concerns about foreign exchange rate fluctuations and how they might affect their finances – with 17 per cent citing this as one of their main concerns for the 12 months ahead.
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 http://www.lloydstsb-offshore.com/, including guidance on moving abroad.
– Ends –
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.
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.
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 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.
For further information on Lloyds TSB International, please contact:
Colleen Brayshaw, Grayling (on behalf of Lloyds TSB International)
Tel: +44 (0)20 7932 1872
Mob: +44 (0)7946 794 223
George Morrison, Grayling (on behalf of Lloyds TSB International)
Tel: +44 (0) 207 592 7928
Mob: +44 (0) 7595 963 758
Distributed on behalf of MEC Global by NeonDrum news distribution service (http://www.neondrum.com)