Wire transfer is the fastest mode of receiving money in your Lloyds Bank account from abroad. You can receive money into your Lloyds Bank account from a foreign country via International wire transfer. The transaction is initiated by the sender through a financial institution, however, you need to provide your banking details to the sender for successful transfer of money.
International Wire Transfer to Lloyds Bank
International wire transfer is one of the fastest way to receive money from foreign countries. Banks use SWIFT network for exchanging messages required for performing international wire transfer. Usually, the receiving bank (in UK) and the sending bank (in other country) need to have a direct arrangement in place to start the swift transfer – this is sometimes referred to as correspondent banking.
Incoming International Wire Transfer Instructions
To receive international wire transfer in your Lloyds Bank account, please provide the following wire instructions to the sending financial institution:
|Bank Name:||Lloyds Bank UK|
|SWIFT BIC Code for Lloyds Bank:||For Lloyds Bank UK, this code is LOYDGB2L|
|Your International Bank Account Number (IBAN):||It’s on your statement or you can find it through online banking|
|Your Sort Code:||You can find it on your statement or through online banking|
|Beneficiary Account Number:||Your complete Lloyds Bank account number (including leading zeros, if any)|
|Beneficiary Name:||The full name of your account as it appears on your statement|
|Beneficiary Address:||Your complete address|
Note of Caution on Fees: If your money transfer involves currency conversion, there is a high chance you will get a poor exchange rate from the banks and as a result pay high hidden fees. We recommend services like TransferWise for getting best conversion rates and lower wire transfer fees.
Outgoing International Wire Transfer Instructions
To send international wire transfer from your Lloyds Bank account, You need to know the following information about the person or company receiving the money:
1. The recipient’s account name and address
2. The recipient’s IBAN or account number
3. The name and address of recipient’s bank – including the BIC (Business Identifier Code) / SWIFT code / clearing code
Incoming Wire Transfer Fees for Lloyds Bank UK
International Incoming Wire Transfer Fees for Lloyds Bank is as follows:
|Payments up to and including £100||£2|
|Payments of over £100||£7|
Outgoing Wire Transfer Fees for Lloyds Bank UK
International Outgoing Wire Transfer Fees for Lloyds Bank is as follows:
|International payment from your account||£9.50|
Apart from the wire transfer fees, if the transfer involves currency conversion, banks make money on currency conversion as well by giving retail conversion rates to you which is usually 1-2% lower than the market rate. We recommend using services like TransferWise for getting best conversion rates with lower wire transfer fees.
Outgoing Wire Transfer Cutoff Time for Lloyds Bank UK
1. For International payment in euro made through one of Lloyds Bank branches or by Telephone Banking cutoff time in between 2 pm to 3pm.
2. For International payment in a currency other than euro made through one of Lloyds Bank branches or by Telephone Banking cutoff time is 3 pm.
3. For International payment in any currency made through Internet Banking cutoff time is 3 pm.
4. Any requests received after cutoff time will normally be processed the next working day.