Lloyds TSB International has launched 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,” says Russell Galley, managing director at Lloyds TSB International.
Lloyds TSB International recently introduced savings accounts including a fixed-term, five year Sterling account paying 4.5 per cent AER and one year Sterling accounts paying 3.4 per cent AER.
Lloyds TSB International also revealed details of an independent 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 quarter at an average cost of GBP15.10 per transfer. The number of people doing this on an even more frequent basis amounted to 18 per cent.
The research 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.