- 02/04/2015 at 8:52 am #4171
I’d like to share my experience of Lloyds.
A few years ago I sold my home in the Euro Zone and transferred 300k € to the UK. As soon as the money arrived at Lloyds I moved it to their Super Saver account to get a bit of interest.
First Lloyds gave me only £0.8537 per Euro instead of the average market rate for the day which was £0.8687; I lost £5280 on the exchange rate. Next Lloyds charged me a £5000 foreign exchange fee for receiving my money. Since my Lloyds current account didn’t have £5000, I was hit with a £20 overdraft fee. So Lloyds got £5280+£5000+£20=£10300 of my hard earned cash. In return, after 4 months, I got £2.60 interest in their Easy Saver account. Oh yes, and whilst abroad, I couldn’t access my account. When I did buy a house in the UK with the money, I had fly to the UK and visit a Lloyds branch just to get my money transferred to my solicitor.
Rotten service and legalised day light robbery, the Lloyds black horse is there to trample over customers.02/04/2015 at 9:30 am #4174
Lloyds Bank, like most, if not all other high street banks are the same when it comes to international currency transfers. As people wake up to their options, they’ll realise that money and time can be saved using a FX broker instead of going directly to their bank.