Send and receive money outside the UK or in a foreign currency

The table below gives you information about the time the payment will take to reach the recipient’s bank, provided you have given us the instruction on a working day before the cut off time:

You can make payments up to the following amounts:

Online: Send up to £100,000 per day through Internet Banking.

In branch: There is no maximum limit, if you want to send over £100,000, we will call directly to our dedicated currency trading team for you and help you to get an exchange rate you are happy with.

Telephone Banking: Send up to £5,000 through Telephone Banking.

Please note - The minimum payment amount is £1.01, whether made online, in branch or through Telephone Banking.

Receiving a payment

Payments can be made to your account in either pounds or foreign currency.

For your payment to be transferred as quickly as possible, please ask the overseas bank to follow the instructions below.

How to send the payment - You must instruct the overseas bank to send funds via SWIFT (Society for Worldwide Interbank Financial Telecommunication).

Where to send the payment - Quote the Lloyds Bank swift code which is LOYDGB2L (Lloyds Bank and Bank of Scotland are part of Lloyds Banking Group).

Account details you should use - Your account number, sort code of your account, your IBAN (International Bank Account Number) and BIC (Business Identifier Code) of the account you want crediting. These are the same as your sort code and account number but in a format recognized abroad.

You can find your IBAN and BIC by logging on to Internet Banking, selecting an account from “Your Accounts” then clicking on the ‘Show IBAN / BIC’ link.

The following fees apply to electronic payments received from outside the UK. Payments in euro received from within the EEA or via SEPA Credit Transfer are not charged these fees.

Receiving a payment up to and including £100: £2†
Receiving a payment of over £100: £7†

We'll convert the money you've received into pounds on the day we pay it into your account using our standard exchange rate for sending money outside the UK or in a foreign currency.

Please be aware that the bank sending the payment may use an agent bank to pass the payment on to Bank of Scotland. The agent bank may make a charge for their service, which will be deducted from the payment sent. This will reduce the payment Bank of Scotland receives.

†This fee will not apply to payments in pounds received from a bank account within the EU to our Basic Account.

Standard Exchange Rate

The table below provides an indication of the current percentage difference between our standard exchange rate for sending money outside the UK or in a foreign currency and the rate at which we buy and sell currency in the foreign exchange markets (the wholesale rate).

The percentages outlined above are indicative, for more information only and can change at any time.

Foreign Cheques

Negotiating or collecting a cheque - what's the difference?

Negotiating - We will pay the amount of the cheque into your account on the working day after we receive it.  If it is a foreign currency cheque we will convert it into pounds using our standard exchange rate for the payment.

Collecting - We will pay the amount of the cheque into your account when we receive payment from the paying bank. The time this takes can vary depending on the paying bank or its country as we will send the cheque to them. We may use an agent to do this.  When we receive payment from the paying bank, we will convert it to pounds, if applicable, using our standard exchange rate for the payment.  You can ask us for details.

Please visit one of our branches for more information on foreign currency cheques.

Why you need to give us your recipient’s BIC and IBAN

When you make a payment to a recipient in the EU (Europe) and EEA (European Economic Area), you need to provide us with the BIC and IBAN. If you don’t include them, we might not be able to process it.
Please see our current list of countries requiring an IBAN.

What is an IBAN?

IBAN stands for ‘International Bank Account Number.’ IBANs identify banks according to international agreement. IBANs are mandatory for EU (European) and EEA (European Economic Area) countries. Each country has a different number of characters in their IBANs.

This is an example of an IBAN for the United Kingdom:

GB29NWBK60161331926819.

An IBAN has four components and is a mixture of alpha and numeric characters:

• an ISO country code
• bank and branch identifier
• beneficiary account number
• two check digits.

The two check digits in the IBAN help banks verify that your payment details are correct.

When will the money be taken from my account?

Money will only be taken from your account once we have processed your payment.

Payments made before 3pm on a business day will be debited that same day. For payments made on or after 3pm on a business day, or at any time on a non-business day, your account will be debited on the next business day.

How much does it cost to make a payment outside the UK or in a foreign currency?

We do not charge our fee for sending payments in euro. Our fee for all other payments is £9.50*. If you share the charges for sending money outside the UK or in a foreign currency with the recipient, you will only pay the Bank of Scotland fee and the recipient will pay their bank’s charges and any agent bank charges that apply.

If you choose to pay both our charge and all agent bank charges, you will pay our charge and the Correspondent Bank Fee that replaces all agent bank charges. The recipient bank may still charge its customer a fee but we cannot provide information about such a fee. The amount of the Correspondent Bank Fee depends on the location of the recipient bank:

The exchange rate will depend on market exchange rates and the amount you send. You can use the Online Payments calculator to get a payment illustration, but please note that you’ll only see an estimated cost.

Before a payment is confirmed online, the agreed and final rate will be shown.

What if I make a payment request then want to change or cancel it?

Sorry, you can’t change or cancel your payment transaction request online. Please call us on 0345 721 3141 as soon as possible. Lines are open 7am-11pm, 7 days a week. We can’t guarantee that we’ll be able to change or cancel the transaction. If we are able to change or cancel it for you, you may lose money through the differences in exchange rates.

What if I make a payment request then find the recipient’s details I quoted are incorrect?

Please call the International Helpdesk on 0345 982 5319 as soon as possible, Monday-Friday, 9am-5pm (Wednesdays from 9.45am). We can talk you through the options that you have. Please be aware that additional fees may apply.

I don't want any bank charges to be taken from the money I send my recipient. How can I make sure that my recipient receives the exact amount of money I send them?

There are some circumstances when you can choose to pay both our charge and all agent bank charges. The recipient bank may still charge its customer a fee but we cannot provide information about such a fee. More details about charges for sending money outside the UK or in a foreign currency can be found in the ‘How much do payments cost’ section.

Need more information on or help with charges for sending money outside the UK or in a foreign currency?

If you need information about charges for sending money outside the UK or in a foreign currency, please call the International Helpdesk on 0345 982 5319 as soon as possible, Monday-Friday, 9am-5pm (Wednesdays from 9.45am). You can also visit your nearest branch.

* This fee will not apply to payments in pounds received from a bank account within the EU to our Basic Account