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:

Cut off times for making a payment request:

How much will my payment cost?

The example below can help you gain a better understanding of how much it would cost you to send a payment. 

You need to make a payment of €1,000 to Spain. If the current GBP/EUR wholesale rate is 1.1900 for example, the Bank of Scotland  standard exchange rate applied to your payment would be 1.1478, based on our current margin of 3.55%. In this example, this means £871.27 would be debited from your account. 

Please note: a live wholesale rate is used to calculate the standard exchange rate and together with the percentages outlined above, are indicative, for information only and can change at any time.

Log in to make a payment

You can make payments up to the following amounts:

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

What is an IBAN?

IBAN stands for ‘International Bank Account Number.’ IBANs identify banks according to international agreement. IBANs are mandatory for the UK 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.

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

When you make a payment to a recipient in the UK or EEA (European Economic Area), you need to provide us with the BIC and IBAN to allow us to process the transaction.

Which countries do I need a BIC/SWIFT and an IBAN for?

We need you to quote a BIC/SWIFT and IBAN when sending payments to the following countries:

The UK and all EU and EEA countries: Albania, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Guernsey, Hungary, Iceland, Republic of Ireland, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden

and also the following countries: Andorra, Bahrain, Faroe Islands, Georgia, Gibraltar, Greenland, Isle of Man, Israel, Jordan, Kosovo, Kuwait, Lebanon, Macedonia, Montenegro, Moldova, Monaco, Pakistan, Palestine, Qatar, San Marino, Saudi Arabia, Serbia, Switzerland, Tunisia, Turkey, and United Arab Emirates.

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.

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 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.

Where to find your IBAN and BIC - Login to Internet Banking, select one of your bank or savings accounts from “Your Accounts” then click on the ‘View IBAN / BIC’ link.

Alternatively use our mobile banking app to view your IBAN and BIC by selecting “Send bank details” on the more actions (three dot) menu next to the bank account you want to use. You can also use the app to share your bank details with the person sending you a payment, by pressing ‘share international details’.

What fees apply?

The following fees apply to electronic payments received from outside the UK or in a foreign currency. Payments in euro received from within the UK, 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 receiving money from 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.

Since leaving the EU, agent bank fees may also now apply to the following payments received:

• from EEA countries (in pounds or EEA currencies), and
• from within the UK in an EEA currency

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

Standard Exchange Rate

Payments are processed using our standard exchange rate. The table below provides an indication of the margin, which is the current percentage difference between this rate and the rate at which we buy and sell currency in the foreign exchange markets (the wholesale rate).

How much will my payment cost?

Example – A person in the United States makes a payment of $1,000 to your account. If the current GBP/USD wholesale rate is 1.2600 for example, the Bank of Scotland standard exchange rate applied to the incoming payment would be 1.3047, based on our current margin of 3.55%. In this example if we received $1,000 this means £759.44 would be credited to your account after our £7 fee had been charged.

Please note: a live wholesale rate is used to calculate the standard exchange rate and together with the percentages outlined above, are indicative, for information only and can change at any time.

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 amount Bank of Scotland  receives.

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.

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.

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.

Since leaving the EU, agent bank fees may also now apply to the following payments:

• to EEA countries (in pounds or EEA currencies), and
• within the UK in an EEA currency

For the full amount to be received by the recipient’s bank, you may be able to choose to pay both our charge and all agent bank charges. As we explain in the ‘How much does it cost?’ section you can only request do this for some types of payments made through our branches and telephone banking.

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.

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.

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.

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 does it cost?’ section.

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