Lloyds TSB International has improved its offering for expats by introducing fee free international money transfers for its new and existing Premier International Account holders.
The banks says that it 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,’ said Russell Galley, managing director at Lloyds TSB International.
He described the development as part of the bank’s drive to build a market leading banking service for expats. Other improvements include best-buy savings rates and the development of an award winning internet banking service.
It wants to continue to offer market leading exchange rates which are typically better than those offered by many of its high street rivals. The bank recently introduced savings accounts including a fixed term, five year Sterling account paying 4.5% AER , some nine times better than the Bank of England base interest rate and one year Sterling accounts paying 3.4% AER8, despite UK base rate increase in the next 12 months remaining unlikely.
Its latest research into expat habits in terms of international money transfers, found that 34%, which equates to around 1.87 million, transfer money internationally at least once a quarter at an average cost of £15.10 per transfer. The number of people doing this on an even more frequent basis amounted to 18%.
The research also showed 57% of expats had concerns about foreign exchange rate fluctuations and how they might affect their finances, with 17% citing this as one of their main concerns for the 12 months ahead.