Lloyds Bank is a FTSE 100 company with over 26 million clients and 1,300 branches in the UK (across Lloyds, Halifax and Bank of Scotland).
Premier International Account customers can hold current accounts in sterling, euros and US dollars, each with a debit card. Accounts are held in the Isle of Man.
Eligibility: minimum deposit of £100,000 within six months (or 12 months with annual income of £100,000).
No fee for sending or receiving transfers in foreign currencies (although the recipient bank may charge a fee). Customers also receive preferential foreign exchange rates, in addition to the option of fixing future transfer rates.
Paying for purchases in a different currency to the debit card incurs a transaction fee of 2.99%. Additional fee of £1.50 or 1.50% for withdrawing foreign currency from a cash machine, depending on the currency of the debit card (no fee for euro withdrawals using a sterling debit card in the European Economic Area (EEA)).
Also offers instant-access and fixed-term savings accounts in sterling, euros and dollars, amongst other currencies.
Premier customers are assigned a dedicated relationship manager and receive worldwide travel insurance (excluding US and Canadian residents).
Accounts can be opened face-to-face, by phone or via an assisted online application process. Applicants living in 16 ‘core countries’ (including South Africa, Australia, Singapore, France and Spain but not the US) can open their accounts before moving to the UK.
Lloyds also offers a Standard International Account which also includes current accounts in three currencies, but comes with a monthly fee of £7.50. Customers receive the same benefits as Premier customers, excluding the relationship manager and travel insurance. It has lower eligibility criteria, being either income of £50,000 or a minimum deposit of £25,000.
Overall, Lloyds is a strong all-rounder, particularly for expats wanting the option of fee-free transfers and payments in some currencies.
