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- Lloyds TSB Offshore Banking
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| Value for Money | 2.2/10  |
|---|---|
| Overall rating | 2.2/10 |
By Guest. on 16th Jul 2008
| Value for money | 5/10 |
|---|---|
| Overall value | 3/10 |
 Guest.'s recommendation | |
Debit cards for Sterling, Euro and Dollar.
Unable to self transfer between Sterling and Dollar.
Took some setting up - forget it if you are in a rush.
Quite expensive ( £7.50 or $7.50 /month).
Hidden charges in currency exchange rates (roughly 2.5%).
It took a while to get up and running. I needed a bank which offered free payments from the UK to USA to purchase a timeshare property on a monthly basis. Many banks wanted to charge per money transfer which would have added to the cost of the timeshare. With Lloyds I can transfer sterling into the sterling off-shore account for free. I can transfer from my sterling off-shore account to my Dollar off-shore account for free, although the exchange rate seems a little unfair. I got $1.95 to £1 where the FX market were trading at $2 to £1. The high street were trading at $1.92 to £1 so it beat that. I can then use my Dollar debit card to pay the timeshare monthly payment. The overall cost being just a fixed £7.50 per month. I can also buy Dollars at the slightly favourable rate (above the high street) and then spend them when visting the USA. Overall not the best customer service I have ever had but in my case it was the cost which made my mind up.
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