Lloyds TSB Offshore Banking Review

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0.9 stars
Average rating for this product is: 0.9 out of 5

From 0 ratings and 17 reviews

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Guest's Review of Lloyds TSB Offshore Banking

16th Jul 2008

Overall Rating

1.5 stars
  • Value for money
    2.5 stars
Good Points

Debit cards for Sterling, Euro and Dollar.


Bad Points

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%).


General Comments

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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