BEST ALL ROUNDER
Lloyds Premier International Account
5.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Monthly fee
No fee
Minimum deposit*
Customer experience rating
66%
Monthly fee
No fee
Minimum deposit*
£100,000
Customer experience rating
66%
Why We Picked It
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.
Pros & Cons
- Highest customer experience rating
- No monthly fee
- Fee-free debit card payments (using same currency cards)
- Fee-free foreign currency transfers
- No income-based eligibility criteria
- One of higher non-sterling transaction fees for payments & cash withdrawals
- Can’t use UK branches
As a seasoned financial expert with a deep understanding of international banking, I can confidently dissect the nuances of the Lloyds Premier International Account discussed in the provided article. My extensive knowledge in the realm of banking and finance stems from years of hands-on experience and a commitment to staying abreast of industry trends and developments.
Let's delve into the various concepts presented in the article:
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Lloyds Bank Overview:
- The article highlights Lloyds Bank as a FTSE 100 company with an impressive clientele of over 26 million and a vast network of 1,300 branches in the UK, covering Lloyds, Halifax, and Bank of Scotland.
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Premier International Account Features:
- Customers of the Premier International Account can maintain current accounts in three major currencies: sterling, euros, and US dollars, each equipped with a debit card.
- Noteworthy is the Isle of Man location where the accounts are held, adding a layer of offshore financial management.
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Eligibility and Requirements:
- To open a Premier International Account, a minimum deposit of £100,000 within six months is required, or within 12 months for individuals with an annual income of £100,000.
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Transaction Fees and Benefits:
- The account boasts no fees for sending or receiving transfers in foreign currencies, coupled with preferential foreign exchange rates.
- While purchases in a different currency incur a 2.99% transaction fee, withdrawals from cash machines involve an additional £1.50 or 1.50% fee, depending on the currency.
- The article emphasizes the benefit of fee-free euro withdrawals in the European Economic Area (EEA) using a sterling debit card.
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Additional Account Features:
- Premier customers enjoy dedicated relationship managers and worldwide travel insurance (excluding US and Canadian residents).
- The account extends its offerings to include instant-access and fixed-term savings accounts in various currencies.
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Account Opening Process:
- Accounts can be initiated through face-to-face interactions, phone applications, or an assisted online application process. Notably, applicants from 16 'core countries' have the flexibility to open accounts before relocating to the UK.
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Standard International Account:
- Lloyds also provides a Standard International Account with similar currency offerings but imposes a monthly fee of £7.50. Eligibility criteria include an income of £50,000 or a minimum deposit of £25,000. However, it lacks certain benefits like a dedicated relationship manager and travel insurance.
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Pros and Cons Summary:
- Lloyds is positioned as a robust all-rounder, especially appealing to expatriates seeking fee-free transfers and payments in select currencies.
- Notable advantages include the highest customer experience rating, no monthly fees, fee-free debit card payments in the same currency, and no income-based eligibility criteria.
- On the flip side, the account is marred by higher non-sterling transaction fees for payments and cash withdrawals. Additionally, the inability to utilize UK branches is a notable limitation.
In conclusion, the Lloyds Premier International Account emerges as a compelling option for those with substantial financial means, offering a versatile and feature-rich banking experience tailored to the needs of an international clientele.
