Halifax foreign currency account: an overview

Do you travel regularly, have friends or family overseas or run an international business? If any of the above are true, you could probably do with opening a foreign currency account.

In this guide, we’ll look at your options for opening a foreign currency account with Halifax. This includes fees, currencies and all the other key things you need to know.

We’ll even show you an alternative, the Wise multi-currency account. With this one powerful account, you can manage 50+ currencies at once - many more than most banks offer. Plus, it could work out cheaper, faster and more convenient to send money overseas.

But more on that later. Let’s focus for now on the Halifax foreign currency account.

Does Halifax have a foreign currency account?

The first thing to know is that Halifax doesn’t actually have its own foreign currency account. However, as the bank is owned by Lloyds Banking Group, it can offer customers international banking services through this partnership¹.

Lloyds Bank has a couple of foreign currency accounts to choose from - the International Current Account, and the Premier International Current Account. We’ll look at the main features of each next.

Key account features

Let’s run through the key details you need to know for each of the Lloyds Bank foreign currency accounts available to Halifax customers.

Lloyds International Current Account

You can hold this account in one of three major currencies - GBP, EUR or USD². If you like, you can have one account for each.

With the Lloyds International Current Account, you can²:

• Send and receive international payments fee-free (although correspondent and/or recipient bank charges may apply)
• Access your money 24/7 worldwide through internet banking (phone banking also available)
• Get a Visa debit card for spending and withdrawals in your chosen currency
• Get 0% credit interest.

Eligibility

To open this account, you’ll need to have a gross annual income of £50,000 (or currency equivalent). Alternatively, you can apply if you have £25,000 to save in the account².

Lloyds Premier International Current Account

The Lloyds Bank Premier International Account offers all the same currencies and features of the standard version, but with a few extra perks.

For starters, there’s no monthly fee, and you’ll also get a dedicated Relationship Manager to help you manage your money. Plus, free worldwide travel insurance for you and your family (some restrictions and eligibility requirements apply)³.

Eligibility

To open a Lloyds Premier International Current Account, you’ll need an initial deposit of £100,000 or currency equivalent. You’ll need to keep at least this amount in your account for at least 6 months³.

If you don’t have this, you can still apply if you have a sole annual income of at least £100,000 and are able to maintain this balance in your account for 12 months³.

Are there any fees with Halifax foreign currency accounts?

Now we come to the crucial bit - how much does it cost you to have a foreign currency account? Here’s your at-a-glance guide to the fees, charges and costs involved when you open a Lloyds international account as a Halifax customer:

If you’re planning to open an International Current Account in more than one currency, it’s good to know that only one fee will apply².

How to open a Halifax foreign currency account

There are a couple of different ways you can open a foreign currency account with Lloyds as a Halifax customer. First, take a moment to check that you meet the eligibility requirements for each account.

Tick all the right boxes? The next step is to apply for an account online⁴, by filling in an online form. This is even easier for Halifax customers, as you can skip a few steps by entering your Halifax account number and sort code⁵.

If you prefer to speak to someone, you can call Lloyds customer services on +44 (0)1539 879740⁴ to discuss opening an international currency account.

Save money on international transfers with Wise

Want to manage your money in more currencies, without a monthly fee or tough eligibility requirements? Check out Wise.

Open a Wise multi-currency account and you can send, spend, receive and convert a huge 50+ currencies at once. You can send money worldwide for low fees and the mid-market rate, and receive it for free. All transfers are fast, secure and easy to set up online or in the handy Wise app.

What’s more, you can get a Wise debit card for low-cost spending in 200+ currencies. This clever international card automatically converts currency at the best rate, with just a tiny conversion fee to pay. And if you already have the currency in your account, there’s nothing to pay.

There are no monthly fees to worry about with Wise, and it’s fast and free to sign up online. Get started here.

Join Wise today

Sources used for this article:

Sources checked on 13-Jul-2022.