Check out our comparison of PayPal vs. bank transfers in the UK, including fees, transfer times, limits, exchange rates and more.
If you’ve recently opened a new bank account with Lloyds, one of your first transactions is likely to be a payment. For example, you might want to transfer money to a friend, or pay a bill.
In this short guide, we’ll cover how long it takes to make a bank transfer with Lloyds – for both the UK and international payments.
Lloyds has joined other banks to offer a new account name checking service. This is to prevent fraud and confirm your money is going to the right place. Making a payment is just the same, you’ll just need to be extra careful when entering the details.
Simply provide the following info and Lloyds will automatically match it with the recipient’s bank account:
- The recipient’s full bank account name (exactly as it appears on their statement)
- Their account number and sort code
- Account type – whether it’s a personal or business account you’re sending to.
The above is for transfers within the UK, but what about international payments? To send money overseas with Lloyds, you’ll need to provide:²
- The exact full name and address of the recipient
- The name, address and BIC/SWIFT code for the recipient’s bank
- Their International Bank Account Number (IBAN). Calculate the needed Lloyds IBAN number here.
Transfers between UK bank accounts with Lloyds usually take a maximum of 2 hours to arrive, using the Faster Payments service. However, they can potentially take until the end of the next working day.³
International payments sent from Lloyds bank accounts should arrive:⁴
- No later than the next working day - for payments in euros sent to an EEA country
- No later than 4 working days – for payments sent in any currency to a certain list of countries (incl. EEA countries, North America and Australia)
- No later than 14 working days – for payments sent in any currency to any other country.
Lloyds uses the Faster Payments scheme, which means that transfers within the UK should arrive almost instantly. However, it can take longer if the receiving bank isn’t a part of Faster Payments.
And as you can see from the timescales above, it can sometimes take a lot longer for international payments to arrive.
Sending money internationally with a bank can often be slow and expensive. But there is an alternative solution available.
Send money worldwide with Wise and your payment will arrive in under 2 working days⁵ – although many transfers happen much faster that that.
As well as being super-fast, it’s also great value. It’s free to sign up, and there are only tiny, transparent fees to pay. Plus, you’re guaranteed the real, mid-market exchange rate.
Taking all this into account, Wise could turn out to be as much as 8x cheaper for international payments compared to your bank⁶.
Ready to start whizzing money around the world? Send your first payment with these simple steps⁷:
- Open a Wise multi-currency account for free.
- Enter the amount you’d like to send, and whether it’s a personal or business transfer.
- Enter essential details for yourself, such as your address (only used to comply with finance regulations).
- Enter the recipient’s account details.
- Check that you’re happy with the fees and hit ‘send’.
You’ll get instant confirmation and can even track your payment using the handy Wise app.
And that’s pretty much everything you need to know about making bank transfers with Lloyds, including how long it takes. You’re ready to make your first payment – good luck!
Lloyds - confirmation of payee
Lloyds - international payments
Lloyds - making a payment
Lloyds - international payments
Wise - how long does a transfer take
Wise - multi-currency account
Wise - how do I send money with Wise
Sources checked on 20-January 2021.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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