Transferring large amounts of money with Lloyds Bank

Need to send a large amount of money? You might be buying a house or a car, moving some money you’ve inherited or have a bill to pay for an extension or other major building work. Whatever your circumstances, you’ll need to find the cheapest and safest way to make your large transfer.

In this guide, we’ll look at how to use trusted UK bank Lloyds Bank to transfer a large amount of money. This includes how to set up a payment, whether there are any fees or limits, and any security considerations you’ll need to bear in mind.

If you’re looking for a reliable and cost-effective way to transfer large sums internationally, consider the money services provider Wise. With low, transparent fees*, great mid-market exchange rates, and secure, trackable transfers, Wise makes international money transfers simple and stress-free. Plus, you’ll receive dedicated support when sending large amounts.

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Can you send large transfers with Lloyds Bank?

Yes, you can use Lloyds Bank to transfer large amounts as long as you’re a personal or business customer with an active account. There are a few different ways you can do it.

One option is Faster Payments, which is available for payments of up to £25,000 if set up online or over the phone. If you visit a Lloyds Bank branch though (and take valid ID with you), you can send up to £250,000 at once.¹

If you need to make regular or recurring large payments, you can set up a standing order with Lloyds Bank. This lets you send up to £25,000 (if set up via online banking or over the phone) or £100,000 (if set up in a branch).¹

For any payments larger than this, you’ll need to make a CHAPS (Clearing House Automated Payment System) payment. This type of payment doesn’t usually have any minimum or maximum limits on how much you can send, but bear in mind that it does come with a transfer fee £25 regardless of the amount you send.²

Lloyds Bank also lets you make international payments of large amounts, but these will also involve some money transfer fees.

Is Lloyds Bank safe for large transfers?

Lloyds Bank is a fully licensed UK bank and strictly regulated.

Under the terms of this regulation, the bank is required to use sophisticated security measures to protect customers’ data, money and transfers.

This includes protections such as:

• Strong Customer Authentication to safeguard your account (i.e. texting you a passcode when you login to online banking)
• Data encryption
• Biometric authentication to login to the Lloyds Bank app
• Dedicated anti-fraud teams.

These are the kinds of security measures you can expect to see at all licensed and regulated UK banks, especially one of the ‘big four’ like Lloyds Bank.

How to make a large amount payment with Lloyds Bank

To send up to £25,000 with Lloyds Bank using Faster Payments or to send money abroad, you can take your pick from either online, mobile or phone banking.

In either case, you’ll need to have the recipient’s bank details to hand. And of course, you’ll need to make sure you have an active account with Lloyds Bank.

Here’s what you’ll usually need to provide,including details for sending money abroad:

• The recipient’s name as it appears on their bank account
• Their bank account number and sort code
• The type of account (personal or business)
• The International Bank Account Number (IBAN) - for international transfers
• The SWIFT/BIC code for their bank - for international transfers.

You’ll need to login to your online banking, select ‘Payments and transfers’ and then select ‘Pay someone new’. Here, you’ll be prompted to enter the recipient’s details, plus the amount you want to send and any other required details.³

You may also have to complete additional verification steps for security purposes, such as receiving an automated call with a 4-digit number - you’ll enter this on-screen when prompted.³

You can also visit a branch of the bank in person to send either a larger Faster Payments transfer (up to £250,000) or a CHAPS payment (unlimited). You don’t need to make an appointment, but you will need to take a form of valid photo ID with you.

How long do large transfers take with Lloyds Bank

Here’s an overview of average transfer times with Lloyds Bank:

What's the maximum transfer limit with Lloyds Bank?

The maximum amount you can send with Lloyds Bank depends on how you’re making your transfer.

Here’s a run-through of the transfer methods available and the sending limit for each:

Wise – A low-cost alternative to bank transfers

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With Wise, you can send large amount transfers worldwide to countries for low, transparent fees* and you’re guaranteed the mid-market exchange rate with no markup.

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Sources used:

Sources last checked on date: 06-Jan-2025