Moving to another country doesn't mean your financial aspirations should get left behind. Setting up an International Account before you embark on your new journey could help you manage your finances between your home and new country's currencies more easily.
What is an International Account and what are the benefits?
An International (or offshore) Account is a bank account that is set up outside of the country you live in – usually your home country. It can help with managing your finances between home and abroad, especially if you require the use of multiple currencies (such as Sterling, Euro, or US Dollar).
There are a few reasons why you may decide to use an international account:
- If you plan to work or retire abroad and will be receiving payments (salary, pension etc.) in a foreign currency.
- If you travel regularly for work or live abroad for periods of time.
- If you're supported by or supporting family who live in another country with costs such as school fees or mortgage/rent payments.
- If you own property abroad.
- If you have investments or a business abroad.
- To keep the same bank account if you're regularly changing countries.
There's a lot to think about when settling into a new way of life abroad, and we appreciate the complex nature of managing your finances can be daunting. At Lloyds Bank International, we understand the challenges you may face, and are here to help you every step of the way.
"We know how important it is for our customers to feel supported when it comes to their wealth. That's why at Lloyds Bank International Private Banking, we know how to manage their international banking needs.”
Ozlem Gunduz Robinson, Head of Lloyds Bank International Private Banking.
Who can open an international account?
Our Lloyds Bank International Private Banking (IPB) service is available to customers with £100,000 (or currency equivalent) to deposit. This personalised service offers you a dedicated Relationship Manager to help support before, during and after your big move.
We also offer a self-serve option for customers who are looking for the convenience and flexibility of managing their international accounts online. These accounts are available to customers with a sole annual income of £50,000 or £25,000 (or currency equivalent) to save with us.
What type of international accounts are there?
From everyday spending to saving for goals, emergencies, and retirement, it's important to choose an international account that's right for you. It's common to open more than one type of account to accommodate for all your financial needs while living abroad.
Everyday banking
We have several account types that will meet your international banking needs.
Our award-winning Premier International Account allows you to send and receive money internationally. You'll get a debit card to use while abroad for hassle-free spending, a dedicated Relationship Manager, plus worldwide travel insurance for you and your family - underwritten by AWP P&C SA and administered by Allianz Assistance. (Available to customers with a minimum of £100,000 (or currency equivalent) to deposit or those who have a sole annual income of £100,000 (or currency equivalent).
Our self-serve International Current Account | Lloyds Bank International is available to customers with a sole annual income of £50,000 (or currency equivalent) alternatively, you can also be eligible if you have £25,000 (or currency equivalent) to save with Lloyds Bank International. You have the choice of Sterling, Euro, and US Dollar with a Visa debit card for each currency. A monthly fee will apply.
Our International Current Account offers you free international transfers and 24/7 access to your money with Internet Banking; however, the recipient, and corresponding banks may charge a fee for receiving payments.
Instant Savings builder
Instant access savings accounts can be an appealing choice due to easy access and free withdrawals. With our International Instant Saver Account, you'll gain complete control of your savings, ideal to use however you wish. There's no minimum deposit required, and our interest is paid monthly.
Saving for the future
Whether you're moving abroad to work or enjoy retirement, planning for the long-term future may feel hard to judge. Short-term commitment international accounts can help grow your savings, such as our Fixed Term Deposits account. Lock your money away for up to one year to grow, and our fixed rate means you'll know exactly how much you'll earn by the time you withdraw. Available to customers with a minimum of £10k or currency equivalent to deposit.
By your side as you start a new life abroad
Moving abroad comes with both excitement and challenges. We're here to help things go as smoothly as possible, so you can feel comfortable with your banking arrangements.
We help International Private Banking customers start their journey with confidence, knowing their finances are sorted before they set off. At Lloyds Bank International our team of experts can help you find an account that's right for you.
For more information and to find out if which accounts you're eligible for, click here.
For our Premier International Account, a minimum deposit of £100,000 (or currency equivalent) is required, and funds must be available within six months of account opening, or a sole annual income of £100,000 (amount receive before tax) and funds must be available within 12 months. Correspondent and recipient bank charges may apply. US and Canada residents are not eligible for travel insurance.
For our International Instant Saver Account, you must be aged 18 or over to be eligible. No minimum deposit required. Interest is paid monthly, and all rates are variable.
For International Fixed Term Deposits product, you must be aged 18 or over to be eligible. A minimum deposit of £10,000/US$10,000/ €10,000 is required. Interest rate is fixed for the whole term of your Fixed Term Deposit. No withdrawal until the end of the term. Terms is 1 month to 1 year. 1 Year term is not available for Irish residents.
Lloyds Bank Corporate Markets plc is authorised and regulated in the UK as the non-ring-fenced bank of the Lloyds Banking Group. The Jersey, Guernsey and Isle of Man branches of Lloyds Bank Corporate Markets plc are each separately licensed as regulated deposit-takers in their respective jurisdictions. Lloyds Bank Corporate Markets plc is independent from Lloyds Bank plc, which is authorised and regulated in the UK as the ring-fenced bank of the Lloyds Banking Group. For more information on ring-fencing visit international.lloydsbank.com/ringfencing/.
Lloyds Bank International and Lloyds Bank International Private Banking are the registered business name of Lloyds Bank Corporate Markets plc in Jersey and the Isle of Man. Lloyds Bank Corporate Markets Plc. Registered Office and principal place of business: 25 Gresham Street, London, EC2V 7HN. Incorporated in England and Wales with company number 10399850. Lloyds Bank Corporate Markets plc in the UK is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 763256. Services provided by the Jersey, Guernsey and Isle of Man branches of Lloyds Bank Corporate Markets plc will be subject to the regulatory regime applicable in their respective jurisdiction, which will differ in some or all respects from that of the UK.
