Don't Travel overseas /Shop Overseas with Lloyds TSB

lyntonuk

Received the following letter from Lloyds TSB today. As an expat this hits me particually bad, but watch out anyone else thinking of going overseas as well. Briefly

- Now 2GBP minimum charge on overseas withdrawls (previously 1.50), or 1.5% of withdrawl amount if higher. 1.5% is capped at 4.50 GBP - really handy seeing as the maximum Lloyds withdrawl amount if 200 GBP (3 GBP charge)

- On top of the 2.75% foreign transaction charge, there is a 1 GBP charge on debit charge transactions overseas. Oh, and those from any mail order / internet shopping site that doesn't charge in sterling

- And for those of you back at home...you get charged the withdrawl amounts for using a non Link ATM as well. Not sure whether these new 'independent' machines are Link or not, but if not, potentially two sets of charges. I'm sure a few years ago such charges were wiped out...clearly creeping back in again.

Time to move to Nationwide and their transaction charge fee current account....


We are making some important changes to our debit card charges when you use your card abroad or when you make some UK transactions anywhere other than at Lloyds TSB. We are also changing our charges when your account is overdrawn without our agreement,

It is important to read this letter and the enclosed leaflet, as they explain how these changes will affect you and when they will begin.

Debit Card changes from 20 May 2005:

For cash withdrawals

We are changing the fee for withdrawing cash overseas. This could be at an ATM, in a branch or at a foreign exchange bureau. We currently charge 1.5% of the amount of cash you take out, with a minimum charge of £1.50. From 20 May, the fee will still be 1.5% of the amount but the minimum charge will increase to £2.00.

A maximum charge for each cash ,-vithdravval you make of £4.50 is being introduced on the same day. This means that you will be able to take out more cash and never pay more than the maximum amount.

You won't pay this fee when you use your debit card at Lloyds TSB, but if you use your debit card over the counter in another UK bank, or at a non Link ATM, you will be charged it. We will also charge these fees if you use your debit card to buy foreign currency or travellers cheques at another bank, the post office or at a bureau de change in the UK.

Lloyds TSB Bank pic, Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065.
Lloyds TSB Scotland pic, Registered Office: Henry Duncan House, 120 George Street, Edinburgh EH2 4LH. Registered in Scotland, no. 95237
Authorised and regulated by the Financial Services AuthoritY and signatories to the Banking Codes.

9432/3836/03/0231




For card purchases abroad

When making a purchase abroad, or in a currency other than in sterling, there will be a new £1 fee for each transaction. You do not pay the cash withdrawal fee on these types of transactions. The fee will also apply to internet or home shopping purchases that are not made in sterling.

-~-~- ---
There is no charge if you use your debit card in the UK fbfpufchases in sterling. There .is also no change to the 2.75% foreign exchange conversion fee applied to all foreign transactions.

Overdraft changes from 2 July 2005:

The enclosed leaflet explains the changes we are making to our charges when your account is overdrawn without our agreement.

If you have any questions about any of these changes please contact us rn the normal way.

Yours sincerely



,
Mark Austin
Senior Manager, Current Accounts

grumbler

Most of us know the cheapest way to spend overseas for a long time. Now we know the most expensive way to spend overseas...

newfoundglory

I got the same thing with my last statement because I have a Lloyds student account; but my Nationwide debit and credit card go with me everywhere

The new Lloyds charges are quite ironic considering their new marketing slogan "You First", which has been pasted all over the TV and Internet :rolleyes:

dinglebert

My main problem with all this is that I make a number of purchases a month from foreign websites, eg DVDs, Glasses, etc. If I use my debit card these will now all incur a £1 surcharge.

Walletwatch

I vote for Lloyds TSB to be named and shamed in Martin's next week's article.

newfoundglory

Walletwatch wrote:

I vote for Lloyds TSB to be named and shamed in Martin's next week's article.

I agree!

I think a good piece of advice for Lloyds customers is to LEAVE YOUR DEBIT CARD AT HOME if you go in holiday outside the UK!

Turning_into_scrooge

I received the same letter even though i don't bank with them any more. They need to take me off their mailing list. LloydsTsb charges in general are far higher than many of the other banks thats one of the reasons i moved to Nationwide who also don't charge for debiting money out of your own account via your bank cash card/debit card overseas.

I agree LLoydsTsb should be named and shamed as in my opinion these days its a bank that cares less and less for its long term customers. I banked with them for over 20 years I get far better service from nationwide than i ever got from LLoyds Tsb.

Nigel1

:doh: I found I got the same problem as Dindlebert. Booking with RyanAir recently, I bought a single Doncaster-Dublin and a single Dublin to Leeds/Bradford, paying by Lloyds/TSB Visa. RyanAir charge the outward flight (and a return booking back to the same UK airport) in GBPs. But of course, if you book a single back, the charge is in Euros and hey-presto, suddenly another £1 charge appears on my LTSB statement. Doh!

However, as RyanAir charge:
CREDIT CARD - £1.75/€2.50 per passenger per flight
DEBIT CARD - £0.40/€0.60 per passenger per flight
..........it still beats paying by credit card for 2 passengers. In fact, what they charge for credit cards was more than three times the cost of the actual flight!!!