LLoyds exchange fee

anapiu

Hi all. I just discovered that Lloyds charged me £750 for transferring money from abroad! (Much need money!) The problem was that I went to the bank beforehand and asked for any fees and costs that I could incur with this transfer, and they said none. Is there anything that I can do? What are my rights?

TIA

born_again

There should not be any for receiving money. Unless when it was sent the option for receiving bank to charge instead of send bank was chosen.

TBH. This needs to be in banking section. 

anapiu

Well apparently they charged me more than 3%. I should have been informed
(Sorry I don't know how to change it)

TELLIT01

I'm assuming you are exchanging one currency for another.  Most banks do charge for doing this.

I had a slightly different scenario but was charged £40 on a bill of roughly £1200 when using my debit card to pay a hotel bill abroad.

MattMattMattUK

anapiu said:

Well apparently they charged me more than 3%. I should have been informed
(Sorry I don't know how to change it)

What was the fee actually for? Is it for converting a foreign currency into GBP, or just for accepting the payment into the account?

anapiu

I have no idea! Probably converting EUR into GBP. All I know is that I just have less £750 than what I was expecting. I wish I knew they were going to charge this! I tried to inform myself and they provided wrong information.

Keep_pedalling

Is actually listed as a fee or did you just get a terrible exchange rate?

jon81uk

What exactly does your statement tell you?
There shouldn't be a fee, but they will take a margin on the exchange rate.
Receiving money from outside the UK | International Payments | Lloyds Bank

anapiu

It doesn't tell me anything lol apart from the amount transferred.  This is really annoying as I have transferred money for my house deposit (28.000 euros). I went to the bank beforehand and asked them for costs (fees, exchange rates, etc) and they said none. How is this possible...  

DullGreyGuy

anapiu said:

I have no idea! Probably converting EUR into GBP. All I know is that I just have less £750 than what I was expecting. I wish I knew they were going to charge this! I tried to inform myself and they provided wrong information.

What was your basis for "expecting" more? Did you calculate the GBP amount based on an online exchange rate like XE? 

You need to check your online banking or equiv to see whats gone on, if you go into the details it should show the number of Euros sent, the conversion rate applied and any fee charged. There is the possibility that the sender has said they want to send €27,000 rather than that they want you to receive €27,000 in which case any fees their bank charges have been deducted from the monies too but that would be shown by the received number of euros being lower than you thought.

jon81uk

anapiu said:

It doesn't tell me anything lol apart from the amount transferred.  This is really annoying as I have transferred money for my house deposit (28.000 euros). I went to the bank beforehand and asked them for costs (fees, exchange rates, etc) and they said none. How is this possible...  

Where did you get the £750 from then if it doesn't tell you anything except the amount transferred?

What does the statement say next to the £750?

Edit to add

Actually the £750 might just be the margin on the interest rate as detailed in the link I posted above, they take about 3.1% compared to the wholesale exchange rate, that is going to be around £750.
This is normal, nowhere will give you the wholesale exchange rate.