LLoyds exchange fee

anapiu

I have sent 28,000 euros myself! I was counting on XE since they told me there were no costs involved!

anapiu

£750 is the difference between xe and the rate they have given me.

jon81uk

anapiu said:

There's no statement  

Then how do you know £750 was charged? I assumed you've seen the money come in and the "fee" on your online banking statement?

anapiu

No. I worked it out. XE minus what I have actually received on my account.

MattMattMattUK

anapiu said:

No. I worked it out. XE minus what I have actually received on my account.

There is no £750 fee, the issue is the XE exchange rate will have been a better exchange rate than the Lloyds exchange rate, this is to be expected. 

jon81uk

anapiu said:

£750 is the difference between xe and the rate they have given me.

Then that is normal. No one will transfer at the full rate shown on xe.com. Every transfer service will use their own rate.

Lloyds set out their margin here Receiving money from outside the UK | International Payments | Lloyds Bank

The branch staff were correct, no fees were charged (but would have been if not in Euro), but the exchange rate is set by Lloyds.

anapiu

I did ask the staff for fees or costs. I was expecting to lose some money, but not that much. I believe I should have been informed about this rate.

Aylesbury_Duck

anapiu said:

I did ask the staff for fees or costs. I was expecting to lose some money, but not that much. I believe I should have been informed about this rate.

You were.  As a previous poster pointed out:

jon81uk said:

Lloyds set out their margin here Receiving money from outside the UK | International Payments | Lloyds Bank

jon81uk

anapiu said:

I did ask the staff for fees or costs. I was expecting to lose some money, but not that much. I believe I should have been informed about this rate.

The answer to are there any fees or costs is still no.
The question you didn't ask is what exchange rate will be used.

born_again

anapiu said:

No. I worked it out. XE minus what I have actually received on my account.

Exchange rate is calculated at time of transfer. So if you calculated it before or after there can be a difference. Banks rates are never the best.
Also you may incur a fee for sending from the other bank.