When dealing with international payments, some banks are more complicated than others. How to send and receive money with TSB Bank Limited accessibility: This bank is available to UK customers only However, users should consider all strengths and weaknesses before deciding whether or not to use a bank to send an international money transfer. TSB is a well-respected bank with a substantial customer base, wide branch network and robust online financial services platform. Most specialist service providers apply minimal exchange rate mark-ups (0.05 - 1.5%) and many of them charge low or no fees. How Do TSB Bank Transfer Fees Compare to Using a Money Transfer Provider?īased on the currency conversion costs and fee structure presented above, it seems moving money overseas with TSB is a far more costly option than the majority of money transfer providers on the market. If your recipient is based outside of the EEA (not a Euro transfer) you may be charged an additional correspondent fee of up to £6.00.Customers will also be charged £2.00 - £7.00 for incoming international transfers deposited in their TSB account. The sender can choose to pay all the fees themselves, share the charges with the recipient or ask the recipient to pay the full cost. Payments arranged in-person or over the phone: £20.00 fee Payments arranged through internet banking: £10.00 - £17.50 fee The fees incurred for an international bank transfer with TSB differ depending on how the payment is arranged: The exact margin will vary depending on the currencies involved, but even as an average margin, this is a great deal higher than the rate of exchange offered by specialised money transfer operators. Making international payments from your TSB account typically incurs an average profit margin of 5% above the mid-market rates. Here are the costs to expect when using the bank’s services to send or receive money overseas. TSB charges a transfer fee on top of an exchange rate spread for all international transfers. Customers set up global payments through the bank’s online payment platform, in-person or via phone. Yes, TSB offers international bank transfer services in over 20 currencies. This review will focus on the different aspects of their international bank transfer services, in order to help our users make a well-informed decision when arranging their next cross-border payment.Ĭan I Use TSB Bank for International Bank Transfers? Today, TSB provides more than 5.2 million customers with financial support in the form of insurance and mortgage solutions, along with the traditional banking and global transfer services.įrom current accounts to credit cards, TSB Bank offers an array of financial products and support to their customer base. In 1995 the bank merged with Lloyds Banking Group, one of the UK's Big Four, forming Lloyds TSB. TSB stands for Trustee Savings Bank, a banking corporation founded in Dumfriesshire, Scotland, in 1810. Our review will take users through every aspect of TSB international transfers, including any exchange rate mark-ups, transfer fees and available currencies. Originally founded in the early 19th century, today the bank has over 536 branches across England, Scotland, and Wales. is a UK bank offering both retail and commercial banking services.
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