Lloyds Bank reminds customers of transaction fees that apply while abroad | Personal Finance | Finance
Lloyds Bank has clarified what fees apply to customers when making transactions while abroad.
A customer contacted the bank over social media saying they had a “cash back credit card” and were trying to find the charges the applied while being in the United States.
Lloyds Bank responded to refer them to a page on the bank’s wesite with guidance about using your credit card while abroad.
The information explains: “You’ll usually have to pay fees if you use your credit card abroad. Take a little time to check the fees which apply to your credit card account, just so you know what to expect. Also check your card’s expiry dates before you travel.”
The page also refers to a 2.95 percent ‘foreign currency transaction fee’ that applies when making a purchase with a credit card.
The customer asked Lloyds to confirm if the charge would work as a conversion from pounds to dollars with a foreign currency transaction fee of 2.95 percent.
Lloyds replied to confirm this was correct, adding: “You’ll be charged 2.95% of the pound sterling amount listed on your statement.”
Customers can use their credit card while abroad to make payments or to take out cash at a cash machine. Taking out cash may also incur extra fees.
There is no need to tell Lloyds in advance if you are planning a trip overseas, although this may not be the case for other credit card providers.
Lloyds warns customers: “Be aware that our fraud and security systems may still stop payments you are making while abroad if they suspect they may be fraudulent.”
Another customer recently asked a question about the rewards associated with the Club Lloyds account.
Customers with Club Lloyds Silver and Club Lloyds Platinum can choose from several ‘lifestyle benefits’, such as coffee and dining memberships, a Disney+ subscription, or cinema tickets at ODEON or Vue cinemas.
The customer wanted to know if they went for the cinema tickets, when would they start getting them. Lloyds explained in response: “When you open a Club Lloyds account, we give you 30 days to choose and amend your benefit selection.
“Once that period has passed, your choice is locked in and your benefit will be issued to you.”
