Lloyds Foreign Currency Account: How it works, fees, and more

Considering opening a foreign currency account? Many of the UK’s major banks offer them, including Lloyds Bank.

Here, we’ll give you the lowdown on the Lloyds International Classic account, including how it works and how to open one. Plus, any fees and charges you need to know about.

We’ll also take a look at the Wise account from the money services provider Wise. It’s not a bank account but offers some similar features, and your money is safeguarded.

You can use Wise to send, spend and convert money in 40+ currencies – for low, transparent fees* and no-markup exchange rates close to what you can see on Google. Plus, you’ll get dedicated support and volume discounts when sending large amounts.

Learn more about the Wise account ➡️

The Lloyds foreign currency account at a glance

The Lloyds Bank International Classic Account is designed for customers who live internationally, and it offers a choice of three currencies - GBP, USD or EUR.¹ It’s important to note that you can only choose one of these, as it’s not a multi-currency account.

There’s a monthly fee of £5 a month (or the currency equivalent in EUR and USD), but this is waived if you can keep a balance of at least £5,000 in the account.¹

We’ll run through any other fees you need to know about in just a moment.

You can manage your International Classic Account 24/7 using online and mobile banking, from anywhere in the world. And there’s a debit card for a convenient way to spend and withdraw cash in your chosen currency - with a limit of £800 ( $750 USD or €750 EUR) for ATM withdrawals.¹

The International Classic Account also comes with some lifestyle perks, such as:¹

• Global hotel booking and dining discounts with Visa Luxury Hotel Collection
• Car hire discounts with Sixt
• Support with refunds on delayed flights with VisaAirRefund.

Why do you need a foreign currency account?

Foreign currency accounts make it simpler and more convenient to manage your money across different currencies.

Payments and transfers in your chosen currency tend to be quicker, as there are no delays caused by currency conversion. This can also eliminate many of the fees associated with international transfers between currencies, although not all.

And because you can send, spend and receive money in your chosen foreign currency, you won’t lose money to fluctuating exchange rates either.

Foreign currency accounts are the ideal choice for internationally-trading businesses and global freelancers. But they’re also a good solution for expats and travellers, or those with friends and family in other countries.

How to open a multi-currency account with Lloyds

Before you can open a Lloyds International Classic Account, you’ll need to make sure you meet the eligibility criteria.

The good news is that the only condition according to the Lloyds Bank website is that you live in an eligible country - and the UK is on the approved list. You may also need to be at least 18 years old.

If you meet these conditions, you’re good to go.

You can apply for this account via the Lloyds Bank mobile banking app. Simply go to the International Classic account page, scan the QR code with your phone and download the app. You’ll need to provide your details when prompted and complete other on-screen steps to open your account.

You can open the Lloyds International Classic Account as a sole or a joint account.

If you need help with your application or anything else, you can call Lloyds Bank customer services on 03457 449900.²

How much does it cost to have a Lloyds multi-currency account?

There’s a monthly fee of £5 for the Lloyds International Classic Account, or the EUR/USD account equivalents of €5 EUR or $5 USD. But the good news is that this is waived if you can keep a balance of at least £5,000 (€5,000 EUR or $5,000 USD) in the account.¹

On top of this, there may be other charges for using your account. We’ve covered the main charges you need to know about in the table below:¹

How to make sure that you always get the mid-market rate

The beauty of multi-currency accounts is there’s no need to convert currency, provided the transaction is in the same currency as the account. But what happens when other currencies are involved?

Banks tend to use their own exchange rates when converting currency. This often includes a margin added on top of the mid-market rate- this is the rate that banks and money transfer services use to trade among themselves.

It’s always worth checking whether the exchange rate you’re offered matches this mid-market rate. If not, it means there’s a mark-up or ‘hidden fee’ which could make your transfer more expensive.

For complete peace of mind, you can simply use a money services provider like Wise which uses the mid-market rate for international transfers. Then, all you need to compare is the transfer fee.

How to transfer money from a Lloyds multi-currency account

The easiest and quickest way to make transfers from your Lloyds International Classic Account is via online or mobile banking.

Simply log in to your account, enter the details and set up the transfer. You can do it 24/7, from anywhere in the world provided you have an internet connection.

A non-bank alternative - the Wise account

The Lloyds International Classic Account is a great option for managing your money in GBP, EUR and USD, provided you’re ok with the monthly fee (or can keep enough money in the account to avoid it).

But there is a non-bank alternative which could suit your needs better. The Wise account lets you manage 40+ currencies at once, not just three. There’s no monthly fee or income requirements, and you can sign up for an account in minutes.

Better still, you can send money all over the world for low, transparent fees* and mid-market exchange rates.

There’s even a linked Wise international debit card for spending in the local currency in 160+ countries, where currency is automatically converted at the mid-market rate. There are no foreign transaction or card handling fees, only a tiny conversion fee*. And if you already have the currency in your account, it’s free. So, that’s your travel spending sorted.

Sources used for this article:

Sources checked on 16-Sep-2025.