Lloyds TSB International has announced that with immediate effect it is to no longer charge expats for international money transfers.
Existing customers with the international arm of Lloyds will immediately benefit from the change, which has come into effect without delay.
It will also prove to be something of an incentive to new customers as it becomes the first high street bank to allow international transfers over the phone, online or via post with no additional cost.
Russell Galley, managing director of Lloyds TSB International, said the move was logical, as well as a bold step forward as it seeks to become a market-leading bank for expats.
“Many expats rate foreign exchange and money transfers as an important financial service and fee-free transfers will be a great benefit to the huge number of our customers who continue to have financial commitments in more than one country,” he added.
Previously, customers would have been charged £15 for making transfers online, while a phone transfer would have set them back £25.
The move comes on the back of research from Lloyds TSB International, which found that 57 per cent of expats were worried about fluctuations in foreign exchange rates, as it invariably impacted on managing their finances efficiently.