Banks still not competitive for FX
Posted: 24 April 2012 01:12 PM  
Total Posts:  744
Joined  2009-01-22

LloydsTSB now offer the facility to transfer sterling to foreign bank accounts via their internet banking system.

Yesterday they quoted me a Sterling to Euros exchange rate of 1.1895 plus a fee of 10 pounds for the processing.
I checked with TORFX (with whom I also have an account and have used before) and they quoted 1.2070 with no additional fees or charges.

So whilst it may be nice to have the internet banking facility to transfer money - I don’t think I will be using it very often.