Lloyds Bank vs OFX: Fees, Rates & Speed Compared
Lloyds Bank
3.4Lloyds Bank offers international money transfers for UK account holders via online banking. Rates and fees are higher than specialist providers.
OFX
4.2OFX is a global money transfer service specializing in large transfers for individuals and businesses, offering competitive rates with no transfer fees.
Lloyds Bank and OFX are both popular choices for international money transfers, but they take different approaches. Lloyds Bank, founded in 1765 and headquartered in London, UK, is best known for international money transfers. OFX, operating since 1998 from Sydney, Australia, focuses on large transfers and business payments. This comparison uses real transfer data collected from both providers across 6 popular corridors to show you exactly which one offers better value for your specific needs. Our data shows the difference can be significant — on a £1,000 GBP → EUR transfer, OFX delivers €9.29 more to the recipient.
In this comparison
Live comparison: Lloyds Bank vs OFX across popular corridors
The table below shows how much the recipient receives when sending through Lloyds Bank vs OFX on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Lloyds Bank | OFX | Winner |
|---|---|---|---|
| USD → INR($1,000) | — | ₹92,821.25 | N/A |
| GBP → EUR(£1,000) | €1,112.54 | €1,121.83 | OFX (+€9.29) |
| USD → PHP($500) | — | ₱28,682.17 | N/A |
| USD → MXN($1,000) | — | MX$16,859.63 | N/A |
| GBP → PKR(£500) | — | ₨180,475.47 | N/A |
| USD → NGN($200) | — | — | N/A |
Amounts shown are what the recipient receives. Based on current scraped data, updated every 6 hours.
Key differences between Lloyds Bank and OFX
Lloyds Bank vs OFX: Feature comparison
| Feature | Lloyds Bank | OFX |
|---|---|---|
| Overall rating | 3.4/5 (Fair) | 4.2/5 (Good) |
| Fee structure | £9.50-£25 per transfer | No transfer fees |
| Exchange rate markup | 2.5% - 4% above mid-market | 0.5% - 1.5% above mid-market |
| Transfer speed | 2-5 business days | 1-3 business days |
| Supported countries | 200+ | 190+ |
| Supported currencies | 30+ | 55+ |
| Max transfer | $25,000 | No limit |
| Payment methods | Bank Transfer | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | FCA, PRA | ASIC, FCA, FinCEN |
| Founded | 1765 | 1998 |
Pros and cons
Lloyds Bank
Pros
- Trusted UK high street bank
- Send from existing account
Cons
- £9.50+ transfer fees
- Poor exchange rates (3%+ markup)
- Slow delivery
OFX
Pros
- No transfer fees on any amount
- Competitive rates for large transfers
- 24/7 customer support
- Forward contracts available
- Business solutions
Cons
- Higher minimum transfer ($100+)
- Only bank transfer payments accepted
- Rates less competitive for small amounts
When to choose Lloyds Bank vs OFX
Choose Lloyds Bank if:
- You want the real mid-market exchange rate with no hidden markup
- Lloyds Bank's strengths (Bank Deposit) match your needs
Choose OFX if:
- You want the real mid-market exchange rate with no hidden markup
- You need to transfer large sums (OFX has no upper limit)
- You want to lock in an exchange rate with a forward contract
- You need a business account for commercial payments
Verdict: Lloyds Bank or OFX?
Cost winner: OFX
OFX wins on cost in 1 of 6 corridors we tested. For example, on GBP → EUR (£1,000), the recipient gets €9.29 more with OFX. OFX achieves this through transparent pricing with the real mid-market exchange rate.
Speed: Similar delivery times
Both providers offer similar transfer speeds. Lloyds Bank typically delivers in 2-5 business days, while OFX takes 1-3 business days. The actual speed depends on the corridor and delivery method.
Coverage: Comparable reach
Both providers have comparable coverage. Lloyds Bank supports 200+ countries and 30+ currencies, while OFX covers 190+ countries with 55+ currencies.
Bottom line
Overall, OFX edges ahead for most users thanks to transparent pricing with the real mid-market exchange rate. That said, Lloyds Bank is the better pick if you need international money transfers.
Frequently asked questions
Is Lloyds Bank or OFX cheaper for international transfers?
Based on our data, OFX is generally cheaper across most corridors. OFX charges No transfer fees with a 0.5% - 1.5% above mid-market exchange rate markup, while Lloyds Bank charges £9.50-£25 per transfer with a 2.5% - 4% above mid-market markup. For example, on a £1,000 GBP → EUR transfer, OFX delivers €9.29 more. However, costs vary by corridor, so always compare for your specific route.
Which is faster, Lloyds Bank or OFX?
Lloyds Bank typically completes transfers in 2-5 business days, while OFX takes 1-3 business days. Actual speed depends on the corridor, payment method, and delivery option you choose. Bank transfers tend to be slower than card-funded transfers, and bank deposits are generally faster than cash pickups.
Are Lloyds Bank and OFX safe to use?
Yes, both are regulated money transfer services. Lloyds Bank is regulated by FCA, PRA and has a 3.4/5 Trustpilot rating. OFX is regulated by ASIC, FCA, FinCEN with a 4.2/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for Lloyds Bank vs OFX?
Lloyds Bank has a maximum transfer of $25,000 (minimum $1), while OFX allows up to no published upper limit (minimum $100). Limits may vary by corridor, account verification level, and payment method. New accounts typically start with lower limits that increase over time.
Should I use Lloyds Bank or OFX to send money internationally?
For most users, OFX offers better overall value thanks to transparent pricing with the real mid-market exchange rate. However, Lloyds Bank is the better choice if you need international money transfers. The best provider for you depends on your corridor, transfer size, and whether you need features like Bank Deposit.