Lloyds Bank international standing orders

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Beachcomber
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Lloyds Bank international standing orders

Postby Beachcomber » Sun Oct 27, 2019 10:25 am

Lloyds bank is ceasing automatic, regular international transfers on 30th November. Transfer of funds to a foreign bank account will still be possible but it will have to be done on a one-off, month by month basis at a cost of £9,50 per transfer.

I am not with Lloyds bank and I never transfer funds between the UK and Spain anyway but I wonder how long it will be before other banks jump on the bandwagon?

Stevemul
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Re: Lloyds Bank international standing orders

Postby Stevemul » Sun Oct 27, 2019 10:30 am

Simply use Revolut or similar organisation. No charges for setting up a standing order between banks in different countries and an excellent exchange rate.

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sampedrena
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Re: Lloyds Bank international standing orders

Postby sampedrena » Mon Oct 28, 2019 5:41 am

No FSCS cover though.
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Beachcomber
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Re: Lloyds Bank international standing orders

Postby Beachcomber » Mon Oct 28, 2019 7:13 am

There appears to be some concern over Revolut:

https://www.bbc.com/news/technology-47751945

katy
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Re: Lloyds Bank international standing orders

Postby katy » Wed Oct 30, 2019 3:06 pm

Wow! currency dealers can be wiped out overnight. I would never sleep if large sums were involved. Have seen complaints about customer service but didn't know they weren't licensed.

Paddy Pumpkin
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Re: Lloyds Bank international standing orders

Postby Paddy Pumpkin » Thu Oct 31, 2019 1:06 am

FSCS is completely different from being licenced. Revolut have a banking licence but are not FScS members...they are not the same thing.

Revolut have had some bad press...but show me a bank that has not

HSBC have been fined over 1 billion USD for money laundering offences. Revolut have never been fined. Would you stop dealing with HSBC?

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sampedrena
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Re: Lloyds Bank international standing orders

Postby sampedrena » Thu Oct 31, 2019 12:49 pm

However much HSBC have been fined, and whatever they have been up to, and whatever bad press they receive, there is still protection up to £85,000 so whilst that is on offer I would deal with them. No such cover exists with Revolut so I would not deal with them however squeky clean they were.
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Beachcomber
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Re: Lloyds Bank international standing orders

Postby Beachcomber » Thu Oct 31, 2019 12:59 pm

Revolut's banking licence is from the Bank of Lithuania but presumably its clients are covered by the European protection scheme. Good luck with that!

It is updating its privacy policy on 5th November:

https://reclaimthenet.org/revolut-new-privacy-policy/

And some people are not happy:

https://www.reddit.com/r/privacy/commen ... including/

It seems that you cannot just tick a box to opt out of ''assumed consent' for their client data and location sharing scam. You have to send an email or do it by online chat.

This is the kind of behaviour one has come to expect from the likes of Facebook and Google and and their dubious associates not from a bank, even one licenced in Lithuania.

Paddy Pumpkin
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Re: Lloyds Bank international standing orders

Postby Paddy Pumpkin » Fri Nov 01, 2019 9:36 am

A banking licence is not the same as deposit protection.

They are completely independent of each other. I would not recommend that anybody has more than a minimum balance with Revolut until they are deposit protected. Top ups and withdrawals are instant so there is no need to have a balance on the account. Top ups can also be set to be done automatically.

Having a banking licence in any EU country makes you subject to the same criteria set by the ECB. Some local regulators (central banks) are less bureaucratic than others and so attract banks wanting a new licence to operate Europe wide. The level of supervision is the same...but keep in mind you should never have much money in a Revolut account anyway.

Regarding the data and location sharing. There are features within the app that make this necessary. For example my card is set that it cannot be used unless my phone is nearby. This enhances security by meaning if anyone steals my card or clones my card then they cannot use it u less they have my phone as well. Do you really want to disable features like that?

Beachcomber
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Re: Lloyds Bank international standing orders

Postby Beachcomber » Fri Nov 01, 2019 11:35 am

It is not the sharing of data and location of the client with the company that is the problem it is the sharing of location and data by the company with third parties by default that causes concern. I am certain that Revolut does not need to share a client's data and location with third parties in order that their online banking works securely. If it does then there is certainly something that is very wrong.

On both my Spanish and English bank accounts permission to share anything with third parties is switched off by default and specific permission has to be given for anything like this to be allowed. This does not affect my online banking or card transactions in any way whatsoever.

Paddy Pumpkin
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Re: Lloyds Bank international standing orders

Postby Paddy Pumpkin » Fri Nov 01, 2019 9:01 pm

Pretty much every company in the world will have to share your data. Small example, you book a flight and pay by credit card...the airline shares your data to the credit card company.

Your bank sends a text message to login...then they share data. You just have to place a certain amount of trust in the bank or the airline that they only share the information that is absolutely necessary. However buried away in all the T&C is a line every where giving them the right to do it.

Although Revolut may have over stepped the line here with marketing info....although they do state I their T&Cs that it is anonymised data...ie. a profile of you rather than personal specific data

Dominic Lopecas
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Re: Lloyds Bank international standing orders

Postby Dominic Lopecas » Tue Nov 05, 2019 11:21 am

Well most of the same, stopped complains about Lloyds and other Banks, yes fired them and ge yourself another bank, BBVA internet account doesn't charge you anything and you can transfer fund in the account from the internet account of Barclays Bank in the UK any time from home or Mobil-telephone at not cost to you whatsoever.


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