Lloyds Bank announces key change to debit cards for customers travelling abroad | Personal Finance | Finance
Lloyds Bank has announced that Silver and Platinum account customers will soon be able to use their debit cards anywhere in the world free of charge.
The move comes after the bank’s debit card data showed increasing demand for card spending overseas.
In the first three months of 2024, Lloyds said debit card spending on foreign currencies reached 45.7 percent of the total seen in 2023, with spending outside the UK hitting 44.2 percent of the 2023 total.
The change will come into effect on July 1, 2024, just in time for the summer holidays.
Helen Bierton, everyday banking director at Lloyds Bank, commented: ”We’re giving our customers one less thing to think about when they’re travelling, by introducing free unlimited worldwide debit card usage, with our range of bank accounts that come with additional benefits.
“No more transferring money between different accounts or using multiple cards – customers can simply keep using their debit card as normal when they’re overseas, whether buying holiday treats or withdrawing cash.
“It’s a great addition to the benefits already offered with these accounts, including European or worldwide family travel insurance.”
According to Lloyds data, Euros and US Dollars are the top currencies spent on debit cards, making up around 80 percent of all currencies bought.
Spain topped the table for debit card spending outside of the UK, followed closely by France, the USA, and Ireland.
Together, these countries make up over three-fifths (62 percent) of total overseas debit card spending.
Meanwhile, excluding ATMs, cash withdrawals abroad have fallen as customers increasingly use their debit cards, dropping by 41 percent between 2019 and 2023. Debit card usage overall has risen by 42 percent over the same period.
Silver accounts will cost £11.50 per month from July 1, 2024, while Platinum accounts will cost £22.50 per month.
Both accounts come with travel insurance (European and worldwide), AA family breakdown cover with roadside assistance, and mobile phone insurance.
