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Lloyds and Wise are two different financial services providers that offer different products and features. Lloyds is a traditional bank that offers a range of accounts, cards, loans, mortgages, and other services. Wise is an online platform that allows you to hold, send, and receive money in multiple currencies, as well as get a debit card.
Here are some of the main differences between Lloyds and Wise:
Fees: Lloyds charges fees for international transfers, currency conversion, and ATM withdrawals abroad. Wise charges low and transparent fees for sending money abroad and converting currencies, and no fees for ATM withdrawals up to £200 per month.
Exchange rates: Lloyds uses its own exchange rate, which is usually higher than the mid-market rate (the one you see on Google or Reuters). Wise uses the real mid-market rate for sending money and converting currencies, which means you get more value for your money.
Speed: Lloyds transfers can take up to 4 working days to reach the recipient's account. Wise transfers can be as fast as a few seconds, depending on the currency and payment method.
Convenience: Lloyds offers online and mobile banking, as well as over 1,000 branches throughout the UK. Wise offers a user-friendly app and website, as well as customer support via phone, email, or chat.
Features: Lloyds offers various features such as overdrafts, credit interest, rewards, insurance, and wealth management. Wise offers features such as budgeting tools, spending insights, instant notifications, and savings pots.
