The cross-border payments industry has seen significant growth recently, leading to a wide array of options for businesses managing international payments. One such option is Lloyds Bank’s Arena platform, designed for businesses with large foreign exchange needs. In this article, we’ll explore what Lloyds Bank Arena offers, who can use it, the associated costs, and how it compares to Rutland FX, a flexible alternative for businesses of all sizes.
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Rutland FX can help you manage your currency exposure with forward contracts and competitive rates.
What is Lloyds Bank Arena?
Lloyds Bank Arena is an FX and payments platform designed to help large businesses manage their international currency needs. It offers access to live exchange rates, the ability to book FX trades, manage currency risk through forward contracts, and process international payments.
However, this platform is primarily designed for businesses with substantial foreign exchange requirements, offering tools for managing complex currency flows. It is ideal for businesses that need regular cross-border transactions, typically dealing with high volumes of FX trades.
Who Can Use Lloyds Bank Arena?
To be eligible for Lloyds Bank Arena, your business must meet specific criteria. Firstly, your annual turnover (the total sales revenue of your company) must exceed £3 million. Additionally, your annual FX turnover (the total value of foreign currency your company converts per year) must be at least £500,000. You are also required to have a corporate banking account with Lloyds Bank, meaning you must already have an established banking relationship with them. However, you can also use the Arena platform with other banks within the Lloyds Banking Group, such as the Bank of Scotland.
These requirements make the platform primarily accessible to larger businesses with significant foreign exchange needs. As a result, smaller businesses or startups may find the platform out of reach due to these higher thresholds.
The Arena platform is accessed via a web browser. The minimum system requirements are Windows XP and the latest version of Chrome or Firefox. For optimal performance, it is recommended to use the latest version of Windows with IE11, Edge, or the latest version of Chrome or Firefox, or the latest version of OS X with the latest version of Chrome or Firefox.
How Does Lloyds Bank Arena Work?
Lloyds Bank Arena is designed to simplify foreign exchange (FX) and payment processing for large businesses. The platform operates through a range of modules that businesses can subscribe to based on their specific currency and payment needs. This approach allows companies to build a customised solution by choosing only the features relevant to their operations. The platform integrates with your Lloyds Bank multi-currency accounts, ensuring seamless settlement of FX credits and debits, and allows you to easily hold balances and instruct outbound payments directly from the platform.
What Does Lloyds Bank Arena Charge?
Lloyds Bank Arena charges a foreign exchange margin based on the amount of currency being converted. The margins vary depending on the volume of FX trades, as shown below:
Standard International Payment Margins (per single conversion amount):
For single currency conversions, the following FX margins apply based on the conversion amount:
£0 - £25,000: 2.60%
£25,000 - £50,000: 2.60% - 2.10%
£50,000 - £100,000: 2.10% - 1.60%
£100,000 - £150,000: 1.60% - 1.45%
£150,000 - £250,000: 1.45% - 1.30%
£250,000 - £500,000: 1.30% - 1.20%
£500,000 - £1,000,000: 1.20% - 0.85%
In addition to these FX margins, which can be cross-checked here, Lloyds Bank also charges international payment fees, which can increase your overall transaction costs. Depending on the volume of your transactions, this can significantly impact your bottom line, especially for smaller businesses. Furthermore, certain modules you subscribe to may also have additional costs associated with them.
How to Get in Touch with Lloyds Bank Arena
You can contact Lloyds Bank Arena via phone at 0345 8774 451 or 0203 578 0036, or visit their website for more information. They are available from 7:30am to 6pm, Monday to Friday, except public holidays.
How to Sign Up for Lloyds Bank Arena
To sign up for Lloyds Bank Arena, businesses need to complete the Arena Company Registration Form. This form confirms your agreement to the Arena Terms and registers your business for access. The Main User, who must be an authorised signatory, will be responsible for setting up users, configuring limits, and confirming settlement instructions.
Before submitting the form you will need to read and agree to the full Arena Terms, which cover privacy, personal data usage, and how your company information will be handled.
How Does Rutland FX Compare to Lloyds Bank Arena?
Rutland FX offers a flexible, accessible alternative to Lloyds Bank Arena, catering to businesses of all sizes with a focus on personalised service and competitive pricing.
Dedicated Account Manager: At Rutland FX, you'll have a dedicated account manager who knows your business and understands your currency requirements. This ensures that you always speak to the same person, who can take actions on your behalf via phone or email, making the process more personal and efficient.
Free Multi-Currency Accounts: We offer free multi-currency accounts that are accessible through our platform. These accounts make cash management and reconciliation easier, especially for businesses dealing with multiple currencies, helping you manage funds without added costs.
Competitive Pricing: Rutland FX is proud to offer more competitive FX margins compared to Lloyds Bank Arena. Our pricing is transparent, and you can contact us at any time for a no-obligation quote. This allows you to know upfront exactly what you'll be paying, with no hidden fees or excessive margins. Additionally, we do not charge any payment fees for initiating international payments, helping you save more on each transaction.
No High Turnover Requirements: Unlike Lloyds Bank Arena, which requires a turnover of over £3 million, Rutland FX caters to businesses of all sizes. We welcome businesses at any stage of growth, providing the same high level of service whether you're a small startup or a large enterprise.
In summary, Rutland FX combines personalised service with cutting-edge platform functionality, ensuring businesses of all sizes get the support and competitive pricing they need to manage their international payments effectively.
Still not sure?
If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback to discuss your requirements.