Barclays Foreign Currency Account

Remay Villaester (May)
30.11.20
5 minute read

Are you considering opening a foreign currency account for your business? Barclays Bank offers one of such, making it easy for you to manage your international banking.

Barclays bank is one of the unique British banks, which is headquartered in London, England, offering different services for both citizens and non-residents of the UK. Their services are also divided into four core businesses- personal banking, wealth management, investment management, and corporate banking.

While this article will be focusing on opening a Barclays foreign currency account, it’ll be touching on some essentials such as:

Why you need a Foreign Currency Account

Opening a foreign currency account helps you optimize international transactions with your client both within and outside the UK. A foreign currency account does not just help you avoid potential rate loss due to FX fluctuations, but also allows you to send, receive and hold money in several currencies. You can also easily bill your clients in their local currency which saves them time and money, which encourages them to patronize your products and services more.

How to Open a Barclays Foreign Currency account?

Opening an account with Barclays bank can be done in branch or simply over the phone, however, it’s required to have a sterling current account and a business bank account for business customers before you could open a foreign currency account with Barclays.

Barclays supports these currencies:

Australian Dollar (AUD)

Hong Kong Dollar (HKD)

New Zealand Dollar (NZD)

South African Rand (ZAR)

Canadian Dollar (CAD)

Danish Krone (DKK)

Norwegian Krone (NOK)

Swedish Krona (SEK)

United States Dollar (USD)

Euro (EUR)

Swiss Franc (CHF)

Japanese Yen (JPY)

How much does it cost to have Barclays foreign currency account

Payments into your Euro Savings Account and US Dollar Currency Deposit Account²

Type of Payment Charge
Transfer from a sterling account into a euro or currency account in the same name Free
Inter-bank transfers into any currency account
  • <£100 equivalent – nil
  • £100 and above equivalent – £6
  • SEPA Credit Transfers, or a euro payment received from the EEA - nil
Cheques in all currencies – collection
  • <£50 equivalent – nil
  • £50 – £100 equivalent – £4
  • £100 and above equivalent – 0.25% of cheques value. Min £16 max £40
Cheques in all currencies – negotiation dependent on foreign bank
  • <£50 equivalent – nil
  • £50 – £100 equivalent – £4
  • £100 and above equivalent – 0.25% of cheque’s value. Min £9, max £60 (plus correspondents’ charge £6 which applies only when currency differs from that of the country where the cheque is drawn)
  • Plus interest charge
  • No interest charge for cheques drawn on Barclays in the UK
Returned Foreign Cheques £7

Making payments from your Euro Savings Account and US Dollar Currency Deposit Account²

Type of Payment Charge
Cash withdrawal in the same currency Free
Transfers from a euro or currency account to a sterling account in the same name Free
SEPA credit transfers (transfers in euro only) Free
International Payment
  • No Barclays fee if payment made via Online Banking
  • £25 payment made via Branch or by phone
International Drafts £25
Cancelling an International Payment order (other than one made by cheque) £20
Note: It's important to keep an eye out for exchange rate mark-up as most banks add this to cover the FX margin which means that you’ll end up getting less than you expected due to the exchange rate being lower than the actual mid-market rate.⁴ This can easily be 3% - 6% extra charge on international transfers. You can alway cross check on google or xe.com.

How to make sure that you always get the real exchange rate

transferwise borderless account

Get a multi-currency account

Old-world bank accounts only work properly in one country. They hold money only in one currency. And it gets expensive when you try to use them across borders due to exchange rate mark-up. TransferWise's new Multi-currency accounts solve all of this.

Now you can send, receive and organise your money internationally, without crazy fees or even-crazier exchange rates – just a small, fair charge that is over 19x cheaper than PayPal.

TransferWise multi-currency account supports all capabilities and more of a foreign currency account. International transactions are optimised so that the total fees can be reduced to 0.75% on average. This means saving over 5% on foreign transaction fees. See how TransferWise conversion rates are compared to Barclays.

How to Transfer Money from Barclays Foreign Currency Account?

It is possible to send any currency across the globe with online banking. Moreover, with the Barclays app and banking method, euros and US dollars can be sent from one country to another. Interestingly, online transfer is fee-free, while transactions via physical banks attract nothing less than £25.³

How to Send Money within Europe?

Barclays foreign currency account offers two payment methods when sending money to Europe, and these options include international payments and SEPA payments.

You can send money via your online banking app to different countries within the EEA. You can also check the A to Z country list on the Barclays site for more information. Whenever you send money to a European country at a Barclays branch, a fee of £25 is charged.

The SEPA payment charges depend on the type of account you open; there are no charges from personal accounts, provided the transaction takes place via your online app. Some non-European countries charge a fee for international transactions. The fee is usually paid to the person that receives the payment.

Transfers and payments

You can transfer money from your foreign currency account just by yourself or simply by getting in touch with Barclays bank customer care account, by calling them. Suppose you want to transfer money from your currency account to another company’s account. In that case, you should visit any of the Barclays local branches, and the certificate of interest, financial history reports, and statement frequency will be provided to you. You can also close your foreign currency account by simply contacting Barclays Bank. It might interest you to know that Barclays banks do not just charge an arbitrary fee; the fee is often dependent on the type of transaction, the currency of the transaction, and the concerned country.

Sources:

  1. Barclays website - Foreign Currency Account
  2. Barclays Currency accounts details
  3. Barclays currency accounts fee
  4. Barclays Foreign currency exchanges

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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