Barclays offer a convenient service to send money abroad, but is it the best option out there?
Barclays offer fast and simple international payments to over 200 countries. Their online service is available 24/7, and allows you to send up to £50,000 via an online transfer in a matter of minutes.
When it comes to transfer options, Barclays offer the convenience of setting up recurring payments, payments to be completed at a future date and one-off payments. Live rates are offered to registered customers and transfers tend to take 1-2 working days to arrive.
Beat the banksWe’ve tested the amounts a bank will give you against an average money transfer company, and the results could net you big savings. A £10,000 transfer to South Africa with a money transfer company would save R$3,602 ZAR compared to a bank.
Why is this? Some banks charge up to £25 extra, which may be shown to you as a sum of small charges made of percentages and absolute fees. On top of this, there’s a hidden charge – the margin on the exchange rate. Money transfer companies tend to have much lower rates than banks and are generally a better option for sending money abroad. Don’t believe us? See our table below.
|Amount received for £10,000|
|FC Exchange||€10,818 EUR (save €238)||$12,812 USD (save $249)||$167,239 ZAR (save R$3,602)|
|Barclays||€10,580 EUR||$12,563 USD||$163,637 ZAR|
Information correct as of 31/08/2017.
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Barclays exchange rates
Barclays offers live exchange rates that are updated from one minute to the next during trading hours, and can be viewed once logged in to online banking. This ensures that customers can receive the most up to date rate available for their transaction.
To view Barclays’ exchange rate for your transfer destination, login to your internet banking account and enter the details of your transfer. You’ll be able to review the details of your transaction, including the exchange rate that will apply, before you commit to the transfer.
How much does it cost to transfer money with Barclays?
The fee that will apply to your Barclays international money transfer is calculated on the transfer method you select and where you are sending the funds.
SEPA (Single Euro Payments Area) work in Euros and incur a £5 cost if done online or a £15 cost if done in a branch. Payments to European countries in currencies other than Euros can also be made, and will cost £15 online or £25-£40 in a branch. For a full list of Barclays’ fees, see their A-Z list of fees.Back to top
Minimum transfer amount and available countries
While no minimum transfer limit is listed, the following maximum limits apply:
- For online transfers: £50,000 or an equivalent amount in another currency
- For branch transfers: No limit
As an international bank, Barclays offers transfers to bank accounts all around the world, including transfers to around 200 countries. For a full list of where you can send funds, see their A-Z list of fees.Back to top
What types of transfers can you carry out with Barclays?
Barclays offers the following transfer options when you want to send money to an overseas bank account:
- One-off transfers. This allows you to send money overseas quickly and conveniently.
- Future-dated payments. This option allows you to send funds at whatever exchange rate is available when the transfer is executed.
- Recurring payments. You can take advantage of this transfer option when paying off a debt in instalments, for example a mortgage.
If you ever need help regarding Barclays international money transfers, a selection of frequently asked questions and answers can be accessed through the bank’s website. Phone support and online chat support is available 24/7.Back to top
The registration and transfer process
You’ll need to be a Barclays account holder in order to send money overseas, so examine the banking solutions available from Barclays to determine if they meet your needs.
To send an online transfer, login to your Barclays Online Banking account. You can then navigate to the ‘Pay’ section and select ‘Send a payment abroad’.
Next, enter the details of your payment, including:
- Your recipient’s full name and address
- The Bank Identifier Code (BIC) of your recipient’s bank
- Your recipient’s International Bank Account Number (IBAN) or account number
- The country where the bank is located
- The amount you wish to send and the reason you are making the payment
The final step is to review and confirm the details of your transfer.
What are the pros and cons of using Barclays?
- Choice of transfer methods. You can place a transfer online through your internet banking account, over the phone or by visiting a branch.
- Secure and convenient. Sending an international money transfer with Barclays gives you the security and peace of mind of dealing with a trusted global financial institution, plus existing customers will already have an account set up and will not have to go through a registration process to access the service.
- Some charges apply. Transaction fees apply to all transfers and tend to be more expensive than specialist providers.
What other products and services does Barclays offer?
As a global financial institution, Barclays offers an extensive range of banking products and services to its customers. In terms of international banking it offers the following:
- Overseas relocation services. You can open an international account before you move abroad.
- Travel money. Barclays allows you to order your travel money online and take advantage of next-day delivery.
- Mortgages and loans You can get loans from Barclays to help you when buying a home or need some extra cash
Frequently asked questions
If you’re impressed with the features offered by Barclays’ international money transfer service, make sure to compare it with the options available from other money transfer providers. Taking the time to weigh up your options will ensure that you can find the right solution to your transfer problems.