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Barclays Travel Wallet Review

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Barclays Travel Wallet

Our verdict

Looking for an easy way to carry your foreign currency overseas? Find out whether the Barclays Travel Wallet could work for you.

If you’re an existing Barclays current account holder - or you’re happy to become one - the Barclays Travel Wallet is a convenient and easy way to spend while you’re abroad. Simply download the app, create your travel wallet and off you go.

However, remember that currencies are restricted to US dollars and euros, so it won’t suit every traveller. What’s more, because you’ll be charged an exchange rate margin when you convert currencies, this won’t be the most competitive option out there and you might be better off applying for a travel credit card, travel debit card or prepaid card instead. On the other hand, if you’re an existing Barclays customer and convenience is your priority, the Barclays Travel Wallet is definitely worth considering.

Pros

  • Convenient and safer than carrying around cash
  • If you’re an existing Barclays current account holder, you won’t need to apply for a separate debit card
  • No foreign exchange fees for using your card abroad in euros or dollars
  • Easy to exchange unused currency back into pounds
  • Top up your travel wallet at any time

Cons

  • Exchange rate margin applies
  • You can only have travel wallets in US dollars and euros
  • If you spend in the wrong currency, a fee will apply
  • You’ll need to open an eligible Barclays current account if you don’t already have one

In this guide

  • Our verdict
  • Your reviews

If you regularly holiday overseas, it’s important to find a convenient and cheap way to spend in a foreign currency. Barclays Travel Wallet is one solution, so let’s take a closer look at how it works.

What is Barclays Travel Wallet?

The Barclays Travel Wallet is designed for Barclays current account customers and lets you buy foreign currency within the app. You can choose from euros or US dollars and once you’ve topped up your travel wallet you can then spend in that currency using your ordinary Barclays debit card.

The big advantage of this is there’s no need to apply for a separate card and wait for it to arrive. Instead, you can simply create your travel wallet before you head off overseas, or even at the airport or once you’ve arrived. You buy your foreign currency at a fixed exchange rate and when you spend on your debit card overseas, there are no foreign exchange fees to worry about. So it’s cheap as well as convenient.

One thing to note, however, is that if you use your card in pounds overseas or in a currency not supported by the travel wallet, you will be charged a foreign exchange fee.

If you want any information on Barclays’ accounts, check out our guide to Barclays’ current accounts.

How does it work?

To get started, you’ll need to download the Barclays app and register. Next, tap ‘Your cards’ on the home screen in the app and select ‘create a travel wallet’. You can then select how much money to convert and whether you want to convert your pounds to euros or US dollars.

Once you’ve completed this, you simply use your debit card as normal when you’re overseas and you won’t be charged any foreign transaction fees.

You’ll be able to track your spending and check your balance in the app, so you know if you need to top up your travel wallet while you’re away. Once home, you can convert any leftover currency back into pounds.

Note that when you exchange currency, Barclays will use its own exchange rate and you will be charged an exchange rate margin. This margin will be shown in your app when you carry out the exchange. It only applies when exchanging pounds to euros and dollars, not when you’re exchanging money back after your holiday.

What currencies can you hold?

At the moment, you can only hold US dollars or euros in the Barclays Travel Wallet. So if you’re travelling to a country that doesn’t use these currencies, you’ll need to look for a different option.

What are the eligibility requirements?

You can apply for the Barclays Travel Wallet if you’re at least 16 years old. You’ll also need to have downloaded the Barclays app and have an eligible Barclays current account. Each account can have one euros travel wallet and one dollars travel wallet.

How to open an account

If you wish to open a Barclays Travel Wallet, you’ll need to have a Barclays current account and then download the app. If you already have a Barclays current account, creating a travel wallet in the app is quick and simple.

Pros and cons of Barclays Travel Wallet

Pros

  • Convenient and safer than carrying around cash
  • If you’re an existing Barclays current account holder, you won’t need to apply for a separate debit card
  • No foreign exchange fees for using your card abroad in euros or dollars
  • Easy to exchange unused currency back into pounds
  • Top up your travel wallet at any time

Cons

  • Exchange rate margin applies
  • You can only have travel wallets in US dollars and euros
  • If you spend in the wrong currency, a fee will apply
  • You’ll need to open an eligible Barclays current account if you don’t already have one

Our verdict: Is this travel money card worth it?

If you’re an existing Barclays current account holder – or you’re happy to become one – the Barclays Travel Wallet is a convenient and easy way to spend while you’re abroad. Simply download the app, create your travel wallet and off you go.

However, remember that currencies are restricted to US dollars and euros, so it won’t suit every traveller. What’s more, because you’ll be charged an exchange rate margin when you convert currencies, this won’t be the most competitive option out there and you might be better off applying for a travel credit card, travel debit card or prepaid card instead. On the other hand, if you’re an existing Barclays customer and convenience is your priority, the Barclays Travel Wallet is definitely worth considering.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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