This Barclays review aims to describe the quality of service that the company provides along with its pros and cons. We also highlight the important factors that you need to know to determine whether it’s best for your money transfer needs. We also designed a provider reviews where you can check and compare the different money transfer companies.
About Barclays Money Transfer
Barclays is a bank in the UK that allows you to utilise their transfer service when you have a Barclays bank account. If you do not have a Barclays account,you can compare money transfer providers that are available in the US to facilitate your money transfer needs. Barclays is a British multinational investment bank and financial services company that is based in London. They have been in existence for more than 300 years, and their latest offer concerns services such as personal banking, corporate banking, wealth management, as well as investment management. Through Barclays, you can receive and send both domestic and international remittances to more than 200 countries across the globe.
Barclays’ Exchange Rates
Barclays offers a market exchange rates that are regularly posted every minute to the next during trading hours. To check the exchange rate for your transfer location, you need to log in to your bank account online and input the information regarding your transaction. This allows you to review the details of your transaction which can include the offered rates before you make a transfer.
Additionally the margin on your exchange rate is based on the amount that you’re trying to transfer. Typically, it is set approximately around 5% as compared to the market rate.
Among the enticing features is that you can utilise Barclays exchange offers to obtain currency and have select home delivery to your house. You can order up to a maximum of 5,000GBP per person within 90 days, while 50GBP as the minimum amount for home delivery.
The payment that you can incur to your Barclays wire transfer will be based on the transfer process that you chose and the destination of the funds. SEPA (Single Euro Payments Area) transfers acquire a £5 charge if arranged online or a £15 charge if made in a branch. Payments to European nations in currencies other than euros can likewise require £15 online or £25 to £40 in a branch. For a complete list of Barclays’ fees, you can visit their website.
If you have a “Personal” or “Premier” account, there is no additional fee that you can incur if ordering international money transfer. Nevertheless, you still need to satisfy any processing charges collected by possible intermediaries or your recipient’s bank. This charge normally costs approximately 4GBP and can be distributed or paid by you or your recipient.
Generally, transferring money to SEPA countries in Europe costs 5GBP through online banking. While 15GBP when initiating in a branch or over the phone and 40GBP for other international payments.
It’s also necessary to remark that it requires 6GBP to receive international payments, in the circumstance that it’s made outside SEPA approved countries or when your sender did not pay the required fees for you.
The limits vary based on the account types. However, the primary offer allows you to send a maximum of 50,000GBP per day using online banking. To make higher payments, you need to contact Barclays representative and visit their local branch.
Pros and Cons
- You can order a transfer online via your internet banking account, over the phone or by going to the branch.
- Transferring an international wire transfer with Barclays provides you with the confidence and security
- Lets you check the fees and rates offered before initiating transfers
- Transaction fees pertain to all transfers which tend to be more costly as compared to the other providers
- You’ll need to bank with Barclays if you want to use their transfer services.
Types of Transfers Supported
- One-off transfers: This allows you to transfer money abroad swiftly and securely.
- Future-dated payments: This choice lets you transfer money using the currently available rates
- Recurring payments: Allows you to send or schedule regular payments.
Sending Money With Barclays
To transfer money online, you have to log in your account and go to the pay section and choose to send payment abroad. After such, simply enter the following information:
- Your recipient’s complete 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 situated
- How much you’ll be sending and the reason for the transfer
The ultimate step is to examine and confirm the information on the transaction. In case you need further assistance on Barclays’ international money transfers, a range of frequently asked questions and answers can be accessed through their website. Besides, phone support and online chat support is available 24/7.
Frequently Asked Questions
Is Barclays Bank Wire Transfer safe and reliable?
Your identification with the online platform is encrypted, and the bank requires to abide by all of the financial regulations and requirements. As with online banking, there are a number of scam and phishing efforts. Barclays developed educational matters to warn their clients on how they can protect their personal and financial details.
How long does it take for the transfer to complete?
It varies on which country you’re sending the money. SEPA payments can be executed as soon as the next day. Transfers to other countries could take up to six business days.
Can I set up recurring payments with Barclays over the phone?
Recurring payments and future-dated transactions can only be arranged online.
How to use Barclays Bank Wire Transfer?
To begin sending money through Barclays, you have to open a bank account with them. There are ranges of account types that you can choose from and then handle all of your payments via an online platform or mobile app.
What is the maximum amount that I can send with Barclays?
The maximum transfer limit for online wire with Barclays is £50,00.
Money Transfer Providers
TorFX allows you to register as in individual or business. It offers no fees for personal transfers and can provide scheduled transfers, stop-loss orders, forward contracts and limit orders. They are great to travel money solutions offered in the UK. They do not have cash pickups and multilingual website.
They serve individuals, businesses and online sellers. You can take advantage of their Borderless Account to hold funds in up to 27 currencies. The transfer costs with TransferWise depends on the currencies concerned, the transfer amount, and the payment mode.
You can register as an individual or a business. CurrencyFair allow scheduled transfers and offers a low transfer amount of €8. The transfer fee includes €3 plus 0.35% of the transfer amount
WorldRemit allows you to transfer money to the cash pickup location or bank accounts. Their website is available in several languages with a low minimum transfer amounting to £1.
The company provides scheduled transfers, market orders, and forward contracts. Their personal transfers are free of charge with the minimum amount you can transfer is at £500.
XE is one of the big brands in terms of money transfers. They do not impose charges on personal transfers and hedge funds using limit orders.