Barclays Business Account Opening: Everything you Need to Know

If you’re a business owner or are planning to start a new business, one of the first things you’ll need is a dedicated business bank account.

Barclays is one of the biggest names in UK banking, so it’s no surprise that they offer a range of business accounts to suit companies of all shapes and sizes - from sole traders and startups to global corporations. Barclays has over one million business banking customers in the UK¹, spread across its four main account types.

Read on for barclays business account opening information and requirements.

💡 Wise Business multi-currency account is a smart alternative to traditional banking. Discover more!

Barclays business account types

Barclays offers four business bank accounts, to suit everyone from startups to growing businesses and social enterprises. These include:

• Start-up business account - this is the Barclays small business account specially designed for brand new enterprises, with tools and support to get new businesses off the ground.
• Business account for turnover up to £400k - an everyday banking solution for established or growing businesses.
• Business accounts for £400k-£6.5 million turnover - a more sophisticated account for well-established businesses, including dedicated support from a team of Business Managers.

Barclays business bank account features

The features you’ll be able to access when you open a business account with Barclays varies, depending on your business size and account type.

But here are some of the general features of Barclays business bank accounts:

• Mobile banking on the move with the award-winning Barclays app - complete with free invoicing feature
• Safe, secure online banking
• 24/7 UK-based customer support
• Access to business debit and credit cards
• Access to knowledge and support from specialist business management teams and local business networks
• Time-saving tools such as group payments and cash collection booking
• Extra add-ons such as Barclaycard Anywhere, which lets you take customer payments by connecting a card machine to your account via a mobile device.

Barclays also has a Foreign Currency Account, which you can use if your business trades in other countries or has international clients. This kind of account can reduce the cost of international transfers for 17 currencies², compared to using a standard Barclays business account. It can also streamline and simplify international transactions, helping you to cut down on admin time.

However, you’ll need to open a separate account for each currency with Barclays, as for example an USD account if you do business with American customers or suppliers. This makes it best for businesses wanting to send and receive payments in just one or two currencies only, unless you’re happy opening and managing multiple foreign currency accounts at once.

Barclays business account charges³

Now we come to the important part - how much does the Barclays business account cost?

Here’s a quick rundown of the fees for local transfers and payments with Barclays, for its Mixed Payments Plan (for businesses which use multiple payment methods) and its ePayments Plan (for those who mainly use electronic payments.

Fee type	Barclays - Mixed Payments Plan	Barclays - ePayments Plan
Monthly fee	£8.00	£8.50
Debit card and electronic payments	£0.35	Free
Cheques	£0.65	£1.50
Cash payments	£0.90 (per £100)	£1.50 (per £100)
ATM withdrawals	Free	Free

Barclays business account opening

Let’s take a look at the different ways to open a business account with Barclays, starting with online.

Open Barclays business account online

You can apply on the Barclays website for all of its business bank accounts.You can either complete an online application process, or use the Current Account Switch Service to move over to Barclays from your existing bank.

Barclays bank account opening appointment

Another way to open Barclays business account is in your local branch. It’s recommended to call up on 0800 515 4621 to make an appointment first, to check whether new customers are currently being accepted and if so, what information and documents you’ll need to bring with you.

Barclays business account contact number

Have a question about opening an account, or want to complete the process over the phone? You can call Barclays business banking support on 0800 515 4621 - just make sure you have all relevant details to hand.

Barclays business banking opening hours

The opening times for Barclays local branches vary depending on the location. But business customer support phone lines are open from 7am to 8pm on weekdays and 9am to 5pm⁵ on weekends and bank holidays.

Requirements to open a Barclays business account⁶

The requirements for opening a business account with Barclays can vary and can depend on the type of business you operate. Sole traders and partnerships may be required to supply different kinds of information than corporate business or charities, for example.

Here’s a summary of the requirements for opening each type of Barclays business account.

For the Barclays start-up and established business accounts, you’ll need to meet the following requirements:

• Be at least 18 years old
• Have the right to live in the UK permanently
• Provide at least 12 months’ UK address history

Applicants will be asked to supply the following information:

• Your Companies House registration number, if applicable
• Details about your business, including tax information and turnover
• Details of all directors or partners
• Your address history for the past 3 years.

International transfers with Barclays

If you trade internationally and is moving forward with Barclays business account opening one thing to consider before completing your application is international payments. Can I make international payments with Barclays Bank? In a nutshell, yes - but there are quite high fees to pay. The Barclays International Payments Service (BIPS) lets you send money all over the world, choosing either a standard or priority service.

You’ll pay between £15 and £25 per transaction⁴ to send money abroad using your business account, depending whether you set up the transfer in branch or over the phone, or using online or mobile banking (the cheaper option). All online payments are treated as priority, so they should arrive more quickly.

Discover Wise Business - the multi-currency account for international businesses

If you’re looking for a secure, convenient and low-cost way to manage your business finances, check out the Wise Business account.

You can open your account online or in the Wise app, and get everything you need to grow your business across borders - including the option to hold a balance in 40+ currencies, international debit and expense cards, and local bank details to get paid in 9 major currencies.

Wise currency conversion always uses the mid-market exchange rate with no sneaky exchange rate markups or hidden fees - just low, transparent charges based on the services you need.

And because the Wise Business multi-currency account is licensed and regulated it's safe to use, so you’ll also get peace of mind, no matter which currency you need to hold, send or spend, so you can focus on delighting your customers and growing your company.

With Wise Business you can even earn a return on the money you hold in multiple currencies. With Wise Interest, you can get a 4.82% variable rate on your GBP balance held in your Wise Business multi-currency account.

Capital at risk. Current rates do not guarantee future growth.

Variable rate is based on 7 day performance as of 10 Aug 2023. This fund has returned an 0.93% annual average over the last 5 years, excluding Wise and fund manager fees. See full 5 year past performance of funds

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Sources used for this article:

1. Barclays business accounts
2. Barclays foreign currency account
3. Barclays business account fees
4. Barclays international payments
5. Barclays customer service opening hours
6. Barclays business account requirements

Sources last checked April 06, 2023.