If you’re considering making use of private banking or wealth management services, one of the options available is Barclays Bank.
Barclays is one of the UK’s biggest banks, with a history dating back to 1690.¹ It offers all kinds of financial services to consumers and businesses, including private banking.
But is it the right option for you? We’ll cover everything you need to know here in this helpful guide, including the strict Barclays private banking criteria for becoming a customer. We’ll also cover accounts, fees for wealth management services and borrowing options.
If you’re mainly looking for a way to make transfers between countries, Wise could be a better alternative to a private bank account. Open a Wise account, and you can manage your money across 50+ currencies, and securely send large amount transfers at the mid-market exchange rate.
Barclays Bank offers a whole suite of private banking services, all coordinated by your own dedicated Private Banker.
The bank has a global network of professional partners, and can even offer customised credit solutions for people with complex financing needs.
Its extensive private banking services include:²
- Banking products including current accounts, savings and time deposits
- Strategic long-term wealth management advice
- Investment advice backed by sophisticated analytics and consulting
- Bespoke credit arrangements and borrowing options
- Tailored structuring, investment banking and hedging solutions
Barclays Bank itself is a British multinational universal bank and public limited company. It offers retail and consumer banking, along with corporate banking for small, medium and larger businesses.
Barclays Private Bank is a division of the main bank, exclusively offering private banking and wealth management services.
Not everyone can access Barclays private banking services. It is targeted at high wealth and ultra-high net worth customers, their families and businesses.
These are individuals who can meet the Barclays private banking eligibility criteria in terms of the value of their assets. We’ll look at the minimum requirements next.
Barclays works with professionals and entrepreneurs from a wide range of sectors and backgrounds. This includes business owners, financial professionals and resident non-domiciled (RND) people.
In terms of wealth and assets, the Barclays private banking minimum requirements are pretty high. To join the bank, you’ll need to have the means to establish an investment portfolio of at least £5 million.³
This is considerably higher than some other private banks, especially private banking services offered by high street banks.
If your assets or investment ambition isn’t quite at that level, there is also the option to use Barclays Wealth Management services instead.
In addition to its private current and savings accounts, Barclays also offers many wealth management and advisory services.
Barclays offers a personalised service, which starts with understanding your long-term wealth goals, family, business interests, current financial situation and other things that matter to you.
The bank’s wealth management experts can then offer tailored services for your specific needs. These include:
- Succession planning, including for family businesses
- Estate planning
- Flexible retirement solutions, including self-invested personal pensions
- Liquidity planning solutions, including critical illness cover, whole-of-life planning and offshore bonds
Fees and costs for Barclays wealth management services are individual based. This means it depends on your needs, and which services and solutions you use. Barclays should give you more information about pricing when you get in touch to discuss access to wealth management services.
The core offer at Barclays private banking is its accounts. It has current accounts, savings accounts and term deposit accounts available for those that meet its minimum eligibility criteria. Plus, treasury deposits, money market funds and notice accounts across multiple currencies.
You’ll need to contact Barclays to find out about its range of accounts, and the features on offer. It’s likely that the bank will recommend accounts tailored to your exact needs. You can also find out about flexible cash ISA and Bond products.
However, all Barclays private banking customers will have access to their money 24/7 using internet and mobile banking.
There are also a range of debit and credit card solutions available for private account holders at Barclays.
Now, how much does it cost to have a private bank account with Barclays? The bank may not have account-specific features and other details available, but it does publish its fees. Remember though that pricing is often customised on a customer-by-customer basis, depending on your needs and the services you use.
Let’s take a quick look at the fees and charges you can expect with a Barclays private bank account and debit card.⁴ This includes fees for making international transfers with Barclays.
|Transaction||Barclays private banking fees|
|Maintaining the account||No fee|
|Sending money internationally - SEPA payments in EUR||No fee|
|Sending money internationally - other currencies||£15 online |
|Receiving international payments||£6 or currency equivalent|
|Debit card payments and ATM withdrawals in foreign currency||2.99% per transaction|
|Overdrafts||Costs on an individual basis |
1% of overdraft limit in setup/renewal fees
If you’re interested in managing your money across multiple currencies for no monthly fees, check out the Wise account.
This powerful online account is a fantastic alternative to a traditional bank. You can move money internationally for low fees and the mid-market exchange rate, set up large transfers securely and even spend in 175 countries using your own international debit card.
Barclays offers a number of borrowing options for your short and longer-term financing needs.
This includes structured credit, mortgages and real estate financing, securities-backed financing.⁵
Your dedicated Private Banker, along with the bank’s cash and liquidity specialists, will help create a personalised solution for even the most complex needs.
Through Barclays private banking, you can access services to help you protect your wealth and plan for the future.
You’ll be supported by a team of Wealth Advisors, who can help with:⁶
- Succession planning for business and investments
- Strategic planning for intergenerational and international wealth transfer
- Asset protection and assessing the potential risks to wealth
- Supporting philanthropic ambitions
- Navigating complicated tax compliance and risk management issues
- Developing and executing the right investment planning to help you meet long-term wealth goals
- Retirement planning, including pension products
- Liquidity planning, including critical illness cover and whole-of-life planning
If you want to find out more about private banking services at Barclays, it’s worth getting in touch for that all-important first conversation about your financial needs.
Here’s how to contact Barclays Private Banking:⁷
- Email firstname.lastname@example.org
- Call 0800 279 4726 for general enquiries, lines available 9am to 5pm, Monday to Friday
- Request a call back by completing this short online contact form
- Contact the Barclays Private Bank London address - 1 Churchill Place, London E14 5HP. Barclays also has branches all over the UK, although not all may be suitable points of contact for private banking customers
And that’s pretty much it - all the essentials you need to know about Barclays private banking. We’ve covered all the main services on offer, including wealth management, succession planning, accounts and borrowing options.
After reading this guide, you should have a good overview of what Barclays private banking has to offer.
But in most cases, you’ll need to get in touch with Barclays for an initial conversation to find out specific information about services, accounts and costs. The bank is all about personalised, tailored solutions, so expect to be asked quite a few questions about your needs and current financial circumstances.
And of course, you’ll need to meet that all-important Barclays private banking criteria for minimum investment.
- Barclays - Our History
- Barclays Private Banking - What We Offer
- Barclays Private Bank - Who We Work With
- Barclays Private Bank - Fee Information
- Barclays Private Bank - Banking and Credit Solutions
- Barclays Private Bank - Wealth Advisory Services
- Barclays Private Bank - Contact Us
Sources last checked on date: 26-Oct-2022
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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