Barclays Travel Wallet: fees, rates, and features

Jetting off outside the UK? If you’ve got an overseas trip planned, you’ll need to work out the most convenient way to spend in other currencies. And crucially, the cheapest.

One option which could work well (especially if you’re an existing Barclays customer) is the Barclays Travel Wallet.

In this guide, we’ll run through everything you need to know about it, including how to use the Barclays Travel Wallet. Plus, some info on fees, currencies and exchange rates. This should help you decide whether it’s the right option for your holiday spending.

We’ll also touch on an alternative for low-cost spending all over the world – the Wise card, an international debit card.

Learn more about the Wise card

What is the Barclays Travel Wallet?

The Barclays Travel Wallet is a mobile app which lets you create a virtual travel wallet for two major currencies - euros and US dollars.¹

Once you’ve topped up one of these wallets, you’ll be able to spend in that currency using your ordinary Barclays debit card.

You’ll use your card abroad to withdraw cash at overseas ATMs and spend in shops, restaurants and elsewhere, but without the foreign transaction fees that banks usually charge.

Currencies supported

At the moment, there are only two supported Barclays Travel Wallet currencies - euros (EUR) and US dollars (USD).¹ So, it can only be used in the US and in European countries where the euro is the official currency.

Pros and cons and key features

Here’s an at-a-glance look at Barclays Travel Wallet pros, cons and main features:

Key features:¹

• Convert GBP to USD or EUR and spend currency with your debit card
• Buy currency at competitive, fixed exchange rate
• Track spending and top up on the Barclays app
• Balance alerts
• Convert unused currency back into GBP

Pros:

• Convenience - use your normal debit card to spend in foreign currencies overseas
• No foreign transaction fees - but only if you spend in EUR or USD, if you spend in GBP while abroad then fees will apply
• Exchange unused currency back into GBP
• Top up anytime, even while abroad.

Cons:

• Limited currencies available - only USD and EUR
• Currency is converted using Barclays’ exchange rate, which may include a margin on the mid-market rate (so you get less EUR or USD for your GBP)
• You’ll need to open an eligible Barclays current account first.

Is the Barclays Travel Wallet any good and worth it?

So, is the Barclays Travel wallet worth it? If you’re going to a country where the currency is either USD and EUR, it could be a convenient option. But it is limited to just these two, so it’s not suitable for all your travel needs.

It works best for existing Barclays customers, as they can simply download the Barclays Travel Wallet app and ‘switch on’ multi-currency spending on their ordinary debit card.

There’s also the issue of Barclays Travel Wallet exchange rates to consider, which we’ll look at next.

Barclays Travel Wallet fees and charges

With the Barclays Travel Wallet, you won’t pay any foreign transaction fees when you spend in one of your pre-loaded currency balances.

However, if you spend or withdraw in GBP, there’s a 2.99% fee.²

To avoid this, make sure you don’t choose or agree to ‘pay in Sterling’ if asked by a retailer or ATM. Always pay in the local currency, and then you’ll be able to use your EUR or USD currency balance.

Exchange rates

Depending on the currency, Barclays adds a margin of between 3.23% and 4.25% onto the European mid-market exchange rate.² This makes the conversion less favourable for you, so you’ll get less currency for your pounds when you top up on the Barclays Travel Wallet.

This is why when comparing the cost of holiday spending cards and apps, Barclays may not come out as the cheapest.

Instead, you might want to look for an option which sticks to the mid-market rate, without adding its own margin on top.

The Wise card is the perfect solution, as it works worldwide, supports more than just GBP, USD, and EUR, and automatically converts currency at the mid-market rate whenever you spend abroad. There are no margins or markups, and no hidden fees.

There’s only a small fee for the currency conversion, or it’s free if you’ve already loaded the currency into your Wise account.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Limits

There may be limits on how much you can top up and spend using Barclays Travel Wallet. However, you’ll need to check in the app or contact the bank to find out what these are.³

Buying back currencies

Another useful feature of the Barclays Travel Wallet is you can buy back unused currency. So if you don’t use all of the EUR or USD you’d pre-loaded in the app, you can exchange it back for GBP. Remember though, the exchange rate you’ll get may have that same margin on top.

How to set up and use the Barclays Travel Wallet?

It’s pretty easy to set up and start using the Barclays Travel Wallet. However, you’ll firstly need to open a Barclays current account if you’re not already a customer.

Once this is open and you’ve received your debit card, simply follow these steps:¹

1. Download the Barclays app from the Apple App Store or Google Play Store
2. Register and sign in
3. Tap ‘Cards’ on the home screen
4. Select ‘Create a travel wallet’ to open a new wallet in your chosen currency
5. Buy your currency to top up and start spending.

Can you withdraw cash from the Barclays Travel Wallet?

Yes, you can use the Barclays Travel Wallet for cash withdrawal from an ATM while you’re on holiday.

All you need to do is pre-load the app with currency, then use your debit card to withdraw cash - just make sure to select the local currency if prompted, rather than Sterling.

And there you have it - your handy guide to the Barclays Travel Wallet. It’s pretty straightforward to sign up for and use, and could be useful for spending in EUR or USD when travelling.

For more tips on holiday spending, check out our guide to travel credit cards and travel-friendly bank accounts.

Sources used:

Sources last checked on date: 28-May-2023