Barclays international transfer: Fees, rates and transfer time

Barclays UK customers can send international payments online, using the app, by phone or in branch¹. There’s a pretty long list of options, with different fees and processes for each. This guide walks through the Barclays international transfer fee and exchange rate, and all you need to know to get the best value for your transfer.

To help you compare the features and fees of Barclays against an alternative, we’ll also introduce Wise - a money services provider which offers low-cost international transfers with the mid-market exchange rate.

Learn more about the Wise account

What are the fees for an international transfer with Barclays?

When you send a transfer overseas there will usually be one or more fees to pay. This isn’t always as obvious as you might expect though, as some costs are harder to spot than others. The full costs of international payments can include:

• Upfront transfer fees - usually clearly shown in your account fee schedule
• Exchange rate markups - a percentage fee which is added to the rate used for currency conversion
• Third party fees - paid to intermediary banks and not always easy to see

We’ll look at all these different costs in more detail in a moment. When it comes to Barclays some payments within Europe don’t have a transfer fee², but you’ll still want to check out a couple of things - the exchange rate and the third party fees.

Let’s look at a live example of the difference in cost between Barclays and Wise as a non-bank alternative provider. In this example, we’re sending 1,000 to a friend in Germany, to be deposited in EUR. By looking at not only the costs but the amount the recipient gets in their account in the end you can more easily split out the full cost of the transfer with each provider:

*Correct at time of research 9th December 2024

As you can see, in this example, the recipient gets more in the end with Wise, even though Barclays does not have a fee for this particular transfer. That’s usually because of costs which have been added into the exchange rate - we'll unpick that more next.

Barclays international transfer fees

Barclays international transfer fees can vary depending on the payment details:

*Correct at time of research - 9th December 2024

It’s important to note that digital payments have variable limits which may be lower than the amount you can send in a branch. This might mean that you need to visit a branch - and pay the higher fee - if you’re sending a large amount of money. There are some countries where you are not allowed to send a digital payment - which again will mean you need to go to a branch to send your money.

It’s also helpful to know that while Barlcays may not charge a fee for some transfer types, other banks still can - and for some destination countries you’ll need to pay them yourself as an upfront charge. More on that later.

Barclays exchange rates

We mentioned that the Barclays exchange rate may include a markup - a fee added to the mid-market rate you’ll see with a currency conversion tool.

Exchange rates are tricky because they move around all the time. However, the easiest way to keep up with the exchange rate for your particular currency pair is to use a reputable online currency converter.

You’ll then need to compare the rate you get here with the one Barclays offers you, to see if there’s a fee being added. This extra charge is called an exchange rate markup, and is commonly used by banks when making foreign currency transactions for retail customers.

Additional fees from Barclays

The other important charge to look at is third party costs. Third party costs usually creep in when payments are sent using the SWIFT system and can be paid by the sender, recipient, or both, depending on the payment type. They’re deducted as the payment passes through the system, so if you’re not aware of them, they can mean your recipient gets less than you expect.

In some cases you will need to pay all of the applicable third party costs as the sender - this applies when sending to some countries like Canada and Switzerland. However for other destinations you may be able to choose to pay the fees yourself, pass the costs to the recipient, or share them evenly.

One way to cut out some of the costs of sending an international transfer is to shop around. You might find that a non-bank service like Wise is an easy and cheap option for your payment. When you send money with Wise you’ll get the mid-market exchange rate with no markup, for digital payments which can be processed quickly and without using the SWIFT network. This can avoid unexpected third party fees and make the payment cheaper in the end.

How do you make an international bank transfer with Barclays?

The easiest way to send money abroad with Barclays UK is using the online banking system. Here’s how³:

1. Log into Barclays online banking
2. Click on Move Money and choose International Payment from the menu
3. Follow the on screen instructions to enter the transfer details
4. Complete the verification step for security
5. Check and confirm your transfer and you’re done

What do you need to make an international money transfer with Barclays?

The exact details you need to send an international payment vary by destination country. That’s simply because different countries have different banking protocols - so you’ll need to double-check the full details for the country you’re sending to before you get started. Here are the details you’ll need to send to some of the most popular destinations from the UK.

To make a SEPA payment in euros, or an international payment in other currencies, to a country in Europe, you’ll need to confirm:

• The transfer amount
• The full name and address of the person or business you’re sending the money to
• The recipient’s IBAN or account number
• The recipient bank’s SWIFT/BIC code (for non-SEPA payments)

When making a payment to someone in the USA, here’s what you’ll need:

• The transfer amount
• The full name and address of the person or business you’re sending the money to
• The recipient’s bank account number
• The recipient bank’s SWIFT/BIC code or routing number

When does the transfer arrive to the recipient’s account?

The length of time your international bank transfer will take depends on where you’re sending to, how you arrange your payment, and whether or not you can meet the daily cut-off time. Place your transfer after the cut-off and it may not be processed until the following business day.

You can get a full rundown of the delivery times - as well as the costs - involved when sending money to popular destination countries on the Barclays website.

What’s the maximum transfer limit with Barclays?

You can send up to 50,000 GBP per day online from a Barclays personal account⁴. Limits are higher for Premier customers, at 100,000 GBP per day. If you need to send more than this in a single payment, or over the course of a day, you may find you can still arrange your transfer but you will need to visit a branch.

How to contact Barclays?

If you need help with your transfer, you can call Barclays on 0345 600 2323. However, there are also some other ways to get help which may work out quicker⁵:

• Reach out to Barclays verified social media channels
• Try Apple Business Chat
• Log into the Barclays app or Online banking to chat 24/7
• Head to your nearest branch for face to face support

Send money internationally with Wise

Sending money overseas with Barclays is easy enough to do - but it may not be the cheapest way to set up your payment. Although there’s no upfront fee from Barclays for sending many payments online, there are likely to be exchange rate markups and third party fees which still push up the costs involved.

Compare the cost of sending your transfer with Barclays against Wise. Wise offers international transfers to 160+ countries, which use the mid-market exchange rate and low fees* from 0.33%⁶. You’ll be able to transfer online or in app, with high limits and fast delivery times, to get your money moving as quickly as possible**.

And, if you transfer money or receive payments in foreign currencies frequently, why not take a look at the Wise account. You can use your Wise account to hold and exchange 40+ currencies, get paid by others in foreign currencies with local and SWIFT account details, and get a powerful international debit card for overseas spending and withdrawals.

Sign up with Wise today

**Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.

Sources used:

Sources last checked on date: 09-DEC-2024