09 Jan 2025
You may be surprised to learn that there was a 1.6% increase in cross-border transactions during 2023. Selecting the appropriate service, i.e., Barclays international payments, may mean a lot, especially regarding time, fees, and speed. According to the World Bank, cross-border transactions in 2023 exceeded $656 billion. These deals cost an average of 6.5% in fees. So, it is essential to know how to transfer money to Barclays from abroad to save time and money for future transactions.
In this blog, you will find information on Barclays’ options for international transfers, transfer time, and Barclays refund processing time. Whether you’re transferring money to family, covering tuition fees, or paying for business expenses internationally, Barclays has you covered.
Barclays is one of the oldest and largest banks on the globe, with its primary origins dating back to 1690. Currently, it has millions of active clients in more than sixty countries and provides a wide variety of financial services for transferring money across borders.
One of Barclays' key strengths is its international money transfer services. It offers multiple solutions to facilitate seamless cross-border transfers, allowing customers to send money to family, friends, or business partners worldwide. Barclays provides personal and business clients with various money transfer options, including international payments, foreign exchange, and cross-border remittance services. Through its online banking platform and mobile app, customers can easily manage their international transfers, access competitive exchange rates, and ensure their funds reach their destination safely.
Barclays aims to incorporate technology into its services, offering its clients versatile solutions, security, and reasonable exchange rates. Features like telephone banking numbers for Barclays guarantee accessibility, and Barclays foreign transfer makes international transactions smooth. These qualities make Barclays ideal for international money transfers for individuals and businesses.
Here are the steps that you need to know how to transfer money from Barclays to another bank:
Users can do transfers via a web application option, switch to Barclays bank mobile application, or physically in any branch they can access. Some of these include the recipient’s name, the IBAN code, the SWIFT/BIC code, and the amount to transfer.
The process timing (how long it takes for an international bank transfer) depends upon what kind of transfer you are doing. Such as:
It may take 2-5 business days, depending on the recipient's delivery location.
Usually, it takes 1–2 business days for the payments within the European Economic Area (EEA).
The frequency of delays may arise from the following factors: Weekend and holiday schedules affect the entire sending and receiving workflow. The intermediary banks and recipient details can also cause delays in Barclays’ overseas money transfers.
Barclays Bank implements Barclays’ limit for bank transfers for different transactions. It is euros 50,000 for personal accounts and Euros 100,000 for premium and business accounts. So, be aware of Barclays’ maximum transfer limit to make a hassle-free transaction to your loved ones.
Following is the difference between SEPA and SWIFT principles that you must know:
The following are the factors to consider before
Currently, it is available only for 36 European countries, including the Member States of the European Union and some neighboring countries.
These should only cover transactions in the euro currency.
They usually cost zero to little, especially if performed between companies in different European Union member states.
The transfer takes 1 business day and is suitable for fast and cheap transfers within the area of the European Union.
The following are the factors to bear in mind:
Available in over 200 countries and can support multiple currencies.
Sometimes, it can be costly because of extra charges by both the intermediary and the recipient banks.
It will typically take 2-5 business days, on average, depending on the banks involved in the transaction.
This is recommended when making transactions in foreign currency or involving a company that is not European in location.
Use SEPA to reduce costs and get faster payments within Europe (Euro Payments). SWIFT is all right for global transfers or non-Euro transactions.
Barclays applies several fees for international money transfers, which customers should consider:
Barclays charges a fee of £15–25 for most international payments, depending on the specific category and recipient.
These are other incidental fees that may be charged either by Intermediate banks or the recipient’s bank, especially with SWIFT transfers. These fees differ by country and Barclays Bank for a transfer used in the process.
Barclays provides an exchange rate that is approximately 3%–4% more than what is finally added to the total transfer cost.
These fees may differ based on destination, currency, and type of transfer used. Hence, there is a need to go through all charges associated with Barclays money transfer.
Following are the steps to open an account for international transactions with Barclays:
Following are the ways to sign up for the Barclays account
Check that the account is active and proceed with the identity verification, taking the necessary documents mentioned above. This may involve being asked to present identification, such as a passport or national ID, or provide proof of residence. Ensure accurate information is provided to stop Barclay's pending transaction issues.
Ensure you have deposited enough money in your account to cover the transfer amount and the charges. This will help prevent any break or stoppage when handling your transfer.
Here are the steps that you need to know for doing transactions:
Use the international transfer service via the Barclays online platform or via the Barclays current account switch mobile application.
The recipient’s details include the account number and the SWIFT/BIC code required for cross-border transfers.
After inputting all the details, there is always the confirmation to make the transfer. Barclays provides tracking tools to help you follow up on the progress of your transaction at their portal. Such information changes allow you to check the status and not lose track of your money.
Following are some common challenges to bear in mind:
Ensure to provide correct recipient details. Further, contact support for more help.
It is on the way, such as SEPA or SWIFT, that you use to make transactions.
It may take from 2-5 business days.
You can face the following challenges for your transactions at Barclays:
These rates may sometimes be relatively high, so the recipient's ability to get the amount may vary significantly. Banks, including Barclays, add a margin to these rates. It raises the transaction costs higher than the raw rates offered. This means that the actual amount of money transferred may not be the same as the one agreed upon.
The exchange rates of the intermediary banks and the recipient’s bank may add extra costs to the transfers, making international transfers expensive. Other charges can rise when the transfer is processed through various financial institutions, and every institution may charge a fee.
Such factors as weekends, holidays, and discrepancies in the details can delay transfers. Such delays are not rare and constantly affect the funds' availability to the recipient.
Here is the list of some benefits that you can avail yourself while pairing Barclays foreign payments with ACE Money Transfer:
ACE Money Transfer has a relatively small margin of exchange rate compared to what is charged by other service providers such as Barclays Bank. This implies that the value of the money you are sending is given to the intended recipient in its full worth. It means that when using ACE, you are protected by the best exchange rates that are obtainable for fair exchange in the market.
ACE Money Transfer has lower fees than many conventional banks worldwide, which could help lower the global cost of international money transfers. This will benefit those employing the services for small to medium transactions where every penny matters. It also uses an efficient fee structure to ensure you do not fall for hidden fees common with most other financial firms.
The service provider, ACE Money Transfer, provides faster funds transfers than the banking channel. Most transactions can be done within several hours, making them suitable for emergencies such as paying medical bills, tuition fees, or any business needs requiring quick funds. These are very useful when more emphasis is put on time. An increase in speed is even extra special when time is of the essence.
ACE Money Transfer provides its service globally. Hence, you can transfer money anywhere at any time, making the transfer of funds across countries trouble-free.
The platform's design always has the ultimate convenience of the users in mind. The activities can be done online or using a mobile phone. This has a user-friendly interface for those who want to do the transfer on ACE Money Transfer. This user experience design approach minimizes the complications inherent in cross-border money transfers and presents a clearer interface for clients.
International money transfers provided by Barclays guarantee the transfer of funds, safety, and convenience. However, knowledge about fees, transfer time, and how to save on costs is critical to enhance the value proposition. ACE Money Transfer is the ideal solution for people seeking to save more, with lower charges, better rates, and faster transfer services.
You might be planning your next overseas transfer soon. This is the best opportunity to enjoy working with a reliable bank like Barclays, together with the low cost of the ACE Money Transfer. Do you want to get a discount on your next global payment? Find out today how much you will pay more using our fee calculator!
Barclays charges between £15 and £25, including an intermediary cost and an exchange rate.
You can check the status of your transfer online by logging into your Barclays account to use internet banking or download the Barclays mobile application.
Indeed, Barclays practices encryption, two-factor authentication, and monitoring of fraud when completing transactions.
Still, ACE usually has better exchange rates and slightly lower charges, plus it completes transfers instantly, making it the perfect partner.
Yes, indeed, taking ACE for the rate comparisons and Barclays for the reliability makes the best choice for International transfers.
