International Money Transfers using Barclays

International Money Transfers using Barclays Sending Large Money Transfers using Barclays At Regency FX we help you achieve the most from the currency you are converting.As an independent currency specialist, we have lower overheads than the banks, enabling us to pass on the savings to you.We can also discuss and agree on the right time to exchange your money, rather than using a bank or onlineonly system and having to accept the rate they give you on the day. International transfers can seem difficult, I am going to try and make them easier for you.

What information will you need?

You will need the recipient’s name, the country the money is going to and the IBAN (International Bank Account Number).

IBAN lengths can change depending on what country you are sending money to or from.

They are normally 20 to 30 letters and numbers.

The IBAN contain the country code, branch code, bank code and the account number.

You can find the IBAN number on a bank statement or visit a branch.

Money transfer companies can assist you with this process and check that the details are correct.

What is the timeframe?

For transfers within the EU, it normally takes 1 to 2 working days.

For transfers for any other countries, it can take 3 to 4 working days.

The process can be slowed down by the recipient’s banks as they will have to do the necessary checks before they release the funds into the account.

Time can also vary due to the different time zones, daily cut-off times, weekends, and public holidays.

Are there transfer limits with Barclays?

Yes, Barclays have £100,000 daily limit with Online Banking.

This may not be a problem for some people however, for people selling property and wanting to send large amounts of money across this can be a huge issue.

Money transfer specialists do not have daily limits, so they appear to be the better option for larger amounts.

Different types of Barclays International Transfers There are 2 different types.

SEPA and International Payments.

SEPA is not popular among Brits as it is for sending Euros to Euros with no currency conversion needed.

Making the International money transfer There are four different methods you can do this through these are: Online Banking, Barclays App, Telephone Banking or visiting a Branch.

With Online Banking you will need to log in, then select international payment then just follow the prompts on the screen.

For the Barclays App, there are many step-by-step videos you can watch to talk you through using this method.

With Telephone Banking if you are in the UK, you can call 0345 734 5345 if you are not in the UK, you can call +44 24 7684 2100, for this method you need to be set up for Telephone Banking and you need your passcode.

Going into a Branch it involves having to fill forms out and finding someone to help you.

Exchange rates Most people are aware of the transfer fees but not so educated on the exchange rate costs.

Banks and other companies will set their own rates.

The more money you want to send, the better the rate is for you!

They also have profit margins which is how much money they are making from the transfers.

With Barclays if the amount is under £25,000 then the profit margin is 2.82% £50,000 the profit margin is 1.78%, you would be paying £890 in exchange rate costs. £200,000 the profit margin is 1.19%, you would be paying £2,380 in exchange rate costs.

As you can see, banks charge a lot of money for international transfers.

Transfer fees Transfer fees are standard fees that are charged every international transfer.

Barclay’s charge £25 for telephone banking or vising a branch or it is free to do online.

Barclays will also charge £6 for most incoming transfers too!

These fees can add up. Especially if you make regular transfers!

Therefore, my advice is to get quotes from different providers such as a money transfer company such as ourselves here at Regency FX!

www.regencyfx.com