Planning an international payment with Barclays Bank? This page provides everything you need to know to make an informed decision about transferring funds with Barclays. Learn about payment timelines, fees, and exchange rate markups to ensure you get the best deal for your international payment.
Barclays Currency Comparison
The table below outlines how much currency you get for transferring £10,000 with Barclays and compares it to the rates offered by Rutland FX. This comparison helps you understand potential savings and make informed decisions about your international payments. For more detailed information about the data shown in this table, please see our comparison information page.
Currency Pair | Barclays Rate Today | £10,000 Gets |
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Barclays Currency Exchange Spread and Fees
Barclays Bank charges a £25 fee and a 2.75% exchange rate markup on average for international payments. The exchange rate markup, also known as the margin, is applied to your reference rate and is based on your FX price plan, which is linked to the amount of assets you hold with Barclays. The £25 fee applies to payments made in-branch or over the phone, except for local payment routes like SEPA.
How Long Do International Transfers Take with Barclays?
The time it takes for international transfers with Barclays can vary depending on several factors, including cut-off times, payment routes, and additional checks.
- Cut-Off Times: Barclays has specific cut-off times for processing international payments. If you submit your payment request before the cut-off time, it will be processed on the same business day. Payments submitted after the cut-off time will be processed on the next business day.
- Payment Route: The route your payment takes can also affect the transfer time. Payments sent through local routes, such as SEPA for Euro transfers within the EU, are typically faster and can be completed within 1-2 business days. Payments sent via SWIFT, which is used for transfers outside the EU, may take longer, typically 2-5 business days.
- Fraud Checks: Barclays may perform fraud checks on international transfers. If your payment is flagged for additional checks, you may be required to provide additional documentation, which can delay the transfer.
Ultimately, international transfers with Barclays can take anywhere from 1 to 5 business days. However, if fraud checks are required, the process may take longer depending on how quickly the necessary documents are provided and reviewed.
Is Rutland FX Cheaper Than Barclays?
Rutland FX is significantly cheaper than Barclays for international payments. We offer competitive exchange rates, providing you with better value for your money. Additionally, our service is designed to be faster and more transparent.
One of the key advantages of using Rutland FX is our use of SWIFT gpi for most of our payments. This system allows you to track your international transfers like a parcel, providing complete transparency and peace of mind. The majority of payments sent via SWIFT gpi arrive within an hour, ensuring that your funds reach their destination quickly and efficiently.
Additional Services:
- Free Multi-Currency Account: Manage your funds in multiple currencies with ease.
- FX Hedging Solutions: Utilise forward contracts and other tools to manage currency risk.
- Dedicated Account Executive: Get personalised assistance for all your transfers.
- Easy Access to Online Account: Manage your payments effortlessly through our online platform.
These services help streamline your international payments and provide added value, making Rutland FX a practical choice for managing your currency needs.
Send Money with Rutland FX
Get competitive exchange rates, no payment fees, and most of our SWIFT GPI payments arrive within an hour.