Business Account Overseas Money Transfer Options – Barclays Bank
Barclays Bank overseas business payments may have associated charges and fees which you can avoid when making corporate money transfers. If your business has overseas payments to manage, a regular foreign payroll to make, or overseas earnings to repatriate, Barclays business clients should consider using a currency transfer specialist to help save money and automate these processes.
| BARCLAYS BANK | MIN. TRANSFER | SPEED | *GUIDE RATES | INFORMATION |
|---|---|---|---|---|
| GBP £ - to EUR | NO MINIMUM | 5/7 DAYS | €1.155 | MORE DETAILS |
| GBP/EUR (BROKER RATES) | FROM £100 | 1 DAY | €1.193 | MORE DETAILS |
| EUR € - to GBP | NO MINIMUM | 5/7 DAYS | £0.8 | MORE DETAILS |
| EUR/GBP (BROKER RATES) | FROM £100 | 1 DAY | £0.826 | MORE DETAILS |
| GBP £ - to CHF | NO MINIMUM | 5/7 DAYS | Fr 1.072 | MORE DETAILS |
| GBP £ - to CZK | NO MINIMUM | 5/7 DAYS | Kc 29.307 | MORE DETAILS |
| GBP £ - to DKK | NO MINIMUM | 5/7 DAYS | kr 8.615 | MORE DETAILS |
| GBP £ - to HUF | NO MINIMUM | 5/7 DAYS | Ft 474.805 | MORE DETAILS |
| GBP £ - to NOK | NO MINIMUM | 5/7 DAYS | kr 13.415 | MORE DETAILS |
| GBP £ - to PLN | NO MINIMUM | 5/7 DAYS | zl 5.017 | MORE DETAILS |
| GBP £ - to SEK | NO MINIMUM | 5/7 DAYS | kr 13.404 | MORE DETAILS |
Transfer exchange rates are calculated and updated hourly (Monday to Friday) from 8 am to 4 pm UK – GMT
Barclays Business Account – General Fees
Barclays Bank offers a variety of business accounts for different types of businesses. However, it’s important to note that there are fees associated with these accounts. The fees vary depending on the type of account and the services that are included.
For example, the standard business account has a monthly fee of £6, while the business account with added benefits has a monthly fee of £16.50. Additionally, there may be fees for certain transactions, such as non-standard payments or cash withdrawals. It’s important for businesses to carefully review the fees associated with each account option to ensure they choose the best fit for their needs and budget.
Barclays Business Account – International Charges
It’s essential to be aware of the international charges associated with a business account with Barclays Bank. If your business operates overseas or you frequently make international transactions, you may encounter fees for currency conversion, international transfers, and foreign ATM withdrawals.
These charges can add up quickly and impact your bottom line, so it’s crucial to factor them into your budget and consider alternative options if they don’t align with your needs. Overall, while Barclays Business Account offers many benefits, it’s essential to understand the international charges to make informed decisions about your finances.
Barclays Bank – International Business Exchange Rates
Barclays Bank provides its business clients with varied foreign exchange rate deals for international business money transfers. Business clients may see a more favourable exchange rate margin for major currencies (UK pound to or from euro or US dollar) and less competitive exchange rates for specialist currency pairs.
These rates may in turn end up being higher or lower, depending on the business client, transaction amounts, volumes and frequencies. Business clients may have to negotiate with the bank to attain a more competitive exchange rate for overseas currency transfers with Barclays Bank.
Barclays Bank and SEPA (Single Euro Payments Area)
SEPA (Single Euro Payments Area) rules are written around the euro currency, general EU banking laws and do not take into account the actual currency conversion or money transfer exchange rates, which is what happens when money is transferred into or out of the euro zone. European banks including Barclays Bank can still charge anything they like for that service, irrespective of SEPA.
The aim of SEPA is to make payments in euro and across Europe as fast, safe and efficient as UK payments are today. On the downside, all banks (Barclays Bank included) will still charge their own foreign exchange margin rate to the transaction.
Example: Barclays Bank SEPA Business Transfer
A Barclays Bank SEPA business currency transfer (Barclays Bank to an external bank brand) from UK pounds to the euro has a commission fee capped at £2.00 on the actual transaction, however the transfer amount sent has a 1.9 percent exchange rate margin applied, which is deducted on the total amount received. This is far from the best business money transfer deal on the market. Moreover, SEPA payments can take longer to complete than transactions via a currency transfer specialist.
For businesses who transfer regular amounts overseas to make payments in the euro or other popular European currencies, using a currency broker is a money saving decision if your monthly transfers exceed £250. For smaller amounts you’ll have to continue using Barclays Bank service.
For further information regarding Barclays Bank overseas business exchange rates, business account international payment fees, charges and SEPA, you could ask a currency transfer specialist which options you have available for your business payment requirements, or contact your local branch’s Barclays Bank Business Manager directly.
