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REVIEW SUMMARY

Barclays International

Barclays offers private and overseas banking, credit and investment solutions to its clients through Barclays Bank PLC and its subsidiary companies.

Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority, the Prudential Regulation Authority (Financial Services Register No.122702) and is a member of the London Stock Exchange and NEX.

Barclays International is registered in England. Registered No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP.

Rooted in Britain, they have been a part of the world’s largest banking groups for 330 years.

Overview
FAQ
Customer Reviews
Expert Verdict

Barclays International clients can benefit from foreign exchange, discretionary portfolio management, mortgage advice and more.

Barclays International has four primary services to offer:

  1. Banking:
    Barclays banking services range from international bank accounts and payments to foreign exchange. Clients can access a range of products and services to help manage their finances internationally.
  2. Savings:
    Barclays has a range of saving options, from instant access accounts to fixed term deposits. International reserve account, treasury deposits, notice deposit accounts and children's savings account.
  3. Investments:
    Their investment offering includes tailored solutions, worldwide expertise, dedicated management and stable financial jurisdictions.
  4. Mortgages:
    Barclays allows you to choose from a range of mortgages with the on-going support of their mortgage advisers, who can guide you through buying a property in the UK.

Barclays key banking offerings include:

  1. International bank account: 

    To open an international bank account you need to be 18 years old or over and have a minimum balance of £25,000 (or currency equivalent) to deposit and maintain across your Barclays' international banking accounts. This threshold may be increased depending on jurisdiction or other factors.

    - The international bank account has no monthly fees. However, if your average balance in savings and/or investments falls below £25,000 (or  currency equivalent) for two consecutive months, you’ll be charged a monthly fee of £40.

    - You are responsible for the management of your tax and legal affairs, including making any applicable filings, payments and complying with any applicable laws and regulations.

    - For Barclays Bank UK Plc clients, the international bank account is called the premier world account. Arranged overdraft facilities are not available on the premier world account.

  2. International payments: 

    - Barclays' international payments service allows you to send money to 90 countries in 60 different currencies.

    - Single Euro Payments Area (SEPA) credit transfer lets you send payments in Euros to EU countries and their territories.

    - Funds should be in the recipient’s account the next working day if they’re sent by 3pm.

    - You can send up to £100,000 (or currency equivalent) abroad, using Barclays' secure online payment service, available 24/7.

    Additionally, you can also make international payments over the phone, post or by visiting them in selected branches.

  3. Foreign exchange: 

    Allows you to move your money instantly and internationally, between your accounts and make payments abroad.

    - You can execute in up to 60 currencies. The more you convert, the more likely you are to get a favorable rate.

    - Whether you're moving money between your accounts or making international payments, you can convert currencies at your convenience across several channels, online and over the phone.


    - You can also move your money instantly and internationally, between your accounts or to make payments. Barclays' FX services claim to help you manage your wealth and balance currency fluctuations.

Additionally, Barclays offers 'international mortgages' and an 'international savings account' which is designed for international clients and come in a range of currencies.

Barclays International also offers a few digital services such as:

  • Barclays online banking
  • The Barclays app*
  • Online investment service

*More in the FAQs section.

NOTE:

Whilst the service is comprehensive, giving clients all the tools they need to manage their money internationally - banks tend to take big commissions out of FX transactions, and we believe there are better alternatives when you need to change money.

Barclays International maintains that they will provide access to some of the world’s leading fund managers. However, it is important to note that banks tend to sell their own products that often have high charging structures and deliver mediocre performance.

We would recommend you to steer clear of their structured notes.

You can learn more about Barclays' international bank account fees here.

 

The Pros

> Size and global presence
> Good online banking
> The international bank account has no monthly fees above £25,000 or more
> Access worldwide in various currencies
> Established history
> Held in the Isle of Man – benefits from the offshore jurisdiction

The Cons

> Provides little to no tax advice
> Unsophisticated service range
> If your average balance in savings and/or investments falls below £25,000 (or currency equivalent) for two consecutive months, you’ll be charged a monthly fee of £40 on the international bank account
> Overdraft facilities not readily available – must be applied for/subject to lending criteria
What are Barclays' international bank account withdrawal charges?

Barclays' international bank account, card and cash charges, can be summed up below:

Cards and cash
Cash withdrawal in pounds (£) in the UK  
Cash withdrawal in the Isle of Man or the Channel
Islands (in sterling notes from a sterling account)
up to £5,000
£5,000 or greater
No fee
1% of transaction value
Debit card payment in pounds (£) No fee
Debit card payment in a foreign currency  
Non Sterling Transaction fee   2.75% per transaction
Cash withdrawal in foreign currency outside the UK  
Non Sterling Transaction fee   2.75% per transaction

 

NOTE: These charges can be updated and changed from time to time. 

How does Barclays help with international mortgages?

Barclays International allows you to choose from a range of UK mortgages with the on-going support of their mortgage advisers, they can support you through the process of buying a property.

If you're looking to buy a property to live in, they can help you choose from a range of fixed and tracker  mortgages or a combination of both.

They can also offer a loan, made in sterling, that lets you buy UK property for the purposes of renting out to a tenant, whether you're based in the UK or overseas.

What savings accounts are offered by Barclays International?

Barclays International offers instant access saving accounts, alongside fixed term, fixed return options. Here's a brief summary:

  • International reserve account: You can get instant access savings in multiple currencies. Their international reserve account lets you save in sterling, euros or US dollars.
  • Treasury deposits: Offer a fixed interest rate for anything from 3 months to 5 years. You can choose the currency and timeframe that suits you.
  • Notice deposit accounts: Restricted access savings.
  • Children's savings account: Allows you to save on behalf of your child.

What are the features/benefits of Barclays' international bank account?

The features and benefits as stated by Barclays International are: 

  • Flexibility:
    You can choose to open an international bank account in one of three major currencies - Dollars, Sterling and Euros - and hold these funds in the Isle of Man.
  • Easy to keep up-to-date:
    With access to international online and telephone banking, you can check your account whenever it suits you. The Barclays app is also available for sterling accounts.
  • Access to your money worldwide:
    Allows you to use ATMs worldwide, wherever you see the Visa sign, using the sterling contactless debit card. No notice is needed for withdrawals.
  • Arranged overdraft options available:
    You can also apply for an arranged overdraft facility on your international bank account.
  • Worldwide payments:
    Use your account to make quick secure international payments, and trade in up to 60 different currencies.
  • International banking:
    Benefit from our secure banking technology, access to mortgage advisers, the treasury team and service executives, who are there to support to you at anytime.
What does Barclays' online banking offer?

Barclays' online banking offers access to all your accounts when it suits you – no queues, no need to book appointments and no closing hours.

You can:

  • See all your accounts and balances in one place.
  • Securely upload and store your personal documents using Barclays Cloud It.
  • Make international payments.
  • Transfer money, pay bills and pay someone new.
  • Change your personal details, log-in details and preferences.

 

What can you do with the Barclays mobile banking app?

The Barclays International app allows you to make payments, send money abroad and spend in Euros and US Dollars.

It can also help you manage your cards, apply for Barclays' products, keep a track of your money and stay in contact. 

Learn more about their mobile banking app here.

Is Barclays' relationship management services available to all clients?

Barclays' relationship management is available for clients who maintain at least £100k or currency equivalent with them (threshold may be increased dependent on jurisdiction or other factors).

These services include:

  1. Relationship manager: Your dedicated relationship manager will develop a financial plan and keep you informed of the latest research and insights.
  2. Investment advisers: Investment advisers can provide you access to a range of investments in funds and structured products.
  3. Mortgage advisers: If you want to buy property in the UK, you can access their mortgage offerings, including investment property mortgages, giving you the opportunity to receive a rental income.

 

Not the same as Barclays in the UK

I've always been a Barclays customer for a while, so when I moved abroad I wanted to stick with a name I knew.

Suddenly everything changed though - I don't think Barclays International and Barclays in UK can be compared.

There's lesser transparency...

Expert assessment of Barclays International

We think that the Barclays International account for expats is adequate for retail client needs - but ineffective as a wealth creation platform for senior international professionals when compared with other available options.

If you have, or are on your way to achieving £250,000 of investable assets, we recommend contacting us for a Second Opinion.

There are likely to be cheaper options available with more transparent fee structures.

Barclays International - Previous Interest Rates

Barclays International - Current Interest Rates for Savings Accounts

Barclays International - Summary of Changes To GBP Variable Interest Rates for Savings Accounts

Barclays International - Summary of Changes To USD Variable Interest Rates for Savings Accounts

Barclays International - Bank Base Rates for Overdrafts and Loans

Barclays International - Standard Variable Rate for Mortgages

Barclays International - Overseas Delivery Charges

Barclays International - Payment Cut-Off Times

Barclays Bank Terms

Barclays Dubai International Financial Centre Terms

Barclays International - Best Execution Policy

Barclays International - Application Guide

Barclays International - Fee Information Document for International Accounts

Barclays International - Liquidity Fee Explained

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