International money transfers using Barclays

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Sending Large Money Transfers using Barclays

At Regency FX our money transfer services will help you achieve the most from your currency transfers by saving you time and money as well as taking the strain of completing complex forms to ensure your international transfers are seamless.

As an independent international transfer and currency specialist, we have lower overheads than the banks which enables us to pass your currency transfer savings directly to you.

With our money transfer services, we can also discuss and agree on the right time to exchange your money, rather than using a bank or online-only system and having to accept the rate they give you on the day. We strive to ensure your currency transfers flow easily and smoothly.

International transfers can seem difficult, I am going to try and make them easier for you by showing you how, as a first-class currency transfer service, Regency FX tackles the complexities of international transfers to save you time and money.

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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.

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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.

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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.

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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.

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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

International bank transfer fees are the standard transfer fees that are charged for every international money transfer; however big or small.

Barclay’s charge £25 for telephone banking or visiting the branch, or it is free to do online.

Barclay’s will also charge £6 for most incoming international money transfers too!

And these bank money transfer fees can add up. Especially if you make regular international money transfers!

Therefore, so you don’t incur huge and unnecessary transfer fees for your international transactions my advice is to get quotes from a range of different providers such as a money transfer company just like us here at Regency FX!

Who are we?

Regency FX are a UK based independent currency broker, specialising in high volume transfers.

We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.

All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.

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The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.

They can often refer to the rates that banks exchange at rather than what is available to you, the customer.

Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.

We can monitor the market on your behalf enabling you to budget more effectively.

As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.

Get a quote and see how we stack up.