Barclays Foreign Currency Account: Fees and Features Overview 2024

Barclays offers a foreign currency account products for existing business or personal customers. It doesn’t offer a debit card with this product, so it’s not ideal for travel, but can be helpful if you have bills to pay overseas, or want to start saving and investing in a foreign currency to diversify your assets.

This guide walks through the options for Barclays foreign currency accounts, including the costs, currencies and how to open one. And if you want a more flexible alternative, we’ll also touch on non-bank specialist providers like Wise and Revolut which offer multi-currency accounts which come with linked debit cards for easy ways to pay, get paid, send and spend foreign currencies - usually with just your phone.

• Receive payments with local account details in 10 currencies
• Hold and exchange 40+ currencies
• Send money quickly to accounts in 160+ countries

Wise account

The Wise account can be opened online or in the Wise app, with no minimum balance requirement. Use Wise to receive, send and convert 40+ currencies. Your Wise account comes with local account details for 10 currencies, which can be used to receive international payments.

Go to Wise

Barclays foreign currency account main features

• Barclays offers foreign currency accounts in 12 currencies - accounts do not have multi-currency features, so you’ll only be able to hold one currency at a time
• Accounts do not have a debit card but you can deposit and withdraw cash over the counter in thc currency of the account
• To be eligible you must have had a Barclays sterling account for at least 6 months, and you must be a UK resident
• Barclays foreign currency accounts can be helpful for investors, savers and people looking to pay bills in a foreign currency
• Multi-currency accounts from non-bank specialist providers like Wise and Revolut, which offer which come with linked debit cards, can be more flexible for travel purposes

Pros and cons of Barclays multi-currency account

Why open a multi-currency account?

A multi-currency account is helpful for people who travel, invest or save in foreign currencies, and anyone living internationally. It’s also handy for businesses trading overseas.

Different accounts have their own features but you may be able to hold and exchange one or more foreign currencies, send payments internationally and domestically, receive payments, or spend with a debit card. Not all accounts have these features - so weighing up a few options to find a good fit for your needs is essential.

When is a Barclays multi-currency account needed?

A foreign or multi-currency account can be handy for individuals and businesses who manage multiple currencies regularly. Different accounts have their own target customers, but you may find that having a multi-currency account can be useful:

• If you travel often, as a way of avoiding excessive currency exchange fees
• If you frequently shop online from international retailers, and want to pay in the retailer’s local currency
• If you invest in international stocks, bonds, or other assets
• If you have a business and want to receive customer payments in various currencies directly
• If you need to pay people overseas, either as an individual or a business owner running an overseas payroll

In this guide we’ll look at Barclays, and also Wise and Revolut. Here are some quick pointers on when an account from each may work well:

• Barclays: Best for existing Barclays customers who want to save or invest in foreign currencies, and who may need to pay in cash over the counter, in the foreign currency of their account
• Wise: Best for mid-market exchange rates, a great selection of supported currencies and ways to receive, send and spend currencies conveniently
• Revolut: Best for different account types which all have some no fee features and services, and which have 25+ currencies supported for holding and exchange

Learn more with our guide to the best multi-currency accounts in the UK here

How to apply for a foreign currency account with Barclays

To open a Barclays foreign currency account you’ll need to call 0345 975 7575 or visit a Barclays branch. You’ll be able to talk to a member of the Barclays team in person to assess your eligibility and look at how best to get your application sorted in your specific circumstances.

Eligibility

To open a Barclays personal foreign currency account:

• You must be aged at least 18 years old
• You must be resident in the UK
• You must have had an active Barclays sterling current account with us for at least 6 months

The Barclays Basic Current Account is not accepted as an eligible sterling account for this purpose - if you have this account type you won’t be able to use it to support your application for a foreign currency account.

If you want a foreign currency account for your business you’ll need to call the bank to discuss your options. Different contact information is available depending on the turnover of your business and your relationship with Barclays.

What documents you'll need

Usually you’ll need a few documents to open your account including:

• A photo ID document like a passport or a driving license
• Proof of your address such as a utility bill in your name

As you’ll already have to have a Barclays GBP account to apply for your foreign currency account, you may have already provided these documents. In this case you might find the bank doesn’t ask you to repeat the process, making everything a little quicker.

The same goes for businesses. If you have already set up your business account with Barclays you may be able to add a foreign currency account product without repeating the verification process. However, first time business customers will also need to provide details of their company, including registration information and documents, and some ID for all beneficial owners.

Available currencies

You can open a Barclays foreign currency account in the following currencies:

• Australian dollar (AUD)
• Hong Kong dollar (HKD)
• New Zealand dollar (NZD)
• South African rand (ZAR)
• Canadian dollar (CAD)
• Danish krone (DKK)
• Norwegian krone (NOK)
• Swedish krona (SEK)
• United States dollar (USD)
• Euro (EUR)
• Swiss franc (CHF)
• Japanese yen (JPY)

Read also:

• Barclays travel card review

Barclays foreign currency account fees

There aren’t many upfront fees to pay when you have a Barclays foreign currency account. However, bear in mind that you’ll also need an eligible GBP account with the bank - which may have fees - and you may find you pay charges whenever you need to convert currencies, too. Currency costs can be included in the rates being used, which means they're harder to see. More on that in a moment. First, a roundup of the key Barclays foreign currency account fees:

Barclays foreign currency exchange rates

If you need to convert currencies with Barclays - for an incoming deposit, or an outgoing payment for example, Barclays will choose the exchange rate which applies.

The exchange rate Barclays uses will include a variable markup, which is a fee added to the mid-market exchange rate. This cost can vary depending on the currencies and the value of the converted amount, but can be up to 2.75% for personal customers or 2% for business customers.

Can I transfer money from my Barclays foreign currency account?

Yes. You can not withdraw from your Barclays foreign currency account from an ATM because the account doesn’t have a linked card. However, you can send money to another account in your name, or to an account belonging to someone else instead. There’s not usually a fee to send a payment online but if currency conversion is needed there are fees added to the exchange rates offered by Barclays.

Payment limits

Barclays payment limits might depend on how you set up your account and the specific relationship you have with barclays. You’ll find a limit of 50,000 GBP per day on most online transfers which are made from standard accounts, but Premier and Business customers might have higher limits. If you can not make your payment online you may still be able to do so in a branch but higher fees will apply.

How to use Barclays foreign currency account abroad

The Barclays foreign currency account does not come with a debit card which means you can't use it overseas to spend or withdraw. However, you can withdraw in the currency of the account over the counter before you leave the UK if you want some foreign currency cash for your holiday. You’ll also still be able to access your online and mobile banking when you’re abroad, so you can easily make payments if you need to.

Supported currencies

A Barclays foreign currency account supports one of 12 different currencies. If you want to hold multiple currencies you’ll need separate accounts for each. You can send money all over the world from your account although fees - including an exchange rate markup - may apply.

Conclusion

Barclays foreign currency accounts are not multi-currency products. They hold one currency each and are aimed at people looking to invest and save in foreign currencies. There’s no debit card - so these accounts aren’t great for travel, but they can be a good choice if you’re saving or paying bills in a foreign currency.

If you want a travel multi-currency account though, you might prefer a non-bank provider like Wise or Revolut.

Wise lets you hold and exchange 40+ currencies with the mid-market rate and low fees from 0.33%. You can get a linked debit card, and spend globally, with easy ways to pay and get paid with low or no fees. Revolut has different accounts depending on how you like to transact - but all accounts offer a card and some no fee currency conversion during the week, to your plan limit. Use this guide to compare your options and pick the very best foreign or multi-currency account for your needs.

FAQs

1. Does Barclays offer foreign currency accounts?

Yes. Barclays foreign currency accounts can be opened in any of 12 currencies by eligible customers who have a Barclays GBP account.

2. Can I deposit foreign currency into my Barclays account?

Yes. Deposit foreign currency in cash to your Barclays foreign currency account in a branch location.

3. Does Barclays charge international fees?

There’s no fee for opening or maintaining a Barclays foreign currency account, but you’ll need a GBP account as well which might have its own charges. Some transaction costs also apply, including a fee when receiving some incoming payments over 100 GBP in value, or when sending a transfer in a branch.

4. Can I access my Barclays foreign currency account overseas?

The Barclays foreign currency account does not come with a debit card which means you can't use it overseas to spend or withdraw. However, you’ll still be able to access your online and mobile banking when you’re abroad