Using Barclays Bank’s service to transfer money between UK pounds (GBP) and euros (EUR) involves unfavourable exchange rates and a lower conversion value. Evaluating alternatives to Barclays Bank for currency transfers overseas allows you to secure the best rates, save time and money, and get the very best deal.
|GBP to EUR
|EUR to GBP
|Minimum Transfer + Fee
|€1.157 to €1.161
|£0.847 to £0.85
|€1.162 to €1.163
|£0.851 to £0.852
About TrustScores: A TrustScore is calculated on a scale from 1 to 5 and is the overall measurement of reviewer satisfaction, based on all reviews the business receives via Trustpilot’s website.
About transaction fees: The transaction (or service) fee that banks and providers charge is made up of a fixed fee which varies, depending on where you are sending the money and which currencies apply to the transaction.
About money transfer providers: Unlike banks, money transfer companies offer the very best exchange rates and by keeping their margin rates low, they beat the banks by several percentage points.
About exchange rates: Money transfer exchange rates are calculated and updated weekdays, hourly 08:00 – 16:00. The exchange rates provided are indicative only and several factors may contribute to the final rate, including market conditions, transfer amount and the mode of transfer (online or via phone/email).
The required information to send money abroad with Barclays depends on the destination country, as banking protocols vary internationally. However, some details are commonly needed for popular transfer destinations from the UK:
For Barclays Bank SEPA euro transfers or other currency payments to Europe, you need:
– Transfer amount
– Recipient’s full name and address
– Recipient’s IBAN
– Recipient bank’s SWIFT/BIC code (for non-SEPA transfers)
Before initiating any international transfer, double-check the specific requirements for the destination country.
Receiving money from abroad to your Barclays Bank account:
To receive an international payment into your Barclays UK account, provide the sender with your IBAN and Barclays SWIFT/BIC code.
For euro payments, Barclays Bank will use the SEPA (Single Euro Payments Area) scheme when possible. The SEPA scheme allows for faster and easier euro transactions within Europe. With SEPA, the recipient gets the money on the same day.
Barclays make SEPA payments to over 30 European countries including:
Austria, Andorra, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland and the UK (including Guernsey and the Isle of Man).
How long a Barclays international bank transfer takes will depend on the destination, payment method, and meeting the daily cut-off time. If you submit a transfer after the cut-off, processing may be delayed until the next business day.
Barclays European and international transfer times are not the same:
Barclays has different transfer times for payments within the EU versus international payments outside the EU. Transfers within the EU can take 1 or 2 working days, while transfers outside Europe may take up to 4 or 5 working days, depending on the destination and receiving bank (if not Barclays Bank).
When sending money abroad, Barclays will convert your funds to a different currency if the receiving account uses a different currency than the sending account. However, this currency conversion process comes at a cost beyond just up-front fees.
Barclays applies a margin above the mid-market exchange rate when converting between currencies, which is known as an exchange rate markup.
Sending money to another currency – Barclays Bank transaction fees:
When sending money to countries in the European Union (EU) or European Economic Area (EEA), the payment will go through using the shared charging option (also known as SHA), regardless of currency.
Receiving money from another currency – Barclays Bank transaction fees:
When receiving an international payment with Barclays, there are two possible fees to consider – a charge for the inward payment itself and an additional fee if currency conversion is required.
Barclays charges various fees for international transfers depending on the payment type. These include upfront fees, exchange rate fees, and third party charges. When sending international payments, be aware of all fees that may apply, as they are not always obvious.
Still have questions?
Doing some research and evaluating options will ultimately save you time and money: Compare money transfer providers