Barclays Money Transfer Review - Large International Online Payments.
Barclay's international money transfers payments are conducted using a currency exchange system. Barclays Ltd reviewed for online remittance transactions. If you have a Barclays bank account, you may want to consider the idea of sending international payments through it. However, be warned, the process of sending payments may not be as cheap as you may think. Let me explain.
Barclays offers two main services for transferring money overseas:
- International Payments Service: This is a highly-customisable service which will allow you to send money to 90 different countries in 60 different currencies. You are able to select the speed at which you want the money to be sent. For an extra fee, you may even get the money sent the same day. - SEPA credit transfer: This service is a tad cheaper and is used for sending international payments within the Euro zone only. It is a bit slower.
Now, I must say, I love Barclays for the fact that they are able to offer so many currencies through its international payments system. Most other companies are not able to do this. The main benefit of this service is the fact that you are able to send money in any currency you want, and that means the recipient will not be subject to exchange rate fees when they receive the money, which can be rather hefty. That being said, Barclays are not well-known for offering some of the best exchange rates around. They are not abysmal like some other banks out there, but you may not always be able to get the best possible deal, so I do urge anybody who is considering using Barclays to look elsewhere first. You never know what you may be able to dig up!
The main problem I have with Barclays is the fact that they charge an incredibly high fee for their service. In fact, I believe that Barclays are one of the most expensive banks in the United Kingdom to deal with:
- Fee of £15.00 on all transactions if you are sending through SEPA. - Fee of £25.00 on standard and future-dated transactions. - Fee of £40.00. Yes, you read that right, on international payments on priority. When other banks are charging as little as £25.00 for this service, this is simply far too much.
If the payment is returned, and that may happen from time to time, those IBAN codes are quite long, you will also be subject to an additional £7.00 charge. Oh, and you will still have to pay that charge at the beginning. This means that the cost of dealing with Barclays will very quickly add up.
That being said, the system of transferring money is easy to do. If you have access to an online bank account with Barclays then you can do this within minutes. However, unlike other banks that deal with international money transfers, there is no additional charge for dealing with the payment in branch or over the telephone. This means that you can talk to somebody and they will be able to deal with everything for you. This will ensure that you get things right the first time.
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