Wire transfer is the fastest mode of receiving money in your Barclays Bank account from abroad. You can receive money into your Barclays bank account from a foreign country via International wire transfer. The transaction is initiated by the sender through a financial institution, however, you need to provide your banking details to the sender for successful transfer of money.
International Wire Transfer to Barclays Bank
International wire transfer is one of the fastest way to receive money from foreign countries. Banks use SWIFT network for exchanging messages required for performing international wire transfer. Usually, the receiving bank (in UK) and the sending bank (in other country) need to have a direct arrangement in place to start the swift transfer – this is sometimes referred to as correspondent banking.
Incoming International Wire Transfer Instructions
To receive international wire transfer in your Barclays Bank account, please provide the following wire instructions to the sending financial institution:
|Bank Name:||Barclays UK|
|SWIFT BIC Code for Barclays Bank:||For Barclays UK, this code is BARCGB22|
|Your International Bank Account Number (IBAN):||It’s on your statement or you can find IBAN for Barclays bank here|
|Your Sort Code:||You can find it on your statement or through online banking|
|Beneficiary Account Number:||Your complete Barclays Bank account number (including leading zeros, if any)|
|Beneficiary Name:||The full name of your account as it appears on your statement|
|Beneficiary Address:||Your complete address|
Note of Caution on Fees: If your money transfer involves currency conversion, there is a high chance you will get a poor exchange rate from the banks and as a result pay high hidden fees.
Outgoing International Wire Transfer Instructions
To send international wire transfer from your Barclays Bank account, You need to know the following information about the person or company receiving the money:
1. Payee’s account name
2. The payee’s IBAN or account number
3. The SWIFTBIC for the payee’s bank, and/or domestic routing codes where applicable, or the payee’s bank address.
Incoming Wire Transfer Fees for Barclays Bank UK
International Incoming Wire Transfer Fees for Barclays Bank is as follows:
|For euro payments from EU/EEA countries
(for euro payments from EU/EEA countries)
|If the payment is in a different currency, or
is received from a country outside of the EU/EEA
Outgoing Wire Transfer Fees for Barclays Bank UK
International Outgoing Wire Transfer Fees for Barclays Bank is as follows:
|Barclays International Payments Services (BIPS)|
|BIPS Standard (in branch or by telephone)||£25|
|BIPS Priority (in branch or by telephone)||£40|
|BIPS Priority (online)||£15|
|Single Euro Payments Area (SEPA) Credit Transfer|
|SEPA Credit Transfer (in branch or by telephone)||£15|
|SEPA Credit Transfer (online)||£5|
Apart from the wire transfer fees, if the transfer involves currency conversion, banks make money on currency conversion as well by giving retail conversion rates to you which is usually 1-2% lower than the market rate. We recommend using services like TransferWise for getting best conversion rates with lower wire transfer fees.
Outgoing Wire Transfer Cutoff Time for Barclays Bank UK
1. For BIPS Standard payments cutoff time is 4 pm. Funds received in Europe and North America between 3-4 working days and the rest of the world within 8 working days if sent by 4 pm.
2. For BIPS Priority payments cutoff time is 2 pm. Funds received in Europe and North America between 1-3 working days and the rest of the world within 7 working days if sent by 2 pm. Online payments are treated as priority payments.
3. For SEPA Credit Transfer cutoff time is 3 pm. Funds are guaranteed to be in the recipient’s account the next working day if they’re sent by 3 pm.
4. Any requests received after cutoff time will normally be processed the next working day.