Barclays

International money and currency transfer

With a Barclays International bank account, you will be able to transfer money in a variety of currencies.

You can choose any of the following methods:

• Telephone banking
• Online instruction
• Fax
• Cheque payment
• Instructing your Relationship Manager.

The most efficient method of these is online, with which you can transfer a maximum of £50,000 (or currency equivalent).

Transferring euros within the eurozone

The single euro payments area (SEPA) has been set up to make it easier to transfer euros across the 27 European Union countries as well as Iceland, Norway, Switzerland, Liechtenstein and Monaco.

This service is available to clients who hold accounts in London (Knightsbridge), Gibraltar, Switzerland and Cyprus.

Important

When sending euros you will need the recipient's IBAN (international bank account number) and SWIFTBIC (Society for Worldwide Interbank Financial Telecommunication Bank identifier code).

Without these numbers the payment could be rejected and an extra charge levied.

Currency exchange choices

You can transfer money into other currencies using one of these methods:

• Spot exchange. Accept a price to exchange currency 'on the spot' and complete the transaction within two days.
• Forward exchange contract. Agree an exchange price months in advance of the trade.
• Option dated forward exchange contract. Like a forward exchange contract but with the option of completing the trade early if exchange rates suit you better.
• Currency options. These enable you to 'hedge' a deal where you agree an exchange rate in advance but are not obliged to complete the transaction.

More sophisticated foreign exchange services

We can draw on the expertise of our in-house research team and foreign exchange team at Investment Banking to help you:

• Protect against currency exposure
• Buy or sell assets overseas
• Improve yields.

Our range of products includes:

• Simple spot or forward execution
• Margin trading for more active clients
• Limit orders to monitor the markets 24 hours a day for you
• Over the counter options for hedging currency exposure and expressing a directional view
• Dual currency deposits for receiving enhanced yields above money-market rates.

Important: If you are considering using these services then you must understand that foreign exchange (FX) trading is a high-risk activity and you can lose more than you invest.

Currency advisory service

Our comprehensive international currency advisory service can offer you advice on all the major currencies. This service may be suitable if you:

• Want to deal in foreign exchange
• Have multi-currency requirements
• Want to reduce your exchange risk
• Want to hedge currency positions
• Want to trade with other counterparties
• Want to trade in other asset classes.

Offshore

Placing funds or loans offshore can create tax planning opportunities, but you should get professional tax advice first. We are happy to introduce clients to our preferred tax advisers, Ernst and Young.

Important risk warning: please bear in mind that the value and any income from investments can go down as well as up. So you might get back less than you invested.

See our guide to offshore banking.

More information

If you are not currently a Barclays international banking client, you will need to deposit and maintain a minimum balance of £5,000 or more (or currency equivalent) in cash or investments across the accounts you hold you with us.

To find out more contact your Relationship Manager, call us on +44 (0)1624 684316† or use our call back service: