Anyone experience with Barclays foreign currency accounts?

pecunianonolet

Hi,

Is anyone using their accounts and is able to answer a few questions?

• Are you getting normal UK type account details with account number and sort code or is it an international format only e.g. Swift?
• Can you receive e.g. a USD payment under 100 GBP value free or only free in Euro?
• Can you send a USD balance to e.g. Wise without fees by Barclays?
• Would I be able to withdraw a USD balance from Paypal? (Paypal confirmed this is possible to a currency account fee free if Paypal primary currency is the same as the bank account)

I looked at their fee document but find it confusing. Called them and got through after 40 min waiting time just to be told that the guy doesn't know and I need to speak to the international banking team, so more waiting required and gave up.

HSBC also offers currency accounts but is charging $7 for incoming and outgoing transactions so it's a no for me.

Anyone else offering a free service to receive, hold and send USD free? Looked at Fineco but they also seem to charge if I understood it correctly.

Don't hold a Barclays current account and not keen to open one if the currency account isn't suitable. 

Thanks!

eDicky

What's your exact purpose..?

pecunianonolet

eDicky said:

What's your exact purpose..?

To withdraw USD from Paypal without bad Paypal conversion and potentially move into Wise for interest. However, the latter I am not sure yet as Wise is an investment and not a savings account as such. May also just hold the USD in the bank account.

[Deleted User]

Paypal are talking trash - a UK Barclays USD account will not work with Paypal and to transact with Wise you'll likely need to use SWIFT which usually attracts a charge at both ends.

pecunianonolet

[Deleted User] said:

Paypal are talking trash - a UK Barclays USD account will not work with Paypal and to transact with Wise you'll likely need to use SWIFT which usually attracts a charge at both ends.

I've got it in writing. Paypal said all that needs done is to change the primary currency of the account to USD and if the bank account added would be a USD account Paypal would not have to do any conversion. Getting USD out of Paypal without conversion would be the first step, and frankly the most important one for now. If they would still charge I can hold them to account and ask for fees to be refunded

Anyhow, still not clear on Barclays fee structure. Might go to branch before it closes for good in 2 weeks.

WillPS

pecunianonolet said:

[Deleted User] said:

Paypal are talking trash - a UK Barclays USD account will not work with Paypal and to transact with Wise you'll likely need to use SWIFT which usually attracts a charge at both ends.

I've got it in writing. Paypal said all that needs done is to change the primary currency of the account to USD and if the bank account added would be a USD account Paypal would not have to do any conversion. Getting USD out of Paypal without conversion would be the first step, and frankly the most important one for now. If they would still charge I can hold them to account and ask for fees to be refunded

Anyhow, still not clear on Barclays fee structure. Might go to branch before it closes for good in 2 weeks.

Suspect strongly that whoever crafted that response doesn't realise that UK current accounts with a value held in anything other than GBP are a thing.

PayPal will see UK details and process the transaction as GBP.

[Deleted User]

pecunianonolet said:

[Deleted User] said:

Paypal are talking trash - a UK Barclays USD account will not work with Paypal and to transact with Wise you'll likely need to use SWIFT which usually attracts a charge at both ends.

I've got it in writing. Paypal said all that needs done is to change the primary currency of the account to USD and if the bank account added would be a USD account Paypal would not have to do any conversion. Getting USD out of Paypal without conversion would be the first step, and frankly the most important one for now. If they would still charge I can hold them to account and ask for fees to be refunded

Anyhow, still not clear on Barclays fee structure. Might go to branch before it closes for good in 2 weeks.

You may wish to confirm it actually is possible to use a UK Barclays USD account like you say before worrying about the fees. The words 'international wire transfer' may help elicit a valid reply from them...

pecunianonolet

[Deleted User] said:

pecunianonolet said:

[Deleted User] said:

Paypal are talking trash - a UK Barclays USD account will not work with Paypal and to transact with Wise you'll likely need to use SWIFT which usually attracts a charge at both ends.

I've got it in writing. Paypal said all that needs done is to change the primary currency of the account to USD and if the bank account added would be a USD account Paypal would not have to do any conversion. Getting USD out of Paypal without conversion would be the first step, and frankly the most important one for now. If they would still charge I can hold them to account and ask for fees to be refunded

Anyhow, still not clear on Barclays fee structure. Might go to branch before it closes for good in 2 weeks.

You may wish to confirm it actually is possible to use a UK Barclays USD account like you say before worrying about the fees. The words 'international wire transfer' may help elicit a valid reply from them...

Hi, I'm the PayPal Assistant. How can I help? Choose one of these options or add your question below.

4:22 PM

- PayPal Assistant

speak to agent

4:23 PM

Would you like to send this conversation to a customer support agent? We typically respond within a few hours.

4:23 PM

- PayPal Assistant

Yes

4:23 PM

If you haven't already, let us know why you're contacting us. Feel free to step away and we'll notify you by email or push notification when we've responded.

4:23 PM

- PayPal Assistant

Hi there,

4:23 PM

CA

Hi there! Thank you for contacting PayPal Messaging! We appreciate your patience while we review your query and we'll reply to you shortly". Please do not end this conversation until you get a response.

4:24 PM

- Christina

CA

Can you kindly elaborate your concern by sharing transaction id and amount? so I can help.
This is a messaging platform and active for 48 hours, you may post all your queries and not have to wait for an online advisor, when we get connected, we would immediately review/research and notify you with a resolution

4:24 PM

- Christina

I have a USD balance and have a USD current account with a UK bank. How can I withdraw a USD balance to a USD account? As it is the same currency, there is no conversion needed.

The currency account is currently not linked (yet) to Paypal as I first want to understand if this is possible.

4:28 PM

CA

I understand your concern regarding withdrawing your funds to bank.
As of now the primary currency value on PayPal is GBP, I can change to USD, so you don't face issues when you withdraw funds to USD bank.
Kindly confirm if you want me to change to USD.

4:28 PM

- Christina

CA

Also can you help me with the last 2 digits of bank or card you wish to withdraw?

4:29 PM

- Christina

Can I withdraw USD to a USD nominated account in UK?

4:29 PM

CA

You can do that if your PayPal and bank or card has USD as primary balance on their end.

4:29 PM

- Christina

Ok, so the steps would be that I link my USD denominated account with a UK bank. The next step would be to change the primary currency to USD and I can withdraw without currency conversion my USD?

4:31 PM

CA

Yes, I can change the currency to USD on PayPal right away.
Later you can check with your bank or card and set up USD as primary currency so you don't get charged for currency conversion.

4:32 PM

- Christina

And that would be fee free, same as I currently can withdraw GBP to a GBP account?

4:32 PM

CA

Yes, you are right.

4:33 PM

- Christina

can i change the currency myself so I would be able to do this at a later time

4:33 PM

CA

Yes.
Here's how to select a currency for your primary balance:

1. Click Wallet near the top of the page.
2. If you only hold one currency, you must first click Add a currency to add the currency you wish to convert to.
3. Click the three dots  next to the currency you want to make primary and select Make primary.
4. Click Set as Primary.

Your primary balance is your default currency, and is used to send and request payments.

4:34 PM

- Christina

4:35 PM

[Deleted User]

pecunianonolet said:

[Deleted User] said:

pecunianonolet said:

[Deleted User] said:

Paypal are talking trash - a UK Barclays USD account will not work with Paypal and to transact with Wise you'll likely need to use SWIFT which usually attracts a charge at both ends.

I've got it in writing. Paypal said all that needs done is to change the primary currency of the account to USD and if the bank account added would be a USD account Paypal would not have to do any conversion. Getting USD out of Paypal without conversion would be the first step, and frankly the most important one for now. If they would still charge I can hold them to account and ask for fees to be refunded

Anyhow, still not clear on Barclays fee structure. Might go to branch before it closes for good in 2 weeks.

You may wish to confirm it actually is possible to use a UK Barclays USD account like you say before worrying about the fees. The words 'international wire transfer' may help elicit a valid reply from them...

Hi, I'm the PayPal Assistant. How can I help? Choose one of these options or add your question below.

4:22 PM

- PayPal Assistant

speak to agent

4:23 PM

Would you like to send this conversation to a customer support agent? We typically respond within a few hours.

4:23 PM

- PayPal Assistant

Yes

4:23 PM

If you haven't already, let us know why you're contacting us. Feel free to step away and we'll notify you by email or push notification when we've responded.

4:23 PM

- PayPal Assistant

Hi there,

4:23 PM

CA

Hi there! Thank you for contacting PayPal Messaging! We appreciate your patience while we review your query and we'll reply to you shortly". Please do not end this conversation until you get a response.

4:24 PM

- Christina

CA

Can you kindly elaborate your concern by sharing transaction id and amount? so I can help.
This is a messaging platform and active for 48 hours, you may post all your queries and not have to wait for an online advisor, when we get connected, we would immediately review/research and notify you with a resolution

4:24 PM

- Christina

I have a USD balance and have a USD current account with a UK bank. How can I withdraw a USD balance to a USD account? As it is the same currency, there is no conversion needed.

The currency account is currently not linked (yet) to Paypal as I first want to understand if this is possible.

4:28 PM

CA

I understand your concern regarding withdrawing your funds to bank.
As of now the primary currency value on PayPal is GBP, I can change to USD, so you don't face issues when you withdraw funds to USD bank.
Kindly confirm if you want me to change to USD.

4:28 PM

- Christina

CA

Also can you help me with the last 2 digits of bank or card you wish to withdraw?

4:29 PM

- Christina

Can I withdraw USD to a USD nominated account in UK?

4:29 PM

CA

You can do that if your PayPal and bank or card has USD as primary balance on their end.

4:29 PM

- Christina

Ok, so the steps would be that I link my USD denominated account with a UK bank. The next step would be to change the primary currency to USD and I can withdraw without currency conversion my USD?

4:31 PM

CA

Yes, I can change the currency to USD on PayPal right away.
Later you can check with your bank or card and set up USD as primary currency so you don't get charged for currency conversion.

4:32 PM

- Christina

And that would be fee free, same as I currently can withdraw GBP to a GBP account?

4:32 PM

CA

Yes, you are right.

4:33 PM

- Christina

can i change the currency myself so I would be able to do this at a later time

4:33 PM

CA

Yes.
Here's how to select a currency for your primary balance:

1. Click Wallet near the top of the page.
2. If you only hold one currency, you must first click Add a currency to add the currency you wish to convert to.
3. Click the three dots  next to the currency you want to make primary and select Make primary.
4. Click Set as Primary.

Your primary balance is your default currency, and is used to send and request payments.

4:34 PM

- Christina

4:35 PM

I'm bowing out here as my thoughts haven't changed.
Good luck with your future endeavours.

PloughmansLunch

I opened one of these Barclays accounts recently thinking it may be a good option for Euro transactions in addition to my existing HSBC Currency, HSBC Global Money, Fineco, Revolut etc, but only seem to have a UK sort code and account number; no IBAN or anything like that visible, and it also seems at the moment I can't pay or transfer from it. Barclays CS say I can have a Euro chequebook BUT can only pay Euros into a UK bank account, so that seems a bit useless.

Ideally, I was hoping for something which allows SEPA standing orders/direct debits for paying European energy bills & council tax for a property.  I'm not sure if this Barclays account just takes a while to set up, or if this is it. Have I completely missed the point of this account or does it have some kind of use that escapes me?

pecunianonolet

PloughmansLunch said:

I opened one of these Barclays accounts recently thinking it may be a good option for Euro transactions in addition to my existing HSBC Currency, HSBC Global Money, Fineco, Revolut etc, but only seem to have a UK sort code and account number; no IBAN or anything like that visible, and it also seems at the moment I can't pay or transfer from it. Barclays CS say I can have a Euro chequebook BUT can only pay Euros into a UK bank account, so that seems a bit useless.

Ideally, I was hoping for something which allows SEPA standing orders/direct debits for paying European energy bills & council tax for a property.  I'm not sure if this Barclays account just takes a while to set up, or if this is it. Have I completely missed the point of this account or does it have some kind of use that escapes me?

Thanks for your experience. So, if you have the currency account with Barclays and they give you the UK format of sort code and account number but the account is a currency account it should be possible to add it to Paypal. That way I could change the currency with Paypal, in my case USD, and withdraw to the account without transaction fees. Signed up to Revolut yesterday but they also only give you US bank account details with ACH number and such or Swift details. Neither can I link to Paypal in the UK as Paypal requests a UK bank account format.

If you make transaction into Barclays, do you have any fees? I think Euro is totally fee free but not sure about USD.

I have a Euro currency account and Global money with HSBC and can easily transfer from my Euro Global money to any Euro account without problem and also receive Euro payments into my Euro currency account. Unfortunately, HSBC is charging a fee for any incoming or outgoing USD payments for a USD currency account so not an option for me.