Barclays make more changes that restricts customers interests

MFG_2

Just had a letter from Barclays that says all my foreign currency bank accounts are going to change on 09/10/25, making them cashless for any withdrawls or deposits, they will only be operated online with increased charges so as to increase profits for the bank, but not for the benefit of the customer as usual. The whole point of foreign currency accounts is that when I travel to EU, USA, Switzerland and Sweden, I can take out cash and deposit any remaining currency back into the accounts untill next required. Because cash does not generate profit for the banks, they are forcing everyone to use digital so they can make higher and higher charges for doing nothing.

Hoenir

More likely it's a service that has little demand these days. Unviable to operate economically. Businessess that operate at a loss tend not to last for very. 

Grumpy_chap

MFG_2 said:

Just had a letter from Barclays that says all my foreign currency bank accounts are going to change on 09/10/25, making them cashless for any withdrawls or deposits, they will only be operated online with increased charges so as to increase profits for the bank, but not for the benefit of the customer as usual. The whole point of foreign currency accounts is that when I travel to EU, USA, Switzerland and Sweden, I can take out cash and deposit any remaining currency back into the accounts untill next required. Because cash does not generate profit for the banks, they are forcing everyone to use digital so they can make higher and higher charges for doing nothing.

Are these personal accounts or business accounts?

Did the letter explicitly state that the changes are to "increase profits for the bank, but not for the benefit of the customer as usual"?

If the suite of accounts which you hold (when aggregated with others holding the same style of accounts) are not sufficiently profitable, the options open to the business providing the accounts is:

• stop offering that style of account all together
• continue to offer the style of account but with reduced service / facility levels
• continue to offer the style of account but with increased fees
• continue to offer the style of account but with a mix of adjusted service / facility levels and adjusted fees.

Are these account wholly digital services now, or is there a cash access provision available, albeit restricted and with fees?

If the accounts you hold are on a "do nothing" basis changing to wholly digital platforms, is an alternative foreign currency account option available which facilities cash access and deposits but with a different fee structure?

It can be that a change to increase profits for the business is also to the benefit of customers.  If the business sustains a product offering that is not viable, then the profit offering or the whole business eventually ceases.  Full cessation of the business is not to the benefit of the customers.

If the products at one business are no longer suitable for your needs, what alternative products are available in the marketplace and at what cost?

gt94sss2

If you need to have a foreign currency account including cash deposits /withdrawals consider https://www.hsbc.co.uk/international/currency-account/

If you need a digital account with an ATM card than HSBC offer https://www.hsbc.co.uk/current-accounts/products/global-money/

PloughmansLunch

I had the letter too and it seems quite reasonable, not to mention they are giving plenty of notice. I use both the HSBC accounts mentioned above for either the rare occasions I need to pay in fx cash, or for using a debit card abroad. Here’s the letter in full:

Changes to your foreign currency account

We wanted to let you know that from 9 October, you won't be able to withdraw or pay foreign currency cash into your foreign currency account.

We're making this change because most foreign currency payments are now digital and our alternatives are more secure. Your currency account terms and conditions will be updated to reflect this – you can find them at barclays.co.uk/foreign-currency-changes

We're sorry for any inconvenience this may cause and we're here to help you through this change.

You can still make payments from your foreign currency account.

If you need to transfer foreign currency, you can still use our international payments service for free in Online Banking. If you use Telephone Banking or one of our branches to make an international payment, we'll charge you a £25 fee, except for SEPA payments which are free of charge. You can find out more about international payments at barclays.co.uk/ways-to-bank/international-payments/

If you convert the payment into another currency, we'll use the latest Barclays reference exchange rate and we'll apply a currency conversion charge.

What you need to do

You don't need to do anything, but if you're unhappy with these changes, you can close your account although we'd be sorry to see you go. You can do this by sending us a message through the ‘Help' section of the Barclays app or Online Banking.

jingle123

Your concerns are valid. It's not just about the shift to digital — it’s the erosion of utility and trust that comes with it. Many people who rely on these accounts for practical, international use are being sidelined in favor of profit-driven digital-only policies.

Olenna

MFG_2 said:

Just had a letter from Barclays that says all my foreign currency bank accounts are going to change on 09/10/25, making them cashless for any withdrawals or deposits, they will only be operated online with increased charges so as to increase profits for the bank, but not for the benefit of the customer as usual. The whole point of foreign currency accounts is that when I travel to EU, USA, Switzerland and Sweden, I can take out cash and deposit any remaining currency back into the accounts until next required. Because cash does not generate profit for the banks, they are forcing everyone to use digital so they can make higher and higher charges for doing nothing.

It's Barclays - what do you seriously expect?!