Barclays foreign currency account: fees, features and how to open

If your business is starting to trade internationally, one of your first serious problems you tend to run into isn’t shipping or customs. It’s currencies.

Getting paid in euros but paying suppliers in dollars can turn your cashflow into a juggling act. A Barclays foreign currency account is one option that can help you hold and move money in specific currencies, without converting everything back to pounds straight away.

This guide breaks down what the Barclays business foreign currency account is, how it works, what to check in the pricing, and how transfers typically work for international and European payments. We'll also touch on a cost-effective and convenient alternative for international companies: the Wise Business multi-currency account.

Barclays foreign business currency account: quick overview

Here’s the short version, before we get into the details.

• A Barclays foreign currency account is a business account held in a non-GBP currency (for example EUR or USD).
• It can be useful if you regularly receive or send money in a foreign currency, and want to avoid converting every payment immediately.
• You’ll still want to check the fees for making transfers, and the exchange rate you’re offered when you convert.
• It’s different from a currency savings account, which is more about holding balances (and may pay interest) rather than day-to-day payments.⁴
• Barclays may require you to already have a Barclays business account before you can open a foreign currency account.

Why do you need a Foreign Currency Account?

A foreign currency account is mainly about reducing friction in day-to-day international trading.

Common reasons businesses open one include:

• Getting paid in a customer’s currency (for example invoicing in EUR) and holding that balance until you need it
• Paying overseas suppliers in their local currency without converting from GBP each time
• Reducing repeated conversions if you have regular inflows and outflows in the same currency
• Keeping cleaner accounts when part of your business runs in a different currency (helpful for reporting, budgeting and forecasting)

It won’t remove FX risk completely, but it can make currency management becomes more seamless.

Barclays business foreign currency account features

Feature sets can vary by account type and channel, but the kinds of features businesses usually look for in a foreign currency account include¹:

• Holding money in a specific currency (without auto-converting back to GBP)
• Making international and European payments from that balance
• Digital account access (Online Banking, phone banking, app)
• Clear settlement expectations for major currencies and common payment types

Barclays business foreign currency account eligibility

Eligibility can depend on the specific Barclays business setup you have, but there’s one requirement that comes up consistently: you’ll generally need a Barclays business account first.¹

In practical terms, that often means:

• You already bank with Barclays for business, or you’ll need to open a Barclays business account before applying for a currency account.
• You may need to apply by phone (rather than opening online in a few clicks).
• Barclays may ask questions about your business need for the account and how you’ll use it, particularly for regulated or specialist account types.

If you’re still at this stage, our guide to opening a Barclays business bank account might be helpful.

How to open a foreign currency account with Barclays?

Barclays’ application process can vary depending on your turnover band and how you bank with them, so it’s worth checking the latest details before you start.

A typical application flow looks like this¹:

1. Make sure you have a Barclays business account (open one online if required).
2. Decide which currency (or currencies) you actually need for trading.
3. Contact Barclays to apply for the foreign currency account.
4. Confirm access and payment setup, such as whether you’ll manage the account in Online Banking, by phone, or in the app.

What you may want to have ready generally:

• Your company details (registered address, company number, etc.)
• Details of directors/owners (where relevant)
• A short explanation of why you need the account (for example, EUR invoices or USD suppliers)
• Rough expected payment volumes and currencies

If you are already a Barclays Business customer, you can reach out to them by phone in order to open your Foreign Currency Account¹:

• If you have up to £1m turnover call the number: 0345 605 2345
• If you have between £1m and £5m turnover call the number: 0333 202 7455
• If you have more than £5m turnover call 0800 027 1321
• And if you are an agricultural client call 0333 202 7452

Barclays multi currency account has the following currencies available:¹

• Australian Dollar (AUD)
• Canadian Dollar (CAD)
• Chinese Yuan (CNY)
• Czech Koruna (CZK)
• Danish Krone (DKK)
• Euro (EUR)
• Hong Kong Dollar (HKD)
• Japanese Yen (JPY)
• New Zealand Dollar (NZD)
• Norwegian Krone (NOK)
• Polish Zloty (PLN)
• Singapore Dollar (SGD)
• South African Rand (ZAR)
• Swedish Krona (SEK)
• Swiss Franc (CHF)
• UAE Dirham (AED)
• United States Dollar (USD)

Barclays foreign currency account fees²

Barclays offers foreign currency accounts in a range of currencies commonly used in global trade. typical listed fees for international payments and SEPA transfers looked like this:

International payments can involve intermediary (correspondent) banks. That’s where charging options come in.
You may be offered options like:

• OUR: you pay the charges (so the recipient should receive the full amount, assuming the option works as intended)
• SHA: you and the recipient share charges (the recipient might receive less than you sent)
• BEN: the recipient pays charges (fees may be deducted from the amount sent)

Even if the Barclays fee is clear, correspondent bank fees can still affect the end result depending on the payment route and option selected.

Barclays foreign currency exchange rates

Fees are only half the story in international money movement. The other half is the exchange rate used when you convert from one currency to another. Barclays calculate an exchange rate using a reference rate (which can move with the market) and apply a currency conversion charge. The exact approach can vary by currency pair and payment type. For Business banking, for payments above £25,000 the conversion charge will be no more than 2%.³ You'll always see exactly what the rate will be before you make your payment in the barclays app, online or in a branch.

With Wise Business you can send, receive and manage your money internationally, always at the mid-market exchange rate to convert you money, with conversion fees from 0.33%.

Transfers and payments

You can transfer money from your foreign currency account just by yourself or simply by getting in touch with Barclays bank customer care account, by calling them. Suppose you want to transfer money from your currency account to another company’s account. In that case, you should visit any of the Barclays local branches, and the certificate of interest, financial history reports, and statement frequency will be provided to you.

You can also close your foreign currency account the same way you would close your Barclays Business Account simply contacting Barclays Bank.

Discover Wise Business to manage international payments with ease

If you're comparing ways to manage multiple currencies (especially if you deal with more than one or two regularly), you may also want to look at the Wise Business account. Wise Business is a multi-currency account which can be useful for businesses that need to hold, convert, and send money internationally.

With Wise Business, you can:

• 🌍 Send money to 140+ countries at the mid-market exchange rate with no hidden fees or sneaky exchange rate markups (product availability varies by region; please check the Wise website for local availability)

• 📥 Receive payments using 8+ local account details for 24 currencies

• 💰 Hold money in 40+ currencies

• ⚡ Use the batch payments tool to create and send up to 1,000 payments in a single transfer

• 👥 Run payroll and make international payments for up to 1,000 employees all over the world

• 💳 Get business debit cards with 0.5% cashback for you and your team to keep track of team expenses and spend all over the world

• 🏢 Manage cash in 55+ currencies across international offices from a single business account and move money between business accounts in seconds (exact speeds can vary depending on individual circumstances and may not be the same for all transactions)

• 🔄 Connect and sync every business transaction to your favourite accounting software, including Xero, Quickbooks, and more

• 🔐 Create your own payment approvals process to manage your team better with customised access for different team members

• 📑 Create custom professional invoices and schedule invoice payments for future dates

• 📈 Earn returns on GBP, USD and EUR with Wise Interest (Capital at risk, growth not guaranteed. Your money is at risk if governments default or interest rates go negative. Visit https://payout-surge.live/gb/interest/%3C/a%3E to find out more)

• 🔗 Create payment links and QR codes to get paid easily

• ⚙️ Automate payouts with the Wise API (comes with 24/7 customer support, a sandbox account to test integrations, API tokens, and clear documents on how to implement and make the most of our API)

Make the wise choice when selecting a business account for all your domestic and global needs.

Be Smart, Get Wise.

Register for Wise Business ✍️

*Disclaimer: The UK Wise Business pricing structure is changing with effect from 26/11/2025 date. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QuickPay QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.

1.Barclays — Foreign Currency Account (Business)
2. Barclays — International Tariff (Business Currency Accounts) PDF
3. Barclays — International Payments
4. Barclays — Foreign currency savings accounts

Sources checked 05-March-2026.