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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. We recommend services like TransferWise for getting best conversion rates and lower wire transfer 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:

Payment type Cost
For euro payments from EU/EEA countries
(for euro payments from EU/EEA countries)		 No Charge
If the payment is in a different currency, or
is received from a country outside of the EU/EEA		 £6

Outgoing Wire Transfer Fees for Barclays Bank UK

International Outgoing Wire Transfer Fees for Barclays Bank is as follows:

Payment type Cost
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.

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Wire transfer is the fastest and most secure way to transfer money from one bank account to another. The receiver of the funds gets the money on the same day. There are other safer ways to send money but in most cases it takes around 3 days for the money to reach the recipient. Having said that, the speed of wire transfer comes at a price – when other methods of payments are generally free or costs very little, wire transfer fees is quite high in comparison to those methods.

Most banks charge for both incoming and outgoing wire transfers. Here is the comparison of the fees charged by top banks in USA for domestic and international wire transfers. 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.

Bank Name
International
Domestic
Incoming Outgoing Incoming Outgoing
Wells Fargo Bank $16 $30 to $45 $15 $30
Chase Bank $15 $45 $15 $30
U.S. Bank $25 $50 $20 $30
BBT Bank $18 $30 $8 $15
Regions Bank $18 $45 $15 $20
SunTrust Bank $30 $50 $15 $25
Fifth Third Bank $15 $50 $15 $30
TD Bank $15 $40 $15 $25
Key Bank $0 $45 $0 $30
Citi Bank $15 $45 $15 $35
Avg. Fees $17 $44 $13 $27

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Both domestic wire transfers and ACH transfers (Direct Deposit is a type of ACH transfer) are used to transfer money electronically from one account to another, however, there are some differences between the two modes of money transfer. The key differences between a wire transfer and a ACH (Automated Clearing House) transfer are as follows:

  1. Speed of transfer: Wire transfer is the fastest possible way to transfer money from one account to other and most domestic wire transfer usually happen the same day. ACH transfers may take up to 3 days to complete.
  2. Cost of transfer: The speed of wire transfer comes at a price. A domestic wire transfer sending fees borders around $25 for most banks. Most banks even charge for incoming wire transfer in the range of $10-$15 per transfer, however, most credit unions don’t charge for the incoming transfers. ACH transfers on the other hand are generally free for most banks and credit unions or have a very nominal fee.
  3. Operators: Wire transfers operators are Fedwire (maintained by Federal Reserve) and CHIPS. ACH operators are FedACH (maintained by Federal Reserve) and EPN (Electronic Payments Network, a private sector entity).
  4. Settlement Process: Fedwire wire transfer is a real-time gross settlement (RTGS) process of transferring funds where credit and debit of both banks’ accounts (maintained by different banks with Fedwire) happens in real time and the receiving bank will then take sometime to credit the receiver’s bank account but is usually done the same day. CHIPS although is net settlement process but settlement happens the same day at different intervals. ACH transfers, on the other hand, are done through batch processing and settlement happens the next business day. Wire transfers are usually done by a bank personnel manually while ACH is an automated process and thus costs much lower than wire transfer.
  5. Irrevocable: Wire transfers are real-time, final and irrevocable once processed by the fedwire/CHIPS system and thus it is mostly used by corporations and businesses for sending and receiving payments. ACH on the other hand allows reversals under certain situations.

Should you choose Wire transfer or ACH transfer?

In most cases, normal users can stick to ACH transfers owing to the minimal cost and most transfers does happen within 3 days which is not so bad. However, wire transfers should be used when the money needs to be sent immediately or when there is a risk of other party reversing the transaction – which are valid reasons for spending some extra dollars towards wire transfer.