Barclays London bank account - EUR/GBP/USD options

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WinnieP

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Just set up a Barclays UK account.. the account is domiciled in London and uses the SEPA credit transfer functionally for euro accounts so transfers from Ireland will cost less than a euro to the account; depending on your bank transfers might be free in some cases...

....and in a blatant but very welcome attempt to win business from countries like Ireland they have waived fees for international transfer from the account till 2013 so moving cash back will cost nothing... they even have on the site, the account is for people who are worried about their home country banks....there are no maintenance fees for the saving account...

If you want a current account fees are €7.5 per month but you won;t need this for the saving account..

Also, you can open the above in USD or Sterling so can further diversify your risk if you are worried about the EUR full stop ... Barclays themselves have been rated 34th in the 50 worlds safest banks... Not quite as good as the German banks but a lot better than Ulster bank/RBS option that I have seen some people post they are using in Newry.. they are not in the top 50.. so this could be a good option to have if you can;t make it to Germany in person or speak German if doing the DKB option by post or want some USD exposure...

Depending on the account, there are some minimums but If you have least 5k to deposit you should qualify for either a saving or current account but the current account would have a monthly fee.. or you could have your salary paid directly into the euro account and qualify that way...

Links below for details of accounts:

ww w.barclayswealth.com/international/international-bank-account.htm

Details on SEPA euro transactions if like me u never heard of them before:

ww w.aib.ie/personal/home/SEPA-FAQ#How_to_send_SCT
50 safest banks:

ww w.gfmag.com/tools/best-banks/10533-worlds-50-safest-banks-2010.html#axzz1gE45TqqK

I would be interest to hear if people think the above is a reliable source or why DKB and its parent (BayernLB) or some of the other German banks mentioned on other posts aren't showing up on it, ...
 
I have not entered the sites as links as don;t have that posting right ... Sorry people.. so you'll have to copy and paste...

Moderator.. happy to remove if this is breaking the rules...
 
Thanks for this post. I have been thinking about opening an account there.

Do you know is the Euro account actually held in London? Did you query what would happen in the event of the Euro collapsing? What currency would your funds be converted to?
 
During the application process online, you are given the choice of domicile... offshore is not covered by the UK guareentee scheme... they have a specfic brank in london which deals with this accounts which is what your should choose (Knightsbridge if I remeber correctly)...

In case of euro collapse.. you would likely be converted to whatever the German currency is or Sterling I would think as this is for international clients.. unlikely to be punts... one of the best features here is that you could have a dollar account as well so when things start looking bad.. move the euros to dollars.. that way you are avoiding fx risk (but will loose out when converting back due to the margins) in the short to medium term.. for instance.. if there is another meeting like last friday.. all my euro';s will be moving into the Dollar account the week before the meeting and staying there till the markets open again with some kind of balance always in dollars.... best advice I have seen here is spreading things around.. hold some cash.. open accounts different countries, Germany being the ideal.. use as many banks as you can...
 
Your plan is very similar to what I have been planning...open up a Euro and USD account.

Do you know is it relatively easy to transfer funds between accounts using Barclays Wealth online banking?

If the deposits are not covered by the UK guarantee scheme, then are they covered by a different scheme?
 
we have a barclays account (EUR) - they didn't mention the cheap transfer option.. can you tell me how that works??
 
only the offshore account is not covered... the London account is covered..

when i get the Pins, I'll let you know how easy it is to transfer between but even transfers within the same Irish bank are instant so I would be amazed if its not easy.. I,m sure it will cost with FX charges etc so not something I'd do regularly..

DXB... the fee document on the site shows the cheap transfers on the first page.. you should have it automatically if you opened the same account, the site has a banner on it about it as well..
 
Easy to transfer between accounts (all currency accounts are shown).

Your account will be covered by the scheme in operation wherever you choose to domicile your account out of their options when you open the account (see their web pages for list).

I asked what would happen in event of Euro breakup. The answer was: they simply don't know. They *think* you might choose which currency to move to, but they would follow whatever general recommendation was provided by the EU. Not so comforting, but on the plus side, as was mentioned earlier you can move funds quickly between your alternative-currency accounts (with fx hit obviously)...
 
Bemmi, I have a EUR account with Barclays Knightbridge branch - how easy is it for me so to open a USD or GBP account with them seeing as I already have a EUR account?
And is there a charge or min balance required if I did want to open a USD or GBP account?
 
easiest thing is to call them and ask (have found their phone banking very good). not sure about minimum balances. but yes - barclays wealth can open you accounts for different currencies including USD or GBP. If you already have an account with them it should be pretty simple to do over phone i.e. no docs etc. to sort out (as opposed to onerous first account process :)
 
Does anybody know if there is a difference between the accounts available on offshore.barclays.com and barclayswealth.com?

The "offshore" Barclays has the iBank Saver account, while the Barclays Wealth site has a Wealth Saver account or Bonus Saver account?

Anybody know the difference, if there is a difference?
 
Not sure what offshore.barclays.com is and I thought the iBank Saver was not on offer any more. It might be kosher but be careful of spoof sites. barclayswealth.com is the one I know. Phone number on that page and ask.
 
Bemmi, did you actually open an account with them? If so, what type/name of account did you open?
 
I have an a/c with Barclays France, which I understand is covered under the UKFS guarantee scheme. I am considering opening a UK a/c with Barclays also. Does anyone know if Barclays UK considered the same institution interms of limits for deposit guarantee?
 
hey guys,
who did you get to certify your passport?

the police/gardai are not on their approved list...?
 
I went into my bank with a copy of it and asked them nicely to stamp it. Said I was moving to the uk...
 
I got just got the police to do it. Sent my documents off yesterday. Will let you know if they are accepted.
 
they are super strict.. I had to resend a statement as they thought the one I sent was a photocopy.. and they take ages to process the application even when they have everything.. took me about 4 weeks from start to finish
 
Winnie P, what was the exact name of your savings account that doesn't incurr the monthly charge? They seem to have a few options and I just want to make sure I get it right.

You can get the guards to certify your passport/license - Sent them a mail about it.

Cheers
 
I opened the ibank saver account. 10k GBP minimium. That's what u select in the main menu, during the application you select the euro bonus saver account or what ever currency you want. Same account, just better interest for 6 months.
 
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