Barclays travel money is a service package offered by Barclays bank to customers who travel abroad for holidays, business, and other reasons. The offering includes insurance, cashback guarantee, and financial advice. Customers also get a specialized credit card to use for all their overseas expenditure.
Barclays Currency Exchange Rates
Last updated: Jan, 21 3:00
|Currency||Rate||750 GBP Buys|
|Cayman Islands dollars||0.9958||746.85|
|Central Pacific francs||127.36||95,520.00|
|Costa Rica colons||686.02||514,515.00|
|East Caribbean dollars||3.353||2,514.75|
|Hong Kong dollars||9.8667||7,400.03|
|New Zealand dollars||1.924||1,443.00|
|Peruvian nuevo sol||4.107||3,080.25|
|South African rand||18.3119||13,733.93|
|South Korean won||1450||1,087,500.00|
|Sri Lankan rupees||192.452||144,339.00|
|United Arab Emirates dirham||4.683||3,512.25|
The cashback guarantee
Barclays offers customers a cashback if they use Expedia travel services. Expedia is one of the best travel agencies in the UK and gives cashbacks of up to 6% for hotel bookings, car hire, and flights.
The agency also offers 6% cashback for hotel bookings on its online platform and 3% for combined hotel and flight bookings. In addition, customers who have activated their Blue Rewards get 1% cashback from the bank.
The travel insurance plan covers family trips to any part of the world. It one of the most comprehensive holiday covers available in the U.K. The travel cover goes for £12.50 per month and is available to all customers who have operated a current account for at least six months. The package covers the account holder as well as their children, UK-based partner, and is also available to joint account holders. It covers:
- Personal belongings and other valuables that the customer carries while traveling
- All medical expenses including emergency services that the customer may use while abroad
- A £5,000 trip cancellation cover
- Winter sporting trips.
However, the cover is limited to 31-day holidays. It also excludes:
- Trips that the customer may plan while abroad.
- Trips of less than two nights in the UK
- Travel that does not include advance hotel booking
- Loss of property that is not reported to law enforcers
Accessing holiday funds
The bank delivers holiday cash to customers’ homes free of charge. Customers can also withdraw their money at a branch of their choice and in their preferred currency. Its exchange rates are very competitive.
Account-holders can request a maximum of £5,000 over 90 days. However, the home delivery limit is £2,500 for one residential address. The minimum withdrawal amount is £50. All deliveries take place during working days.
The Barclays Platinum Travel Visa card
Most travelers love the Barclays travel visa card due to the attractive deals that the bank offers. It allows customers to make overseas transactions free of charge. This offer is bound to end in August 2023 when the bank will introduce a 2.99% fee for transactions completed abroad. It does not charge interest for ATM withdrawal if the customer pays the balance on time. Further, the bank does not charge Forex fees for transactions completed abroad.
Unlike other cards, it does not charge interest for cash withdrawals. Its APR rate is very competitive and better than most providers. However, it is not suitable for customers who cannot make monthly payments on time because the interest rate of 27.9% for cash withdrawals is one of the highest. Customers who make payments for cash withdrawals before the next statement do not incur any charges. It is most suited to customers who withdraw large amounts of cash.
The Barclays travel visa card is issued by Visa international, implying that the exchange rates will be higher than those of financial service providers who use MasterCard. Several competitors charge cheaper rates than Barclays, but most of them have limited coverage and service offerings.
A recurring theme on review sites is that the bank seems to have problems processing cash transactions. Travelers also complain that the bank does not replace lost visa cards with a pin-enabled alternative if a customer loses it while abroad. This makes it impossible for them to make ATM withdrawals or conduct online transactions. Customers using the replacement cannot access cash and have to make do with service providers who use swipe-and-sign card readers.
Barclays travel money offers customers a comprehensive holiday package that most competitors cannot match. However, most travelers complain that the Barclays card has difficulties withdrawing cash abroad. It is most suited to holiday makers who prefer to spend on the credit card instead of making cash withdrawals. Customers should carry a backup travel card when traveling abroad to avoid inconveniences.