I have a US dollar foreign currency account with Barclays. I recently received a letter from Barclays stating that from 9 October, I won’t be able to withdraw money from this account or pay into it with foreign currency as cash.
It says that this is because most foreign currency payments are now digital and the alternatives are more secure.
Can Barclays make such a change?
Michael from Sussex
‘A competitive exchange bureau might be a better choice’
Joanne Padilla, Which? money expert, says…
Unfortunately, financial institutions can make changes to their accounts or services, providing they give prior notice to impacted customers.
Although it’s cheaper to send and receive money abroad electronically than ever before, bank accounts that accept foreign currency cash deposits are getting more difficult to come by.
We found a Metro Bank account that accepts US dollar cash deposits, but it isn’t cheap. You’ll pay $25 a month if there’s less than $3,000 in the account, or $8 if above $3,000, plus a 1% fee on any cash that is deposited.
Reserve a rate online, even if you’re going to take the cash into a branch
A better solution might be to use the currency buyback services of exchange bureaux: you can use online comparison tools to find the best rate.
Reserve a rate online, even if you’re going to take the cash into a branch, as online rates tend to be better.
Or, some providers let you post cash via Royal Mail Special Delivery and they transfer the sterling equivalent into your account.
- Find out more: Best debit cards to use abroad 2025
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