Barclays International Client Monies Scheme (BICMS)
The Barclays International Client Monies Scheme enables you to hold clients’ monies in individually designated accounts while allowing you to manage your overall funds as a single account.
It gives your clients access to individual interest-bearing bank accounts, while you earn higher rates of interest based on the amount your business holds across all accounts.
It offers you:
- Higher rates of interest.
Interest is calculated based on the total funds that your company holds across all accounts. - A high degree of flexibility.
We can tailor our service to meet your company’s specific needs. - The ability to segregate your clients’ funds.
Each account within the arrangement has full current account capabilities. Overdraft facilities are available, subject to application and status. - Easy access to your money.
Via same day transfer or by transferring to your Barclays Wealth current account. - A wide range of currencies.
The scheme is available in US dollars, euro and a number of other denominations. Balance aggregations and interest calculations are carried out separately for each different currency. - Flexible interest rate calculations on client accounts.
Interest rates are agreed and calculated on an individual basis according to the balance held in each account, and payments are credited to each account quarterly. - Reduced administration.
You can maintain separate accounts for each of your clients while managing the overall arrangement as a single account, saving you time and money.
