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Metro Bank International Transfers

Metro Bank is one of the newest high street banks launched in the United Kingdom in 2010. Having only been in existence since 2010, the bank has quickly established its services which include mainstream banking, mortgages, safe deposit boxes, and international transfers. This review will give you all the information you need to know about Metro Bank – including the exchange rate margins charged when transferring between currencies – before deciding whether to use their services to transfer money abroad.

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About Metro Bank

Registered in the UK, in 2010 Metro Bank became the country’s first new high street bank in 150 years. Today Metro Bank has about 3,500 branch and back-office staff, mostly concentrated in London and the South East. Despite hitting financial difficulties in 2019, the bank supports over 1.5 million customers, and enables them to send money to more than 35 countries.

Metro Bank exchange rates and fees

When making an international payment, Metro Bank will charge you an exchange rate margin on top of the mid-market rate, in addition to transfer fees. It’s key to bear both of these in mind when analysing how much a transfer will cost you. Here’s a quick summary of Metro Bank’s fees and margins.

Exchange rates

Metro Bank charges anywhere between 0.7% and 1.5% above the mid-market rate for international transfers. To give an example, GBP to EUR currency conversions are made at a 0.73% margin. This is very competitive when compared to other banks, which can apply margins of up to 5%.

Fees

Non-SEPA transactions attract a 2.99% non-sterling fee when using your debit card abroad to make a purchase Cash withdrawals at ATMs abroad attract both a 2.99% non-sterling fee and an additional £1.50 fee.

Additional costs

Beneficiaries may be charged an inward SWIFT fee that varies based on the destination. This amount will vary from country to country and bank to bank, so be sure to check with your recipient before making a transfer.

Metro Bank pros and cons

Metro Bank offers its customers some great advantages, but it also has some drawbacks that you need to be aware of. Here’s a quick summary of the bank’s pros and cons so you can be sure you make the right choices with your money.

Pros
Competitive margins: The exchange rate margin charged by Metro Bank is low when compared to other banks.
Zero fees for SEPA payments: Payments within the EEA attract zero transaction fees.
Long operating hours: Metro Bank stores are open 7 days a week 362 days a year except for New Year's Day, Easter Sunday, and Christmas Day when they remain closed
Cons
Accounts limited to UK and EU: To open an account at Metro Bank you must be either a UK or EU resident.
Card usage fees: When transacting outside the EU – either making a card purchase or an ATM withdrawal – Metro Bank charges you a card fee.
Card withdrawal limit: The maximum customers can withdraw from a cash machine is £300 a day.
Online transaction limits: Customers can only transfer up to £21,000 online. Larger international transfers of up to £250,000 can only be processed via telephone or in-branch banking.

Metro Bank Swift Codes

BankCityCountrys
Us Metro BankUsaGarden Grove Ca
Metro BankUsaHarrisburg Pa

Answers to key questions about Metro Bank

Just like with any other provider, it is important to consider all the key aspects of Metro Bank’s services before using the bank to transfer money internationally. Here is what you need to know.

Can I open a Metro Bank account in any country?

No. Only UK and EU residents can open a Metro Bank account

Does Metro Bank have an app?

Yes. The bank has an app available as a free download on both App Store and Play Store. On the app, users can:

  • Make international payments to more than 35 countries
  • Manage payees
  • Manage direct debits and standing orders
  • View ongoing and completed transactions
  • Block lost cards 

Are there transfer limits?

Yes. Online transfers are capped at £21,000 while telephone and in-branch transfers are up to a maximum of £250,000.

How long do transfers take with Metro Bank?

Payments can take between 2-5 working days to get to the recipient

What customer support options are available?

Here are the support options in case you need to talk to someone at Metro Bank:

  • Telephone: If you are calling from the UK, use 0345 08 08 500. Customers calling from outside the UK should use 0044 20 3402 8312. Lines are open 24/7.
  • Social media: You can also get help by Tweeting Metro Bank directly.

How to open an account and transfer money with Metro Bank

To make a transfer using Metro bank, you need to open an account and register for online banking. Here are the steps involved.

Opening an account

1. Personal details: Provide your name, email address, nationality, and mobile number.

2. Give your address: Fill your current address (must be in the UK or EU).

3. Financial status: Provide your employment status, level of income, tax residency, savings rates, and dependents where applicable.

4. Summary: Confirm your details and submit the application.

Sending money

1. Login to your internet banking platform

2. Go to ‘View your accounts’

3. Select the account you want to pay from

4. Select ‘Make a payment’ and then ‘Send Money’

5. Enter the amount you want to send

6. Choose your beneficiary or add one if they are not already in the system (remember to include their IBAN to avoid delayed or cancelled payments)

7. Provide the reason for the payment, then click ‘Continue’ and ‘Make Payment’

Summary

Metro Bank is a familiar face on the UK high street, and has seen fast growth since being founded in 2010 – currently the bank has over 1.5 million customers. Users enjoy competitive exchange rates and longer banking hours at Metro Bank branches than with other banks in the country.

That notwithstanding, Metro Bank transfer fees for international payments are quite steep compared with specialist money transfer companies. When making an international transfer you should always weigh up your options to ensure you’re getting the best deal, and you can do this in a matter of seconds by simply filling out our comparison tool right here on this website.