Metro Bank international transfer: Fees, rates and transfer time

Launched in 2010¹, Metro Bank was one of the first new high street banks to open in the UK in 100 years. Since its launch, the bank has grown in popularity and now has more than 2.4 million customers².

If you’ve recently signed up with Metro Bank, you’ll want to know how to make international transfers. This is a crucial thing to know if you want to send money to friends and family abroad, or to pay international companies.

In this guide, we’ll walk you through the process of making a Metro Bank international transfer, including fees, exchange rates and more.

Sending money to or from the UK? Wise could save you up to 6x vs. your bank

Before you get started, a crucial thing to remember about international transfers. Banks and money transfer providers often give you a bad exchange rate to make extra profits.

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Now, back to what you came here to read.

What are the fees for an international transfer with Metro Bank in the UK?

Now, how much will it cost you to send money worldwide with Metro Bank? Here are the main Metro Bank international transfer fees you need to know about:

Metro Bank international transfers	Fees⁴
Receiving an international transfer	No fee
Sending an international payment	- SEPA transfer (within EEA) in EUR: £0.20 - SWIFT transfer: £25 from GBP account

Exchange rates

Whenever you make an international transfer, it’s crucial to know what sort of exchange rate you’re getting. Even if the upfront fee seems low, an unfavourable exchange rate could make your transfer seriously expensive.

Metro Bank offers an indicative current exchange rate at the time that you request the transfer⁵. However, the actual rate used might be different, depending on when the transfer is actually processed. You probably won’t be able to find out the exact rate that will be used in advance.

If you check the exchange rate on Google or XE, you might be disappointed when you compare it with the rate for your Metro Bank transfer. The rates set by banks will generally include a margin on the mid-market rate, which is how they make money on your transfer.

This means that your transfer could end up costing more, so it’s always worth checking and comparing the exchange rate before going ahead.

How do you make an international bank transfer with Metro Bank?

If you have a personal account with Metro Bank, you have three options⁶:

• You can make your international transfer using the Metro Bank app
• Pop into a Metro Bank branch in store
• Make your transfer over the phone if you’re set up with telephone banking.

At present, you can only send three currencies using the Metro Bank mobile app - Euro, Pound Sterling and US Dollars⁵. There are also a limited number of countries, although most of Europe and the USA are included. If you want to send more currencies or to other countries, you’ll need to call up or visit a Metro Bank branch.

Planning to send a large amount? It could be worth calling up and checking whether there are any Metro Bank international transfer limits first.

Make sure you have your own account details ready, as well as those of the account you’re sending money to. We’ll cover exactly what you need next.

What do I need in order to make an international money transfer?

This is the information you’ll need about the account you’re sending money to⁶:

• The recipient bank’s name and address
• The recipient bank’s SWIFT code (our SWIFT/BIC finder can help you out if you haven’t been given it)
• The recipient’s IBAN or international account number - use our IBAN checker finder tool or calculate any Metro Bank IBAN number here.
• The recipient’s full name and address
• The currency and amount to be transferred, taking into account any fees for arranging the transfer.

What do I need in order to receive an international bank transfer?

You should check with the sender about exactly what information they need from you, to be on the safe side. However, as a general rule they’ll need:

• Your full name and address
• Your IBAN number and other bank account details
• Your bank’s address - the Metro Bank address for international transfers is One Southampton Row, London WC1B 5HA⁷
• Metro Bank’s SWIFT/BIC code - use our SWIFT/BIC finder tool to check this
• The amount and currency you wish to receive.

How long does an international bank transfer with Metro Bank take?⁵

It depends on your payment method and the destination of the transfer.

Within the EEA, a SEPA transfer of pounds or euro should arrive the same working day provided you send your payment before 2pm. However, SEPA payments can potentially take up to 5 working days to arrive.

For SWIFT transfers, payments sent before 2pm should arrive the next working day, but they can take up to 2 working days. You’ll also need to factor in weekends and bank holidays, as payments aren’t usually processed during these times.

Need help with your transfer? Here’s how to contact Metro Bank⁶

• Check the Metro Bank website for information on making international transfers through the app
• Call customer services on 0345 08 08 500 (+44 203 402 8312 from outside the UK)
• Pop into a local Metro Bank branch - you can find your local store here.

A cheap and transparent alternative: Wise

If you want to make an international transfer online, with no hidden fees and the same fair exchange rate you can find on Google, take a look at Wise.

Wise uses the mid-market exchange rate, which is better value for you than a rate chosen by a bank. There’s only a single fee, based on the amount you transfer, and it’s always stated upfront so that you know exactly how much money will be sent and received.

And if you often need to make international payments or have access to money in multiple currencies, a multi-currency account from Wise is a convenient, cost-effective solution.

With a multi-currency account, you can keep money in 50+ currencies and easily send and receive money worldwide. It’s like having local accounts in those currencies, so you can cut back on transfer fees and stop worrying about fluctuating exchange rates. There are no hidden charges for this - and no monthly fees either.

Take a look at Wise now, and see how much you could save.

Join Wise today

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After reading this guide, you should have all the info you need to make your first Metro Bank international transfer. We’ve covered the ways to set up your transfer and the details you’ll need, right through to how much it’ll cost and how long it takes.

And of course, just how crucial it is to check and compare exchange rates, to ensure you’re getting the best possible deal for your transfer.

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Sources used for this article:

1. Metro Bank - about
2. Metro Bank - 2021 results
3. Wise - fees
4. Metro Bank - personal accounts
5. Metro Bank - international payments on mobile
6. Metro Bank - how do I send money abroad
7. Wise - SWIFT code checker

Sources checked on 07-Oct-2021.