Metro Bank foreign currency account: an overview

If you regularly send or receive money internationally, a foreign currency account could be just what you need.

These multi-currency accounts are useful for businesses with overseas suppliers, regular travellers or people with friends or family in other countries. One of their main advantages is avoiding currency conversion costs.

In this guide, we’ll take a look at what the Metro Bank foreign currency account has to offer. This includes available currencies, fees and how to open an account. Plus, an alternative that could save you a bundle - the Wise multi-currency account.

Does Metro Bank have a foreign currency account?

Metro Bank has a foreign currency account available for both personal and business customers.

The main difference between them is the amount of available currencies. Personal customers can have an account in either US Dollars or Euros¹, while businesses can choose from up to 14 major currencies².

We’ll run through some of the main features of the personal foreign currency account next.

Key account features

Open a Metro Bank Foreign Currency Account and you’ll get the following features¹:

• A choice of either EUR or USD when you open the account. You can also choose to have a separate account in each currency if you prefer.
• Quick and secure transfers to other countries.
• 24/7 account management via online banking and mobile banking.
• Additional support and banking services by phone or in store.

A really important thing to note is that this account doesn’t come with a debit card¹ for spending or cash withdrawals. So, if you want to access your money, you’ll either need to make a transfer to another account or visit a Metro Bank branch to withdraw cash.

Eligibility

All you need to be eligible to open this account is an existing Metro Bank Current Account or Instant Access Savings Account¹.

If you don’t have one or you’re new to Metro, this is a step you’ll need to take before you can open a foreign currency account.

Metro Bank foreign currency account for businesses

While we’re mainly focusing on the Metro multi-currency account for personal customers here, it may be useful to know a little about the business account too. Here’s the lowdown²:

• Choice of 14 major currencies, including AUD, CAD, CHF, USD and EUR³.
• Manage your account through online or mobile banking, by phone or in store
• Make and receive easy, secure and fast international transfers.

Just like with the personal account, there’s no debit card, overdraft facility or credit interest with this account². You’ll also need to be an existing Metro Bank business account holder to be eligible to apply².

Are there any fees with Metro Bank foreign currency accounts?

Now we come to the crucial part - how much does it cost you to have a foreign currency account with Metro Bank? Here’s a quick look at the fees for personal customers⁴:

Fees for business customers are different, you can find them here.

How to open a Metro Bank foreign currency account

To open a foreign currency account with Metro Bank, you’ll need to visit them in store¹. There isn’t currently an option to do it online or by phone. Search for your nearest Metro Bank branch here.

To open a business account, you’ll need to visit a store or call your Relationship Manager².

How to make international transfers with your Metro Bank foreign currency account

Before you decide to go ahead and open a Metro Bank foreign currency account, there’s something you need to be aware of.

You may be able to view your transactions using online banking or the Metro Bank mobile app, but you can’t actually set them up online.

To make an international transfer, you’ll need to call the bank on 0345 08 08 500 or visit a Metro Bank branch¹.

Save money on international transfers with Wise

Want to avoid high transfer charges and monthly fees, while also using many more currencies than a traditional bank? And with the option to set up and manage transfers online, in just a few taps? Check out Wise.

Open a free Wise multi-currency account online and you can send, spend, receive and convert a huge 50+ currencies at once. You can send money worldwide for one small upfront fee, with all currency conversions done at the mid-market exchange rate. You can even receive money for free.

All transfers are fast, secure and easy to set up online or in the handy Wise app.

What’s more, you can get a Wise debit card for low-cost spending in 200+ currencies. This clever international card automatically converts currency at the best rate, with just a tiny conversion fee to pay. And if you already have the currency in your account, it’s free.

There are no monthly fees to worry about with Wise, and it’s fast and free to sign up online. Get started here.

Join Wise today

Sources used for this article:

Sources checked on 14-Jul-2022.