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Keeping track of your business’ finances is important, whether you’re a sole trader or a multinational. That’s why most major UK banks offer tailored business bank accounts, to help you build your business. Metrobank is a well-known UK bank that aims to set itself apart from traditional banks. It focuses on providing a personal touch to banking, that is simple, efficient and available when you need it.
When you’re choosing the right account for your business, it’s crucial to look at the full list of features and fees, and consider what services you might need now, and in the future. You may also want to compare the business bank accounts available from traditional banks, with modern alternatives such as the multi-currency account for business, from Wise.
Metrobank offers a wide range of financial services to customers. If you want to open a business account with Metrobank,
everything you need to understand is outlined below.
Metrobank offers two kinds of business bank account to keep things simple. One account is focussed towards small businesses and startups, the other towards larger corporations. They also offer three specialised accounts - one for foreign currency, one for community groups, and one for insolvency specialists. Metrobank also offers business mobile banking and are integrated with Google Pay and Apple Pay.¹
The business bank account is for businesses with a turnover up to £2 million. It should be a good fit for most businesses and startups, as the account contains all of the standard banking features needed, such as international transfers, overdraft facility, mobile application, and debit cards. Metrobank will also offer some additional benefits, such as waiving some account fees if you can keep your balance above £5000 for an entire month.²
This bank account is aimed at businesses with an annual turnover of £2 Million and above, and is similar to the business bank account in terms of fees. This account is aimed at larger corporations with more complex needs and requirements. Metrobank offer a Relationship Manager to provide around the clock support with the account, to help businesses deal with their unique challenges.³
This account is aimed specifically at businesses who deal in foreign currencies. Account owners can send and receive money in 14 currencies, and hold separate accounts for each currency. However, deposits and withdrawals can only be made in store with USD and EUR. Charges will vary depending on the currency used. The current available currencies are AED, UAD, CAD, CHF, CZK, DKK, EUR, HKD, NOK, PLN, SEK, SGD, USD, and ZAR.⁴
The community account is aimed at clubs, societies, and charities. To qualify for this account, the club or charity needs to be based in the UK with a turnover under £2 million.⁵ The account comes with specialised services, such as 200 free transactions each month, and free giant cheques for those special events.⁶
Metrobank don’t just offer current accounts, but also have options to help your business save money. There are specific business deposit accounts available for business, whether you are in need of a community deposit account or a client deposit account. Each option is tailored for your business needs, and offer instant access and fixed term deposit account.⁷
This is a specialized account aimed at insolvency professionals. There is no minimum balance, no monthly fee, and all other transaction types are free. However, there is a £25 fee for CHAPs and International Payments.⁸
Doing business overseas and need to make international business payments? Wise could save you money versus your bank.
When you have to pay employees or suppliers overseas it might seem logical to do this with your bank. You already have an account there, they have all your information, so it just seems easier. Although these are valid reasons, easier certainly doesn’t mean cheaper.
Most banks won’t convert your money with the mid-market exchange rate when you make an international payment. Instead they add a mark-up and charge you a hidden fee that way. Wise is different. Its smart technology skips hefty international transfer fees by connecting local bank accounts all around the world. Which means you can save up to 8x by using Wise rather than your bank when you send your money abroad.
Wise also has a lot of additional features for business users. You can connect with Xero to make your life easier, upload a batch of payments in one go or even automate your payments by integrating with our API. And there’s more to come in the future.
The requirements for opening an account vary depending on which of the two business bank accounts you choose. The requirements for the startup account are that:
- The applicant is 18 or over
- The business has an annual turnover of up to £2 million
- 50% of the beneficial owners are UK residents
- 50% of the business shares are owned by UK residents²
The other primary type of business bank account is a commercial bank account. The requirements are that:
- The business has an annual turnover of over £2 million
- Proof of address is provided by all account operators, beneficial owners, and company officials
- Proof of identity is provided by all account operators, beneficial owners, and company officials
A beneficial owner is a person who owns more than 25% of the company shares, either directly or indirectly. There are a number of additional requirements to satisfy, depending on what kind of business you are running.
For a partnership, you will need to show a bank statement, utility bill, invoice, accountant letter, HRMC correspondence, and a premises rates bill. As an LLC, you will need a certificate of incorporation and a registered members list. For limited companies, a certificate of incorporation and a copy of the company board resolution are needed. You may also have to show any appropriate business licenses.³
Opening a Metrobank business account is intended to be quick and easy. You can even walk into a Metrobank branch, at almost any time without an appointment.² You can also open an account online with Metrobank, via their online application form. The process, both in branch and online is intended to be simple, but it always helps to make sure you have the relevant documentation ready, when starting your application.
What you will need to provide to open an account will vary depending on the account that you want to open, and your business type, so for full details check with Metrobank directly. To open an account, the general things that you will need are:
- Proof of identity
- Proof of address
- Details of your business, including location, registration number, and contact details
- An annual turnover or estimated annual turnover
- Information on all beneficial owners and relevant individuals³
Other documentation will be required for the foreign currency, community group, and insolvency accounts, so always check with Metrobank directly if you are unsure.
With Metrobank, switching from another account is quick and easy, with an account switch guaranteed in as little as 7 days, for UK businesses with an annual turnover below £6.5 million.¹
The fees for banking with Metrobank will vary depending on the type of account you choose, and how much you are banking each month. It’s essential to understand the fees when deciding where to bank, so the basic charges are outlined for you. It’s not a complete list, so be sure to research the full fees with Metrobank before signing up.
For businesses that maintain a balance above £5,000, there are zero monthly fees and 50 free UK transactions a month, with a £0.30 charge thereafter. There is a £5 monthly fee on accounts that fall below £5,000.⁹
Outside of Europe, the card fees are 2.99% with a withdrawal fee of 2.99% + £1.50. Within the EU, Metrobank offers 0% card fees for 27 countries with the business bank account. It also offers this to 6 countries outside the EU, which are Monaco, San Marino, Iceland, Liechtenstein, Norway, and Switzerland. These credit card fees apply across all of the Metrobank accounts offerings.²
For a more detailed breakdown of the fees involved for a Metrobank business account, check out the fee table below.⁹ This is not a full list of the fees, so before making a decision, it’s always best to check directly with Metrobank.
|Daily balance under £5000
|Daily Balance over £5000
|50 free then £0.30 each
|Free in Europe, 2.99% outside
|Free in Europe, 2.99% outside
|Free in Europe, 2.99% + £1.50 outside
|Free in Europe, 2.99% + £1.50 outside
International payments can be expensive for businesses that need to send and receive money from other countries, and these costs can soon add up for your business. Wise may be able to help you to minimise some of the costs of international payments. This is because Wise offers the mid-market rate, while many institutions add a markup. They also aim to keep fees low by connecting local bank accounts all around the world.
Metrobank is open 7 days a week, 362 days of the year, so it is easy to visit a physical branch for more information. You can also contact Metrobank by:
- Personal customers can call on: 0345 08 08 500
- Business customers can call on: 0345 08 08 508
- Contact them on Twitter with the name Metrobank_help¹⁰
Wise Business is another great alternative if you're looking for fast, secure international payments - with low fees.
Finding the right banking option for your business is important. So, it pays to shop around to understand which account option meets your needs as a business. There is a lot to consider: available services and support, costs, and charges all are important to consider when making a decision.
If you are a business owner that is sending and receiving payments regularly, you will want to avoid hefty international fees. If this is the case, then Wise may be a good option, to help you not pay more than you should. Check out the Wise pricing and rates to understand how much it could save your business.
All sources checked on 02-April 2019.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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