Looks like we are all going to have to ditch our Metro Bank accounts. (1 Viewer)

[Lenny HB]

From 29th August Metro Bank will charge 2.99% of transactions abroad & 2.99% + £1.50 on ATM withdrawals.

 

[Brains]

Starling
Halifax Clarity
Chase
and many more banks that offer Euro accounts
(Where you have a second account in Euros, so once you have put money in the account, there are zero charges)

(Revolut and Monzo are not banks)

Just a reminder:
There is no such thing as 'free' foreign exchange.
Any company offering 'free' FX is making the money on the exchange rate. or some other way such as account charges.

 

[The Wino]

Banking like anything else has to run at a profit. The move to charge could well be like that to charge for roaming once a couple of big players do it.

 

[JJ]

Revolut doesn't need to be a bank...

...it is the King of Digital Debit Cards!

REVOLUT ROOLS


JJ

 

[sueandjohn]

Starling from their web page - “We’re not accepting applications for euro accounts at the moment, they’ll be available to apply for again soon.”

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[Langtoftlad]

Agreed, will ditch Metrobank - no reason to use it now.
Competitors have overtaken it, and its foundations look distinctly unstable.

 

[Guigsy]

Starling
Halifax Clarity
Chase
and many more banks that offer Euro accounts
(Where you have a second account in Euros, so once you have put money in the account, there are zero charges)

(Revolut and Monzo are not banks)

Just a reminder:
There is no such thing as 'free' foreign exchange.
Any company offering 'free' FX is making the money on the exchange rate. or some other way such as account charges.

Clarity isn't a bank either.

 

[acropolis22]

I wonder if some of this stuff isn't really necessary. I don't know about other banks, but Barclays has a thing called a Travel Wallet. You can set it up in seconds on their banking app. It works for dollars or euros. You just transfer sterling into the currency you want and use your existing debit card as normal to pay for things in that currency. Simple. No new account. No new card. No charges for purchases. Obviously they make money on the exchange rate, but as someone pointed out, they all make money somewhere. The rates seem pretty standard. At the end of your trip, just transfer any surplus back into your sterling account, or leave it for your next trip. It suits me.

 

[VXman]

Revolut doesn't need to be a bank...

...it is the King of Digital Debit Cards!

REVOLUT ROOLS


JJ

It's not actually. There are better alternatives out there depending on your requirements, but if it suits you....

 

[VXman]

I wonder if some of this stuff isn't really necessary. I don't know about other banks, but Barclays has a thing called a Travel Wallet. You can set it up in seconds on their banking app. It works for dollars or euros. You just transfer sterling into the currency you want and use your existing debit card as normal to pay for things in that currency. Simple. No new account. No new card. No charges for purchases. Obviously they make money on the exchange rate, but as someone pointed out, they all make money somewhere. The rates seem pretty standard. At the end of your trip, just transfer any surplus back into your sterling account, or leave it for your next trip. It suits me.

Chase is a standard current account. So you can use it for all the usual every day stuff plus use it abroad - even less hassle than the Barclays account as you don't need a wallet, don't need to transfer anything - plus they give you 1% cash back on all spending.

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[dpsuk999]

We have a Chase bank account and they do not charge for transactions or cash at an ATM and give very good exchange rate, for example on the 24th June I spent and exchange rate they gave was 1.1811 and when you check on Yahoo Finance the high was 1.1824 and low was 1.794 so I’d say that was reasonable

 

[VXman]

Metro have been really struggling. They're USP was more branches and better opening times. Customer service.

Our local town centre one was moved 3 miles out to a out of town Waitrose. When I tried to open a competitive ISA with them I could book an appointment on line and they told me every time I went in that there were no appointments left that day. I gave up. Useless bank!

 

[JJ]

It's not actually. There are better alternatives out there depending on your requirements, but if it suits you....

Nonsense...

How can there be "better alternatives" when Revolut does everything I need it to do plus much more...


JJ

 

[VXman]

Nonsense...

How can there be "better alternatives" when Revolut does everything I need it to do plus much more...


JJ

As I said - depending on your needs. Just disputing your 'king of digital debit cards'

I have digital debit cards with .....

Revolut, Monza, Chase, as well as the more traditional backs such as First Direct, Nat West, Halifax and more so I have a good knowledge of the ins and outs of the various offerings.

 

[acropolis22]

As I said - depending on your needs. Just disputing your 'king of digital debit cards'

I have digital debit cards with .....

Revolut, Monza, Chase, as well as the more traditional backs such as First Direct, Nat West, Halifax and more so I have a good knowledge of the ins and outs of the various offerings.

So, what is an analogue debit card?

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[JJ]

No dispute with me!!!!

REVOLUT IS THE KING OF DIGITAL DEBIT CARDS in my kingdom... anyone disagreeing does not know my needs...

JJ

 

[VXman]

So, what is an analogue debit card?

One that doesn't use a swipe machine and paper to create an imprint!

Seriously - one that doesn't have a physical branch, paper based communications, maybe not even a physical card. I only used the word 'digital' as that was what JJ used in his original post.

 

[VXman]

No dispute with me!!!!

REVOLUT IS THE KING OF DIGITAL DEBIT CARDS in my kingdom... anyone disagreeing does not know my needs...

JJ

Fine - I'm addressing people living in other kingdoms too.

 

[JJ]

Fine - I'm addressing people living in other kingdoms too.

That's very kind of you...

I'm sure they all appreciate your help.


JJ

 

[Roby2008]

I just use my normal debit card whichever country I am in, works 99% of the time, if not then I use the CC....
Living in Germany has some advantages

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[VXman]

I just use my normal debit card whichever country I am in, works 99% of the time, if not then I use the CC....
Living in Germany has some advantages

I think all debit/credit cards will work it's just a case how good the exchange rate is and if they charge.

I accidentally used my NatWest card in France the other week as I had forgotten to change the default card on my phone. Not only was the exchange rate not as good but there was a £3.14 non sterling charge on a £114 transaction

 

[scousebird]

First Direct don't charge to use their debit cards abroad and Nationwide gold credit card is free to use. We also use Monzo cards.

 

[Guigsy]

First Direct don't charge to use their debit cards abroad and Nationwide gold credit card is free to use. We also use Monzo cards.

Yeah, but how bad are the rates?

 

[Coastal Cruiser.]

As I said - depending on your needs. Just disputing your 'king of digital debit cards'

I have digital debit cards with .....

Revolut, Monza, Chase, as well as the more traditional backs such as First Direct, Nat West, Halifax and more so I have a good knowledge of the ins and outs of the various offerings.

Why would you need so many cards?
I have a Revolut card and my Debit card ..
Just wondering why someone would need 6 plus cards.

 

[scotzsue]

Starling from their web page - “We’re not accepting applications for euro accounts at the moment, they’ll be available to apply for again soon.”

Beat me too it, but no charge when using sterling card abroad get the exchange rate at that time, means we cant stock up when pound is high though.

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[Graydo]

Chase is a standard current account. So you can use it for all the usual every day stuff plus use it abroad - even less hassle than the Barclays account as you don't need a wallet, don't need to transfer anything - plus they give you 1% cash back on all spending.

Yup, another vote for chase, and a boosted savings account till November of 5.1 percent.

Graydo

 

[Red Sonja]

Starling
Halifax Clarity
Chase
and many more banks that offer Euro accounts
(Where you have a second account in Euros, so once you have put money in the account, there are zero charges)

(Revolut and Monzo are not banks)

Just a reminder:
There is no such thing as 'free' foreign exchange.
Any company offering 'free' FX is making the money on the exchange rate. or some other way such as account charges.

Monzo is a Bank.

 

[Widge]

The question of whether Revolut is a bank or not, the answer is yes and no, it appears that yes it is a bank acepted in most if not all European countries, for some including France they are registered and have local IBAN numbers, the exception apears to be the UK., where they do not have a banking licence.

This is what it says on the Revolut website.

"
Does Revolut have a banking licence?

In the European Economic Area (EEA), Revolut Bank UAB, is authorised by the European Central Bank and the Bank of Lithuania and is a bank in 30 EEA countries.

The Revolut Group holds many licences and authorisations globally, giving us the power to provide you financial services including e-money account holding, stock trading, virtual currencies, insurance, and more. In 2023, we rolled out local IBANs — or international bank account numbers — in Spain, France, and Ireland, with many more planned, so customers can use Revolut as their main accounts for core everyday banking needs.

In the UK, Revolut doesn’t yet have a banking licence. We're working on getting a UK banking licence, and we’ll share the news as soon as we do.

Revolut is an e-money institution in the UK (sometimes called an ‘EMI’). We’re authorised under the UK Electronic Money Regulations and regulated by the Financial Conduct Authority (FCA). Being an e-money institution allows us to provide you with an everyday account that you can use to manage your money in a range of ways, but Revolut is not a bank.

 

[denisejoe]

From 29th August Metro Bank will charge 2.99% of transactions abroad & 2.99% + £1.50 on ATM withdrawals.

Can't see that on their website. I know they charge for transactions outside Europe but as far as I can see on their website they are still saying no charge in Europe for ATM withdrawals or credit card purchases. Have you got a link?

 

[scousebird]

Yeah, but how bad are the rates?

Monzo (which we mostly use) gave a slightly better rate than the other 2 but I've only used the FD card once abroad. We only use the Nationwide card for fuel. At the end of the day there's only pence difference between them.

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