Metro Bank axes fee free spending abroad - millions of customers face 'very disappointing' charges on each transaction
Metro Bank will introduce a 2.99 per cent fee for all debit card transactions made outside the UK
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Metro Bank is getting rid of their fee free spending abroad and introducing a charge for customers who use their debit cards.
In an email, the bank explained the 2.99 per cent fee will come into effect on August 29, 2024.
Customers using their card outside the UK - including Europe will now be forced to pay a fee.
Customers withdrawing cash through an ATM machine will also face the 2.99 per cent charge plus an additional £1.50 fee.
Metro Bank says the fee will be added to each individual transaction.
On the Money Saving Expert customer forum, a disappointed user said: "It's very disappointing to note that Metro Bank will be charging 2.99 per cent (+ £1.50 ATM fee) wef 29/8/24.
Metro Bank says the fee will be added to each individual transaction.
PA"I have had this account for well over 10 years explicitly to use in Europe and, living in Scotland, it wasn't easy to open.
"On occasion there have been large sums in the account but unfortunately it will be cancelled on 29/8/24. I do not expect Metro Bank to survive much longer. I now need to find another free debit card."
Currently, Metro Bank allows customers to spend and make cash withdrawals on their debit cards in Europe free of charge.
The 2.99 per cent charge for spending and the £1.50 fee for cash withdrawals only applies to transactions outside Europe, but this is set to change next month.
In the email, it said: "After August 29 2024, debit card payments made in a foreign currency outside the UK will be charged 2.99 per cent on the converted British Pound value of the transaction.
"After August 29 2024, cash withdrawals made in a foreign currency using your debit card outside the UK will be charged 2.99 per cent on the converted British Pound value plus a £1.50 ATM fee. This charge is applicable for each transaction you make."
Once the fee comes into place, those who spend the equivalent of £100 on their debit card in Europe will be charged £102.99 for that transaction.
The news was met with even more disappointment from some customers on X.
One wrote: "Just had the new T&Cs come through. Very disappointing with regard to the foreign currency charges you are brining in. Time to look for a new bank."
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Another said: "I've been with @Metro_Bank for so many years but the recent change to charges for using your debit card abroad is unacceptable."
A Metro Bank spokesperson said: "Over time we’ve seen our customer’s needs and expectations evolve and the demand for this service has been declining over a number of years.”
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