Metro Bank ups overseas card transaction fees to keep it free in Europe
Metro Bank has contacted their current account customers to inform them that they'll be charging more in fees when they use their credit and debit cards outside of Europe.
The charges will be in-line with the rest of the high street banks from 25 July 2016. They'll be charging 2.5% on card purchases, and £1.50 for cash withdrawals from ATMs, when you're outside of Europe.
At the moment, Metro Bank charges 1.9% on card purchases and £1 for using an ATM.
They have done this, so they can stay free in 32 European countries. With 9 in every 10 Metro transactions taking place in Europe, you can see why they chose this as a revenue generator.
However, it'll annoy those customers who signed-up with the bank because of the original offer, who travel outside of Europe on a regular basis, be it with work or to see family who live overseas.
Even after this charge increase, Metro will still be better value than a lot of their rivals, who on average, charge between 2.75% and 2.99% for card transactions.
A spokesperson said: "From time to time we review our products and services and today's announcement is part of that ongoing review."
"We will continue to maintain our fee free European transactions for all our debit and credit card customers, as well as ensure that our rates remain competitive."