Brits to face new fees when spending or withdrawing cash abroad with Metro Bank
In an email to customers last week, the high street bank shared that it would start charging customers a 2.99 percent fee on debit card transactions in Europe from August 29.
Metro Bank is set to hit customers with new charges for using their debit cards abroad starting next month.
In a recent communication, the bank informed its customers via email that from August 29, there will be a new fee of 2.99 percent on debit card transactions within Europe. Additionally, cash withdrawals at ATMs will incur the same 2.99 percent charge along with an extra £1.50 per transaction.
Metro Bank explained that this fee would apply to each separate transaction made.
At present, Metro Bank allows its customers to use their debit cards and withdraw cash in Europe without any fees. However, for transactions outside Europe, the bank already imposes a 2.99 percent charge and levies the £1.50 fee for ATM withdrawals.
The email, which landed in customer inboxes on June 27, detailed: "After August 29 2024, debit card payments made in a foreign currency outside the UK will be charged 2.99 percent 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 percent on the converted British Pound value plus a £1.50 ATM fee. This charge is applicable for each transaction you make," reports the Mirror.
The new fee means that Brits will have to shell out more when using their cards abroad. For instance, a £100 debit card expenditure would now cost you £102.99 from August onwards.
If you opt to withdraw the equivalent cash from an ATM, the new fees would see you charged £104.49 as per Metro Bank's terms and conditions. A smaller purchase of £20 would incur an additional 60p in fees for Metro Bank customers.
Three separate £20 transactions would result in an extra £3 in charges.
Metro Bank informed the Mirror that the introduction of these charges is due to a decrease in demand. A spokesperson for Metro Bank stated: "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."
Established in 2010 as a "challenger" bank to larger, more traditional lenders, Metro Bank was the first High Street bank to open in the UK in over a century following the financial crisis. At present, nearly three million customers are banking with Metro Bank.
