Best bank for free overseas transactions

benjus

I have a Metro Bank account. For overseas use it is indeed completely free, like the Nationwide FlexAccount in the old days. It all feels a bit "no frills", and other than free overseas transactions you don't really get any kind of perks, although customer service is generally pretty good.

The only downsides are that I've had the card declined a few times (because they are a new bank and some places were slow to update their systems) and there is no outgoing Faster Payments facility. If they get that sorted out I might consider using them as my main current account.

benjus

ERICS_MUM wrote: »

what about taking some of your money in travellers cheques ?

TCs are safe and can be replaced easily if lost or stolen. However, it is not a cheap way to take money abroad.

Lornholio

I've been recommended checking out the CaxtonFX card, does anyone have any good/bad experiences with that? Sounds similar to FairFX in the article linked above but no charges whatsoever and (contrary to the article) better rates than FairFX.

ERICS_MUM

benjus wrote: »

I have a Metro Bank account. For overseas use it is indeed completely free, like the Nationwide FlexAccount in the old days. It all feels a bit "no frills", and other than free overseas transactions you don't really get any kind of perks, although customer service is generally pretty good.

The only downsides are that I've had the card declined a few times (because they are a new bank and some places were slow to update their systems) and there is no outgoing Faster Payments facility. If they get that sorted out I might consider using them as my main current account.

Is Metro Bank covered by the Financial Services Compensation Scheme ? (might be a silly question, apols if so).

adindas

Yes it is.

ERICS_MUM wrote: »

Is Metro Bank covered by the Financial Services Compensation Scheme ? (might be a silly question, apols if so).

jordanlitz

desmond77 wrote: »

Just thought I'd bump this, can anyone explain to me how the 27.7% rate of interest works? Sorry if I'm asking dumb questions Links are fine.

You dont pay any fee for taking the cash out, or any foreign exchange fee but you pay interest from when you take the cash out to when you pay it off at 27.9% ARP - Ie for £100 if it look you a year to pay it you would pay £27.90.
But if you paid it off straightaway there would only be a little interest - The Zero debit card might be worth looking at if you have over 10k in savings, a mortgage or investment with Santander!

adindas

desmond77 wrote: »

I've been to the Metro Bank website and they don't seem to have any information on overseas transactions. I guess as I will be away for a while, it could be worth having that, but can't seem to see anything written there.

Thanks for any help.

It is on their website, have a look on the following link:

https://www.metrobankonline.co.uk/Global/Important%20Summaries/IIS%20Current%20Account.pdf

Look at "1. Facilities, point 4"

" If you make a debit card payment in a foreign currency, we will change the amount of the transaction to sterling on the date we pay it out of your account using the rate for the transaction which is set and provided to us by MasterCard."

So you will get MasterCard exchange rate. If you try to search in other thread you will find that many people have confirmed about this.

I just got mine last week, so I have not tried it yet ...

desmond77

Hi all.

Thanks for your replies and thanks for explaining the interest to me, jordanlitz!!

easilyparted, I think you need a minimum of £5000 deposit for the Fairbairn Private Bank, so out of my league!

I think Metro Bank sounds like the go. Thanks again for your help!

callum9999

desmond77 wrote: »

Hi all.

Thanks for your replies and thanks for explaining the interest to me, jordanlitz!!

easilyparted, I think you need a minimum of £5000 deposit for the Fairbairn Private Bank, so out of my league!

I think Metro Bank sounds like the go. Thanks again for your help!

Ideal if you live in London/are going to visit anyway. But if not, go with norwich and peterborough - you can open an account online.

desmond77

callum9999 wrote: »

Ideal if you live in London/are going to visit anyway. But if not, go with norwich and peterborough - you can open an account online.

Thanks Callum

Do you know if you would you get the Mastercard exchange rate with Norwich & Peterborough? Can't see anything about the exchange rate on there.