Metrobank Business Account

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Metrobank Business Account Review, Exchange Rates, Fees Calculator & User Score

  • Fees and costs: Average
  • Transfer speed: Good
  • Safety and reliability: Good
  • Customer satisfaction: Very Good

Advantages

  • Different types of accounts
  • 50 free transactions per month
  • Well-designed mobile app

Disadvantages

  • Complicated fees
  • High fees on international transfers

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What is Metrobank Business Account?

Metrobank is one of the relatively younger banks in the UK. They offer a variety of financial services. The business account offer is suitable for both small and big enterprises. Apart from regular accounts, you can get commercial loans, funding, or set up business credit cards. You can keep track of all of your company finances on a convenient online platform or a mobile app.

How Does Metrobank Business Account Work?

They offer two types of business banking accounts. One is for smaller companies with an annual turnover of less than $2 million. The second offer is suited for larger enterprises and is called “commercial account.” Alternatively, depending on your needs, you can also set up a special currency account if you need to regularly exchange more significant sums of money. All of the accounts can be easily accessed through a well-designed mobile app for convenient online banking.

Metrobank Business Account Fees and Costs

The business account is free of charge if you keep at least 5,000GBP there. Otherwise, you need to pay a maintenance fee of 5GBP per month. With the basic account type, you get 50 free transactions per month, then you will have to pay 0.30GBP per one. “Transactions” include card payments, ATM withdrawals, direct debits, and money transfers in the UK.

There are different charges for commercial accounts for enterprises, and you can also negotiate individual rates for your business.

Metrobank Business Account Exchange Rate

Sending money overseas costs like regular international bank transfers. Sending money to Europe costs an additional fee of 10GBP and 25GBP to the rest of the world. If you withdraw money from ATM in other countries, you may need to pay a fee of 2.99% of the total amount.

If you already have a business account with Metrobank, you can set up an extension “Business Foreign Currency Accounts,” which allows you to keep foreign currencies, make international payments much more comfortable. However, it costs an additional monthly fee, depending on which currencies you want to hold.

Metrobank Business Account Limits

There is a daily limit of 50,000GBP for external transactions out of your account. You can negotiate it if you have a commercial banking account for larger businesses.

Metrobank Business Account compared to other business accounts

Compared to other banks, the offer seems to be quite cheap. You get 50 free transactions, and if you keep sufficient balance, there are no monthly fees. On the other hand, it’s expensive to handle international payments, and there are better online alternatives if your business operates worldwide. Metrobank business account offers enough for a startup to manage their basic UK operations at low costs.

How to use Metrobank Business Account?

Business API

While there isn’t any official support for any platform integration, you can easily connect the bank account into your accounting software, such as Xero, for example.

How to sign up?

It’s worth noting that in order to set up a business account, 50% of your shares must be owned by UK residents. The best way to open the account is to visit your local branch of Metrobank to talk to the bank’s representatives about the details and latest offer.

Is Metrobank Business Account safe and reliable?

The bank needs to comply with all of the financial laws and is regulated by FCA. Your funds are protected by the Financial Services Compensation Scheme (FSCS) in case of any problems. There are also additional security measures for the mobile app, as it’s protected with a fingerprint and a passcode.

When it comes to potential scandals, at one point, the bank announced that they had insufficient capital to meet regulatory requirements. As a result, it had to raise an additional £350m of capital. Many people started withdrawing their funds from the bank. On the other hand, when it comes to the overall customer satisfaction and service quality, they have been rated 2nd best bank in the UK.

Customer Support

You can easily reach customer support via a phone call. Different phone numbers are depending on what issue you want to solve. On the bank’s website, choose the department that best suits your needs, click on it, and you will get all of the contact information.

You can also set up an appointment at their local branch. The bank is present on social media on Twitter and Instagram.

Final Thoughts

Metrobank Business Account Review

The recent financial problems of the bank may be worrisome for some of the customers. However, the funds stored at bank weren’t at risk. Most of the customers rate the experience with the bank positively and are happy with the quality of the services. There are different types of accounts depending on the size and needs of your business. However, it seems that UK-based startups will benefit the most out of the basic accounts, as they can get free transfers and no monthly maintenance fees. The overall presence of the platform is good, it is intuitive to use, and it’s easy to research information there. A mobile app acts as a great advantage for the bank.

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