Metro Bank vs HUBFX: Foreign Exchange Comparison

Last updated: April 2026

Metro Bank positioned itself as a challenger to traditional high street banks. But how does its foreign exchange service stack up against specialist providers? We compare rates, fees, and service.

Executive Summary

Key findings:

• Metro Bank FX margins: 1.5-2.5% above mid-market
• HUBFX margins: 0.35% above mid-market
• Potential savings on £50,000: £575-£1,075
• Metro Bank convenience: Good for existing customers
• HUBFX advantage: Rates and specialist service

Metro Bank FX Overview

What Metro Bank Offers

Personal customers:

• Currency exchange in branch
• Online FX for account holders
• Travel money ordering
• International payments

Business customers:

• Business foreign payments
• Multi-currency accounts
• Forward contracts (limited)
• Trade finance support

Metro Bank Strengths

Convenience:

• 7-day branch opening
• No appointment needed for exchange
• Same-day transactions
• Integrated with banking

For existing customers:

• No need for additional accounts
• Familiar interface
• Combined banking and FX

Metro Bank Limitations

Rate competitiveness:

• Margins 1.5-2.5% above mid-market
• Not the best rates available
• Better than traditional Big 4

Service scope:

• Limited forward contract options
• Not specialized in FX
• Business service less comprehensive

Rate Comparison

Current Rates (April 2026)

Mid-market rates:

• GBP/USD: 1.2700
• GBP/EUR: 1.1800
• GBP/AUD: 1.9500

Metro Bank rates (indicative):

Pair	Rate	Margin
GBP/USD (buy USD)	1.2450	2.0%
GBP/EUR (buy EUR)	1.1580	1.9%
GBP/AUD (buy AUD)	1.9110	2.0%

HUBFX rates (indicative):

Pair	Rate	Margin
GBP/USD (buy USD)	1.2655	0.35%
GBP/EUR (buy EUR)	1.1759	0.35%
GBP/AUD (buy AUD)	1.9432	0.35%

Practical Examples

Sending £10,000 to USA:

Provider	Rate	USD Received	Difference
Metro Bank	1.2450	$12,450	-$205
HUBFX	1.2655	$12,655	Baseline

Annual loss using Metro Bank: $2,460 (on £120k annual volume)

Sending £10,000 to Europe:

Provider	Rate	EUR Received	Difference
Metro Bank	1.1580	€11,580	-€179
HUBFX	1.1759	€11,759	Baseline

Annual Savings Analysis

Business sending £50,000/month internationally:

Metric	Metro Bank	HUBFX	Savings
Annual volume	£600,000	£600,000	-
Average margin	2.0%	0.35%	1.65%
Annual cost	£12,000	£2,100	£9,900

Fee Comparison

Transfer Fees

Fee Type	Metro Bank	HUBFX
SWIFT transfer	£25	£0
SEPA transfer	£0-15	£0
Same-day transfer	£30	£0
Receiving international	£0-6	£0

Account Fees

Fee Type	Metro Bank	HUBFX
Account opening	£0	£0
Monthly maintenance	Varies	£0
Dormant account	May apply	£0

Hidden Costs

Metro Bank:

• Correspondent bank fees: £10-30
• Rate markup: 1.5-2.5%
• Poor rate for small amounts

HUBFX:

• All-inclusive pricing
• No hidden correspondent fees
• Consistent margins

Service Comparison

Speed of Execution

Transaction Type	Metro Bank	HUBFX
EUR payments (SEPA)	Same day	Same day
USD payments	1-2 days	1 day
Other currencies	2-3 days	1-2 days
Forward contracts	Limited	Yes

Customer Support

Metro Bank:

• Branch support available
• Phone banking hours
• No dedicated FX desk (usually)

HUBFX:

• Dedicated account manager
• FX specialists
• Extended hours
• Proactive rate alerts

Online Platform

Metro Bank:

• Integrated with banking
• Basic FX functionality
• Limited rate analysis

HUBFX:

• Specialized FX platform
• Rate alerts and charts
• Forward contract management
• Transaction history

When to Use Metro Bank

Suitable Scenarios

• Small, occasional transfers

- Convenience outweighs cost - Under £1,000 - One-off payments

• Emergency transfers

- Need immediate access - Branch visit possible - No time to set up new account

• Existing relationship

- Banking with Metro already - Value single provider - Low annual volume

Metro Bank Works If:

• Annual FX volume under £10,000
• Convenience is priority
• Don't want multiple providers
• Need integrated banking

When to Use HUBFX

Suitable Scenarios

• Regular transfers

- Monthly payments - Supplier payments - Payroll

• Large amounts

- £5,000+ per transfer - Annual volume £25,000+ - Cost savings significant

• Business FX needs

- Multiple currencies - Forward contracts needed - Rate certainty required

HUBFX Essential If:

• Annual volume over £25,000
• Need best rates
• Want specialist support
• Require forward contracts

Case Study: Import Business

Profile:

• Imports from EU and USA
• Monthly payments: £25,000 EUR, £15,000 USD
• Current provider: Metro Bank

Annual Costs with Metro Bank:

• EUR: £300,000 × 1.9% = £5,700
• USD: £180,000 × 2.0% = £3,600
• Transfer fees: £25 × 24 = £600
• Total: £9,900

Annual Costs with HUBFX:

• EUR: £300,000 × 0.35% = £1,050
• USD: £180,000 × 0.35% = £630
• Transfer fees: £0
• Total: £1,680

Annual Savings: £8,220

Switching Process

From Metro Bank to HUBFX

Week 1:

• Open HUBFX account (online, 10 minutes)
• Provide ID verification
• Account approved

Week 2:

• Make first test transfer
• Set up beneficiaries
• Confirm rates and process

Ongoing:

• Use HUBFX for FX transactions
• Keep Metro for GBP banking
• Transfer GBP to HUBFX as needed

What You Keep at Metro Bank

• GBP current account
• Savings accounts
• Credit cards
• UK direct debits

What Moves to HUBFX

• International payments
• Currency conversion
• Forward contracts
• Multi-currency needs

Hybrid Approach

Best of Both Worlds

Use Metro Bank for:

• Day-to-day GBP banking
• Small, urgent transfers
• ATM access abroad

Use HUBFX for:

• Planned international payments
• Amounts over £2,000
• Regular transfers
• Forward contracts

Workflow Example

• Hold GBP in Metro Bank
• When payment due, transfer to HUBFX
• Convert at HUBFX rates
• HUBFX sends to beneficiary
• Same-day for most currencies

Common Questions

Q: Is it worth switching for small amounts?

For amounts under £2,000, the savings may not justify setup effort. Over £2,000 regularly, definitely worth it.

Q: Can I keep my Metro Bank account?

Yes. Most customers use both—Metro for GBP banking, HUBFX for FX. No need to close anything.

Q: How quickly can I start?

HUBFX accounts typically approved within 24-48 hours. First transfer possible same week.

Q: What about forward contracts?

HUBFX offers forward contracts for up to 24 months. Lock in rates for future payments. Metro Bank has limited options.

Q: Is HUBFX as safe as a bank?

HUBFX is FCA regulated. Client funds held in segregated accounts at tier-1 banks. Same regulatory protection.

Recommendation Summary

Choose Metro Bank If:

• FX volume under £10,000/year
• Occasional, small transfers
• Value single provider convenience
• Already banking with Metro

Choose HUBFX If:

• FX volume over £10,000/year
• Regular international payments
• Cost savings important
• Need specialist FX support

Use Both If:

• Want convenience AND value
• Different needs for different transactions
• Building towards larger volumes

Next Steps

Start saving on foreign exchange:

• Calculate your annual FX volume
• Compare your current costs
• Open a HUBFX account
• Make your first transfer
• Review savings after 3 months

Further Reading

• Dubai Free Zone Business: Managing Multi-Currency Operations
• GCC Supplier Payments: Managing SAR, KWD, BHD, OMR and QAR
• UAE-China Trade: AED/CNY Payment Strategies for Importers