# Avoiding bank fees when paying monthly loan



## julmops

All,

We have recently signed up and we are looking at the best way of paying the monthly loan while avoiding stupidly high monthly bank transaction fees. Our current bank is literally stealing us every time we do foreign transactions... We are looking at setting up an account with a bank not charging us for foreign transactions. Any suggestions ?
We are looking at Metro Bank for example ... How do you manage this for your accounts ? Any help will be very much appreciated.
Many thanks in advance!!!


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## Elise79

Are you paying your loan from a US checking account or a UK card?

If you are paying monthly by card I would suggest a fee free card such Post Office credit card.

If you are transferring funds to a US account - the best bet is using someone like XE.com they will give slightly below mid-market rate but no fees.


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## julmops

Thanks Elise !

We're gonna look at a UK bank account that doesn't charge fees on foreign transactions and try to get a US bank account with SunTrust when we are in WDW in January.


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## Elise79

julmops said:


> Thanks Elise !
> 
> We're gonna look at a UK bank account that doesn't charge fees on foreign transactions and try to get a US bank account with SunTrust when we are in WDW in January.



I don't think you will find a bank that doesn't charge fees for foreign transactions.

There are several credit cards though.


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## Samaya

Elise79 said:


> I don't think you will find a bank that doesn't charge fees for foreign transactions.
> 
> There are several credit cards though.



Agree, we haven't yet found a UK sterling account with no charges for foreign transactions and Julmops, if you find one please let us all know.

Credit cards with no fees might be another option but I believe Disney use to charge a higher interest rate when paying off a loan with a credit card, not sure if that's still the same.

Also keep an eye on crabbie1 thread at http://www.disboards.com/showthread.php?t=3150739 post #6 

Crabbie1 looks to have paid her loan this month with her Fairfx US dollar card and that might be another option to investigate, current exchange rate with Fairfx $1.5350 - £1.00.  https://www.fairfx.com/


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## julmops

We have a new bank in Reading called Metro and it seems that they don't charge on foreign transactions... I need to investigate further...


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## Disneymad

On the off chance that the Metro bank thing doesn't work out I just wanted to give another recommendation for XE Trade.

Been using these guys for a couple of years now and it's very smooth and the rates are pretty competitive, usually in the region of what Fairfax give. I also like that their Foreign Exchange rates are live so if exchange rates go up in the middle of the day (but have gone down again by the end) you won't lose out on the spike.

I transfer any money to them just as I would a regular bill payment in the UK (therefore no charge and I can do it via my normal online banking) and they deposit the $ straight into my US account.


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## Laurafoster

julmops said:
			
		

> We have a new bank in Reading called Metro and it seems that they don't charge on foreign transactions... I need to investigate further...



A few of my friends bank with Metro as we have a branch here. They really like them as there are no fees for foreign transactions and the branch is open on weekends.


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## julmops

Thanks Laura, thanks all!

The plan now is Metro in the UK and open a US account at Suntrust when we are there in January.


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## Samaya

Thanks for the heads-up on Metro banking and that it's free to send international payments, presume they will exchange x-amount of sterling into x-amount of dollars but does anyone know how competitive they are with the exchange rate they use, are they as good as XE?


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## julmops

julmops said:


> Thanks Laura, thanks all!
> 
> The plan now is Metro in the UK and open a US account at Suntrust when we are there in January.



Bank account sorted with Metro over the weekend. All set to go !


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## julmops

Bumping this thread with my experience so far...
Money is taken from our Metro Bank account at a pretty exchange rate but no further fees are added. 
All in all, very pleased with them!


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## julmops

In the same vein, I've paid today my annual dues for 2014 with my Metro bank card. Not only was I not charged any additional fees for foreign transactions but I was offered a great exchange rate at 1.6347. Result !


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## Laurafoster

Thats a really good rate! I'll definitely have to look into opening an account with them.


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## crabbie1

Just to bump I use my fairfx card every month. I also put £65 a month on my fairfx card (or put aside till rates ok) and hv no issues. This way no bank fees and no opening of bank account. I will be opening a suntrust for definate next year though.


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