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  • FIRST POST
    • Marchitiello
    • By Marchitiello 18th Jun 17, 8:37 PM
    • 261Posts
    • 94Thanks
    Marchitiello
    Fineco Bank multicurrencies account
    • #1
    • 18th Jun 17, 8:37 PM
    Fineco Bank multicurrencies account 18th Jun 17 at 8:37 PM
    Has anyone else seen this account and/or already signed up? I registered an interest when someone else posted a link on Facebook and finalised the account opening last week.

    Basically they are part of the UniCredit group (Champions League sponsor) and have been a challenger bank operating in many part of Europe for quite a few years now, as I understand with an Italian Banking License (depositor protected up to €100,000).

    You get a UK bank account (sort code start with 30, looks to be a Lloyds one) and an IBAN starting with IT. You can select between a free GBP or EUR debit card and pay £9.95 for a second one in the other currency (the early bird offer was for both cards to be free). You also have two other currencies operating account (but not card for those), in USD and CHF, plus an investment/trading platform if you wish to use it.

    I will use it for a while and see if I can close my other fee paying EUR account.
    Last edited by Marchitiello; 18-06-2017 at 8:40 PM.
Page 3
    • SouthLondonUser
    • By SouthLondonUser 1st Aug 17, 9:04 PM
    • 336 Posts
    • 49 Thanks
    SouthLondonUser
    PS I have just compared Fineco's vs Transferwise's rate: Fineco converts GBP to EUR at 1.116944 ; TransferWise at 1.11353 . I obtained the two quotes a few seconds from each other. Fineco's quote is 0.3066% higher.
    Also, Fineco's rate is the same regardless of the amount, whereas Transferwise charges a worse rate for £100 than for £ 1,000
    • SouthLondonUser
    • By SouthLondonUser 2nd Aug 17, 2:45 PM
    • 336 Posts
    • 49 Thanks
    SouthLondonUser
    Yesterday I wired £2 from my FirstDirect account around 10pm, and it showed up in my Fineco account this morning. I added a zero at the beginning of my Fineco account # to get to an 8-number account.

    I tried to send money from Fineco to FirstDirect, but, like others have posted, the money takes two days to arrive. By "tried" I mean that I saw the website wouuldn't let me specify a date earlier than 4th (now it's the 2nd), not that it didn't work.
    • giocoforzauno
    • By giocoforzauno 4th Aug 17, 11:20 AM
    • 33 Posts
    • 19 Thanks
    giocoforzauno
    Has anyone else seen this account and/or already signed up? I registered an interest when someone else posted a link on Facebook and finalised the account opening last week.

    Basically they are part of the UniCredit group (Champions League sponsor) and have been a challenger bank operating in many part of Europe for quite a few years now, as I understand with an Italian Banking License (depositor protected up to €100,000).

    You get a UK bank account (sort code start with 30, looks to be a Lloyds one) and an IBAN starting with IT. You can select between a free GBP or EUR debit card and pay £9.95 for a second one in the other currency (the early bird offer was for both cards to be free). You also have two other currencies operating account (but not card for those), in USD and CHF, plus an investment/trading platform if you wish to use it.

    I will use it for a while and see if I can close my other fee paying EUR account.
    Originally posted by Marchitiello



    If anyone is interested in opening a Fineco account there is a promo

    I don't know if it is allowed to post the Promo code here in the forum.

    Is it possible?

    The code (used in the opening form) permit to receive 50£ cash or 50 commission free trades opening a fineco UK account by 10 August 2017

    Could I post the code or not?
    Or is there in the forum a specific section for it?
    Last edited by giocoforzauno; 04-08-2017 at 2:20 PM.
    • DesG
    • By DesG 4th Aug 17, 11:28 AM
    • 1,240 Posts
    • 443 Thanks
    DesG
    As it is a referrer code, you should post in the referrers forumhttp://forums.moneysavingexpert.com/forumdisplay.php?f=42

    For others, it seems our Italy based folks get a referral program for their UK friends, €50 for them, £50 for UK friend.

    https://finecobank.com/uk/public/mgm

    £1000 lodgement, or 1 trade required
    Last edited by DesG; 04-08-2017 at 11:35 AM. Reason: add requirements, uk url
    • giocoforzauno
    • By giocoforzauno 4th Aug 17, 11:40 AM
    • 33 Posts
    • 19 Thanks
    giocoforzauno
    I'm italian

    I have an Italian account so I have the code : o
    • DesG
    • By DesG 4th Aug 17, 11:45 AM
    • 1,240 Posts
    • 443 Thanks
    DesG
    I'm italian

    I have an Italian account so I have the code : o
    Originally posted by giocoforzauno
    Make a post on the referrers forum (Link in previous post) and I'll sign up for an account with your code
    • giocoforzauno
    • By giocoforzauno 4th Aug 17, 11:53 AM
    • 33 Posts
    • 19 Thanks
    giocoforzauno
    Make a post on the referrers forum (Link in previous post) and I'll sign up for an account with your code
    Originally posted by DesG


    done

    the FINECO PROMO CODE post is published in:
    "Referrers" section of this forum


    Last edited by giocoforzauno; 04-08-2017 at 2:22 PM.
    • DesG
    • By DesG 4th Aug 17, 1:33 PM
    • 1,240 Posts
    • 443 Thanks
    DesG
    If the above is true then its cheaper than Transferwise and probably the cheapest there is. Can anyone else confirm this low spread?
    Originally posted by evangelos
    From their T&C's since no-one else has posted them so far:-

    Currency exchange
    GBPEUR 15 bps
    GBPUSD 15 bps
    GBPCHF 50 bps

    https://finecobank.com/uk/public/fogli-informativi/dettaglio?categoria=76210&cartella=contoeuro&area= pubblica
    • ashlward
    • By ashlward 5th Aug 17, 4:13 PM
    • 7 Posts
    • 0 Thanks
    ashlward
    Does anyone know how to pay into a fineco account with euros in Italy? Let's just say I exchanged some money into euros in the UK before I arrived and took it with me to Italy, how would I put those euros into my fineco account?
    • SouthLondonUser
    • By SouthLondonUser 5th Aug 17, 5:46 PM
    • 336 Posts
    • 49 Thanks
    SouthLondonUser
    You would not. There is no way to deposit cash, neither pounds nor euros, neither here nor in the EU. I asked.
    • ashlward
    • By ashlward 5th Aug 17, 11:08 PM
    • 7 Posts
    • 0 Thanks
    ashlward
    I better keep my natwest account then
    • SouthLondonUser
    • By SouthLondonUser 6th Aug 17, 7:01 AM
    • 336 Posts
    • 49 Thanks
    SouthLondonUser
    How do the exchange rates compare? Fineco vs Natwest vs HSBC vs others...
    Fineco seems competitive vs Transferwise (see my posts above)
    • eDicky
    • By eDicky 6th Aug 17, 8:54 AM
    • 2,851 Posts
    • 1,243 Thanks
    eDicky
    Does anyone know how to pay into a fineco account with euros in Italy? Let's just say I exchanged some money into euros in the UK before I arrived and took it with me to Italy, how would I put those euros into my fineco account?
    Originally posted by ashlward
    Exchanging cash would give you a much worse rate than using your Fineco account for conversion of pounds to euros.
    Last edited by eDicky; 06-08-2017 at 9:12 AM.
    • eDicky
    • By eDicky 6th Aug 17, 9:05 AM
    • 2,851 Posts
    • 1,243 Thanks
    eDicky
    How do the exchange rates compare? Fineco vs Natwest vs HSBC vs others...
    Fineco seems competitive vs Transferwise (see my posts above)
    Originally posted by SouthLondonUser
    HSBC, NatWest etc: 3%+ spread.

    TransferWise: Interbank rate + reasonable fee, usually 0.5%

    Fineco Bank: Close to Interbank rate, no fee.

    Revolut: Interbank rate (weekdays), no fee for up to 5k£/mth, 0.5% thereafter.
    • SouthLondonUser
    • By SouthLondonUser 6th Aug 17, 9:16 AM
    • 336 Posts
    • 49 Thanks
    SouthLondonUser
    No, what I meant was if Natwest HSBC and other banks let you deposit euros, and what rates they apply when wiring money (not cash) from a euro to a gbp account, or viceversa.
    • ashlward
    • By ashlward 7th Aug 17, 8:51 PM
    • 7 Posts
    • 0 Thanks
    ashlward
    You would not. There is no way to deposit cash, neither pounds nor euros, neither here nor in the EU. I asked.
    Originally posted by SouthLondonUser
    So I just spoke to my Italian friend who also had Fineco, and she said that there are ATMs scattered about in Italy where you can deposit money, and it doesn't matter which company it is, as long as that machine can be paid in to.
    • SouthLondonUser
    • By SouthLondonUser 7th Aug 17, 9:27 PM
    • 336 Posts
    • 49 Thanks
    SouthLondonUser
    If you have an Italian Fineco account. Not if you have a UK Fineco account. At least that's what Fineco told me in an email.
    • ashlward
    • By ashlward 7th Aug 17, 9:31 PM
    • 7 Posts
    • 0 Thanks
    ashlward
    If you have an Italian Fineco account. Not if you have a UK Fineco account. At least that's what Fineco told me in an email.
    Originally posted by SouthLondonUser
    I didn't think there'd be a different to be fair, if our Fineco has an italian account number and IBAN etc, surely it functions the same as an Italian account?

    I think I'm going back there next month so I will try it, and get back to you!
    • SouthLondonUser
    • By SouthLondonUser 7th Aug 17, 9:49 PM
    • 336 Posts
    • 49 Thanks
    SouthLondonUser
    I didn't think there'd be a different to be fair, if our Fineco has an italian account number and IBAN etc, surely it functions the same as an Italian account?

    I think I'm going back there next month so I will try it, and get back to you!
    Originally posted by ashlward
    All I can tell you is that the Fineco people very clearly and explicitly told me that those of us with a Fineco UK account cannot deposit cash, neither in the UK nor in Italy, neither pounds nor euros.
    By all means, do try and report back.

    Maybe there's some IT complication they don't want to manage?
    Maybe they see it as money laundering risk, ie what business does a UK resident have depositing euros in Italy?
    Maybe they didn't think customers would need it?
    Or maybe it's just inefficiency on their part?

    Btw, unless someone needs to deposit tens of thousands of euros, changing a few hundred euros in cash at one of the foreign exchange shops listed on this website might not be too bad an idea.

    An alternative might be to deposit euros into one of the UK banks which let you open a euro account, but I don't know if that's even an option, or if those banks charge fixed fees which make the whole thing uneconomical.
    • eshroom
    • By eshroom 13th Aug 17, 1:41 AM
    • 102 Posts
    • 14 Thanks
    eshroom
    I'm a bit confused about their multi currency offering.

    I received my Fineco Euro Debit Card, but in the app my primary currency appears to be GBP.

    Can I load euros directly into my Fineco account via bank transfer or am I only able to wire GBP (in other words if I wire euros in will they be converted on arrival to GBP)?

    What about the other way around - can I wire euros out of my account to another bank's euro account? And are there any fees for this?

    Finally what if I have a GBP balance in my account, and in the UK I spend using my Fineco Euro Debit Card? What are the fees then?
    Last edited by eshroom; 13-08-2017 at 1:52 AM.
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