Fineco Bank multicurrencies account

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  • Marchitiello
    Marchitiello Posts: 1,266 Forumite
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    Biggles wrote: »
    I notice the note to their accounts says That does seem to be a deliberately limited wording.

    Not sure what you mean, but my clear understanding of this is that if you use your GBP card in the UK, and spend £10, £10 will be debited from your account. At the same time if you are anywhere within the Euro zone and spend €10, €10 will be debited to your Euro account.
  • Marchitiello
    Marchitiello Posts: 1,266 Forumite
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    Re: Exchange rates, I have just done a small test to exchange GBP into Euro within the account and I was given an exchange rate of 1.133401 vs the xe.com rate of 1.13587, which does not look to bad, especially compared to when I used to exchange cash in some of the shops offering the best rates.
  • evangelos
    evangelos Posts: 24 Forumite
    Marchitiello wrote: »
    Re: Exchange rates, I have just done a small test to exchange GBP into Euro within the account and I was given an exchange rate of 1.133401 vs the xe.com rate of 1.13587, which does not look to bad, especially compared to when I used to exchange cash in some of the shops offering the best rates.

    If the above is true then its cheaper than Transferwise and probably the cheapest there is. Can anyone else confirm this low spread?
  • Marchitiello
    Marchitiello Posts: 1,266 Forumite
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    I have just done another test, and the rate changed and only valid for 30 seconds at the time : 5qmEjJb.png
  • Biggles
    Biggles Posts: 8,209 Forumite
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    Marchitiello wrote: »
    Re: Exchange rates, I have just done a small test to exchange GBP into Euro within the account and I was given an exchange rate of 1.133401 vs the xe.com rate of 1.13587, which does not look to bad, especially compared to when I used to exchange cash in some of the shops offering the best rates.
    That was the conversion I was meaning.

    I was clear that there were no charges when working within GBP or within EUR, but it was where you need to convert one to the other I didn't feel they were explicit about, such as when you fund your EUR account from your 'normal' GBP bank account. Your example makes it look pretty close to the inter-bank rate.
  • slopemaster
    slopemaster Posts: 1,579 Forumite
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    This account seems to be just what I've been looking for, and I'm applying now. One thing I don't see on the website though - does anyone know if you can get a euro chequebook?
  • slopemaster
    slopemaster Posts: 1,579 Forumite
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    All done - I have sort code and account number and sent 1 pound to check it out... waiting for login details
  • Marchitiello
    Marchitiello Posts: 1,266 Forumite
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    @slopemaster

    Not sure if they would offer a cheque book. That would require some branch interaction when I believe they have always target the online market only.

    There was a warning when I did my application and received the sort code and account number, that it would not be operative until the bank had fully approved your application (by signing the contracts) and therefore it was probably best to wait. Once you are approved you will get the log in details and during that process you will see the contract that has been digitally signed by a specific Fineco employee at a specific time (mine was at 19:30 or later).
  • slopemaster
    slopemaster Posts: 1,579 Forumite
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    Yes, I asked about chequebook and they dont do one.
    Online account is attractive, but unfortunately France (where I spend time) is so old fashioned that cheques are still sometimes needed.
  • Marchitiello
    Marchitiello Posts: 1,266 Forumite
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    edited 24 June 2017 at 8:21AM
    Received the two cards via DHL yesterday. You then need to activate each card online on their main site where you also trigger the Card PIN request (sent via SMS). NB : for this process you need to use the account PIN you set up at registration but it may be a bit confusing as they talk about PIN without distinction for both cards and account PIN. Also note that if you do activate both cards at the same time (if you asked for two like me) when you receive the text there is no distinction to associate the PIN to the right card.

    On a separate note on my experience so far about payment inbound lead times:

    Fast payment (from UK bank) done during working days/hours: about 2:5 hours.
    Fast payment (from UK bank) done at week end , about 2.5 hours within Monday morning .

    I have also asked a friend with an Italian account (not Fineco bank) to send me a payment via bank transfer for €10, done first thing in morning on Friday, was credited by lunch time. I now want to test from my other European based account (different country) to see how long it will take, and if all is good, I think I will start the process to close the other account
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