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  • FIRST POST
    • Marchitiello
    • By Marchitiello 18th Jun 17, 8:37 PM
    • 269Posts
    • 100Thanks
    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 1
    • pmduk
    • By pmduk 19th Jun 17, 6:15 PM
    • 7,710 Posts
    • 5,572 Thanks
    pmduk
    • #2
    • 19th Jun 17, 6:15 PM
    • #2
    • 19th Jun 17, 6:15 PM
    My major concern would be relying on the Italian banking protection scheme, while it has to be at a certain financial level to meet EU regulation, who's to say how efficient and fast it is should the worst happen.
    • xkpa
    • By xkpa 19th Jun 17, 6:49 PM
    • 139 Posts
    • 22 Thanks
    xkpa
    • #3
    • 19th Jun 17, 6:49 PM
    • #3
    • 19th Jun 17, 6:49 PM
    If you want to take advantage of having second card for free for 3 years and 100 free trades, use the link below to open an account:

    https://finecobank.com/uk/apriconto/scelta-online-uk?cp=tr2462473

    * (not referral or affiliate)
    • wendyfungwt
    • By wendyfungwt 20th Jun 17, 1:24 AM
    • 1 Posts
    • 0 Thanks
    wendyfungwt
    • #4
    • 20th Jun 17, 1:24 AM
    • #4
    • 20th Jun 17, 1:24 AM
    I finished the account opening process online on Jun9 and confirmed with Fineco bank they received my 1GBP for verification on last tuesday JUN13. However nothing has been heard since then.
    Account number was given immediately after I finished the online account opening process.

    Just checked the account opening process online however nothing has been updated.

    May I know have you received the card already or are you still waiting for it?
    I called them twice but they just told me to wait and they will send me an email if they need anything from me. Going to call them again today to check.
    • SnowTiger
    • By SnowTiger 20th Jun 17, 10:52 AM
    • 3,103 Posts
    • 2,084 Thanks
    SnowTiger
    • #5
    • 20th Jun 17, 10:52 AM
    • #5
    • 20th Jun 17, 10:52 AM
    I finished the account opening process online on Jun9 and confirmed with Fineco bank they received my 1GBP for verification on last tuesday JUN13. However nothing has been heard since then.
    Account number was given immediately after I finished the online account opening process.

    Just checked the account opening process online however nothing has been updated.

    May I know have you received the card already or are you still waiting for it?
    I called them twice but they just told me to wait and they will send me an email if they need anything from me. Going to call them again today to check.
    Originally posted by wendyfungwt
    Curiosity led me to open an account yesterday.

    At 2am today I received my User ID by email. Activation code (temporary password) received via text message at 6.30am.

    I can now access my account online and via their app.

    I don't think they automatically send a card. During the sign up process I chose one, but after logging in I discover there's no debt card attached to my account, but I can order one and pay a £2.95 shipping fee. Also, their fees section contains this:

    No annual fees for the first card for each account holder; £9.95 annual fee for the second card; £2.95 card shipping cost.
    The account is limited until I receive my card (or an eight digit PIN if I didn't order one).

    The sign up process is quite long and laborious, involving several emails and text messages.

    Did you receive an email directing you to electronically sign your contract after you got your sort code and account number?

    You can check you application status here. You should have received the password and contract number it asks for via text message.

    Edit to add: I didn't have to send them money for verification.
    Last edited by SnowTiger; 20-06-2017 at 10:55 AM.
    • Marchitiello
    • By Marchitiello 20th Jun 17, 3:43 PM
    • 269 Posts
    • 100 Thanks
    Marchitiello
    • #6
    • 20th Jun 17, 3:43 PM
    • #6
    • 20th Jun 17, 3:43 PM
    I think it depends on how fast they can verify your identity. A friend and I started the process together the day it was advertised on Facebook. Few days later we got notice to go online to open the account. Done on the same day, but he completed everything and got online sign in etc. A day and half earlier then me.

    There was no requirement to send them funds but I did two transfers once the account was confirmed open and I had online access to establish how long it took for payments to get to the account.

    As the previous poster said, until you get your debit cards, you have limited access to the account functionality (e.g. Not outwards payments or transfers).

    There will be no debit Card associated to the account, even if you have ordered one during opening, until they actually produce one and send it to you.
    • Biggles
    • By Biggles 20th Jun 17, 5:46 PM
    • 7,515 Posts
    • 4,908 Thanks
    Biggles
    • #7
    • 20th Jun 17, 5:46 PM
    • #7
    • 20th Jun 17, 5:46 PM
    The idea of a GBP and EUR account and card is interesting, but I can't see from their website and documentation how you fund the EUR a/c and what charges they make if the source of your funds is GBP.
    • Marchitiello
    • By Marchitiello 21st Jun 17, 8:20 AM
    • 269 Posts
    • 100 Thanks
    Marchitiello
    • #8
    • 21st Jun 17, 8:20 AM
    • #8
    • 21st Jun 17, 8:20 AM
    Within the accounts you could transfer funds from/to the various currencies (as mentioned earlier you also get CHF and USD accounts but no cards) at a rate that you can see before finalising the transfer. However, I was told (over the phone) that by sending one of these currencies to the one IBAN provided, it will be allocated to the right account. I am about to test that as I will be transferring some euro funds from a different bank to Fineco soon.
    • eDicky
    • By eDicky 21st Jun 17, 9:39 AM
    • 2,966 Posts
    • 1,305 Thanks
    eDicky
    • #9
    • 21st Jun 17, 9:39 AM
    • #9
    • 21st Jun 17, 9:39 AM
    Within the accounts you could transfer funds from/to the various currencies (as mentioned earlier you also get CHF and USD accounts but no cards) at a rate that you can see before finalising the transfer.
    Originally posted by Marchitiello
    So it will be interesting to see what kind of spread they impose from the interbank rate of that moment. Until then it seems to be completely obscure.
    • Biggles
    • By Biggles 21st Jun 17, 12:02 PM
    • 7,515 Posts
    • 4,908 Thanks
    Biggles
    So it will be interesting to see what kind of spread they impose from the interbank rate of that moment. Until then it seems to be completely obscure.
    Originally posted by eDicky
    That's my concern, eDicky. Like the now defunct CitiBank accounts, there's less point in having two currencies with one bank if what they charge to move between them is the same old 3% that your credit card would charge for foreign purchases.
    • Biggles
    • By Biggles 21st Jun 17, 12:15 PM
    • 7,515 Posts
    • 4,908 Thanks
    Biggles
    I notice the note to their accounts says
    Fineco will not charge any fees for transactions or withdrawals made in the currency of your card.
    That does seem to be a deliberately limited wording.
    • Marchitiello
    • By Marchitiello 21st Jun 17, 3:14 PM
    • 269 Posts
    • 100 Thanks
    Marchitiello
    I notice the note to their accounts says That does seem to be a deliberately limited wording.
    Originally posted by Biggles
    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
    • By Marchitiello 21st Jun 17, 5:30 PM
    • 269 Posts
    • 100 Thanks
    Marchitiello
    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
    • By evangelos 21st Jun 17, 5:48 PM
    • 22 Posts
    • 11 Thanks
    evangelos
    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.
    Originally posted by Marchitiello
    If the above is true then its cheaper than Transferwise and probably the cheapest there is. Can anyone else confirm this low spread?
    • Marchitiello
    • By Marchitiello 21st Jun 17, 6:19 PM
    • 269 Posts
    • 100 Thanks
    Marchitiello
    I have just done another test, and the rate changed and only valid for 30 seconds at the time :
    • Biggles
    • By Biggles 22nd Jun 17, 8:10 AM
    • 7,515 Posts
    • 4,908 Thanks
    Biggles
    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.
    Originally posted by Marchitiello
    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
    • By slopemaster 22nd Jun 17, 12:22 PM
    • 1,434 Posts
    • 729 Thanks
    slopemaster
    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
    • By slopemaster 22nd Jun 17, 1:07 PM
    • 1,434 Posts
    • 729 Thanks
    slopemaster
    All done - I have sort code and account number and sent 1 pound to check it out... waiting for login details
    • Marchitiello
    • By Marchitiello 22nd Jun 17, 2:24 PM
    • 269 Posts
    • 100 Thanks
    Marchitiello
    @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
    • By slopemaster 22nd Jun 17, 2:35 PM
    • 1,434 Posts
    • 729 Thanks
    slopemaster
    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.
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