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    • Marchitiello
    • By Marchitiello 18th Jun 17, 8:37 PM
    • 248Posts
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    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 2
    • Marchitiello
    • By Marchitiello 24th Jun 17, 8:13 AM
    • 248 Posts
    • 89 Thanks
    Marchitiello
    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
    Last edited by Marchitiello; 24-06-2017 at 8:21 AM.
    • SnowTiger
    • By SnowTiger 26th Jun 17, 3:24 PM
    • 2,996 Posts
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    SnowTiger
    Card arrived today from Italy, delivered in a big yellow envelope by DHL.
    • SnowTiger
    • By SnowTiger 26th Jun 17, 5:29 PM
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    SnowTiger
    I've just noticed my name on the card is listed SURNAME FORENAME.

    Is that normal for Italian cards or has here been a small slip up somewhere along the way?
    • eDicky
    • By eDicky 26th Jun 17, 6:17 PM
    • 2,689 Posts
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    eDicky
    I've just noticed my name on the card is listed SURNAME FORENAME.

    Is that normal for Italian cards or has here been a small slip up somewhere along the way?
    Originally posted by SnowTiger
    I'd say it's the Italian style. Let's see if others are the same.
    • Marchitiello
    • By Marchitiello 27th Jun 17, 11:38 PM
    • 248 Posts
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    Marchitiello
    A friend confirmed that surname first is the formal style adopted in Italy.

    Both my cards have my surname first
    • SnowTiger
    • By SnowTiger 29th Jun 17, 3:43 PM
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    SnowTiger
    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 .
    Originally posted by Marchitiello
    Incoming payments are a bit sluggish. I guess that's because they use an intermediary and, perhaps, don't allocate payments immediately.

    Outgoing payments seem to be extremely slow. When I try to make a payment today (29th June) the first available date for the transfer is 3rd July.

    I made a test £1 payment on 26th June, it was scheduled for 28th June and still hasn't reached its destination.
    • Marchitiello
    • By Marchitiello 29th Jun 17, 6:42 PM
    • 248 Posts
    • 89 Thanks
    Marchitiello
    Thanks, I did not try to make an outwards payment yet. Good to know.
    • SouthLondonUser
    • By SouthLondonUser 30th Jun 17, 5:57 PM
    • 300 Posts
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    SouthLondonUser
    Fineco is not exactly a challenger bank: it was founded about 18 years ago!

    If you just want a euro card there are many other alternatives; I believe Fineco's strength should be its trading platform, as that is what it is known for. I rang them and they said they still don't offer ISAs and SIPPs, but plan to do so in an unspecified "near future".

    Has any one compared if their trading fees are competitive? Especially for trading securities in currencies other than GBP?
    • SnowTiger
    • By SnowTiger 30th Jun 17, 6:46 PM
    • 2,996 Posts
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    SnowTiger
    I made a test £1 payment on 26th June, it was scheduled for 28th June and still hasn't reached its destination.
    Originally posted by SnowTiger
    My £1 payment arrived this afternoon (30th June), tagged as an international payment.
    • eDicky
    • By eDicky 30th Jun 17, 6:59 PM
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    eDicky
    My £1 payment arrived this afternoon (30th June), tagged as an international payment.
    Originally posted by SnowTiger
    Did it show the sender's name (yours), or just the payment provider such as Currency Cloud or whatever?
    • SnowTiger
    • By SnowTiger 30th Jun 17, 8:34 PM
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    SnowTiger
    Did it show the sender's name (yours), or just the payment provider such as Currency Cloud or whatever?
    Originally posted by eDicky
    It shows my name: lastname firstname.

    This is how it appears on my Tesco Bank statement:

    • slopemaster
    • By slopemaster 30th Jun 17, 9:46 PM
    • 1,409 Posts
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    slopemaster
    Oh, I was wondering why my card hadn't arrived.
    For some reasonn they use DHL rather than Royal Mail - so it didn't get forwarded with the rest of my mail.
    So, if anyone else has mail forwarding set up, beware!
    • SouthLondonUser
    • By SouthLondonUser 1st Jul 17, 9:41 AM
    • 300 Posts
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    SouthLondonUser
    Probably because they are sending the cards from Italy. Does Fineco even have offices here in Brexitland?
    • eDicky
    • By eDicky 1st Jul 17, 9:45 AM
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    eDicky
    The Italian postal service is notoriously unreliable.
    • SouthLondonUser
    • By SouthLondonUser 27th Jul 17, 3:04 PM
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    SouthLondonUser
    I have opened an account. The IBAN starts with IT: it seems, to all effects and purposes, an Italian bank account, held with an Italian bank, covered by the Italian deposit compensation scheme, regulated by the Bank of Italy, which just so happens to be offered to UK residents.

    Don't know for sure, but I'd guess this account does not get reported to the British credit reference agencies.

    Anyway, all of this is not necessarily a bad thing: making an international wire transfer via an Italian bank makes me less uneasy than making it to Transferwise's Estonian account (I understand they now have one in Germany, too).

    Has anyone tried the trading platform? How does it compare to Interactive Investors or other UK brokers?
    • ashlward
    • By ashlward 1st Aug 17, 3:20 PM
    • 6 Posts
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    ashlward
    I looked at my Fineco UK account number and it's 7 digits, instead of the normal 8 digits. Did you have the same problem?

    I actually looked online and it said just add a zero to the beginning, so I did that and transferred 1 pound to try it. It hasn't gone through yet so I'm just wondering what's going on.
    • SnowTiger
    • By SnowTiger 1st Aug 17, 5:35 PM
    • 2,996 Posts
    • 1,972 Thanks
    SnowTiger
    I looked at my Fineco UK account number and it's 7 digits, instead of the normal 8 digits. Did you have the same problem?

    I actually looked online and it said just add a zero to the beginning, so I did that and transferred 1 pound to try it. It hasn't gone through yet so I'm just wondering what's going on.
    Originally posted by ashlward
    My account number is twelve digits long, including five zeros at the beginning. For UK banking purposes, only the last eight digits are used. Account numbers appear to be seven digits, padded with zeros at the beginning.

    I mentioned earlier that Fineco works to a slow timetable.

    Incoming payments are sluggish.

    If I were to make a payment out of my Fineco account now (1st) I would have to schedule it for the 3rd. I cannot make an immediate payment:

    • ashlward
    • By ashlward 1st Aug 17, 5:58 PM
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    ashlward
    Thanks for the info!

    And damn, I guess I'll have to plan my life a bit better, without the immediate transfer option.
    • SouthLondonUser
    • By SouthLondonUser 1st Aug 17, 6:05 PM
    • 300 Posts
    • 44 Thanks
    SouthLondonUser
    Is it always 2 days, or is it one business day if you try to do it before close of business in Italy?

    I think it's because Fineco is an Italian bank account, and instant payments do not exist in Italy, AFAIK.

    Maybe if SEPA introduced Europe-wide instant payments. Although, to be fair, waiting one day is way safer because it gives you time to recall a payment, if made in error or fraudulently.
    • SouthLondonUser
    • By SouthLondonUser 1st Aug 17, 6:07 PM
    • 300 Posts
    • 44 Thanks
    SouthLondonUser
    Does any one know if Fineco, being an Italian bank, shows up in our credit files? I don't see mine, but that can well be because credit files may easily be months old. However, I do not even see any soft searches on my credit file.
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