Fineco Bank multicurrencies account

Marchitiello · 18 June 2017 at 8:37PM

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.

pmduk · 19 June 2017 at 6:15PM

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 · 19 June 2017 at 6:49PM

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 · 20 June 2017 at 1:24AM

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 · 20 June 2017 at 10:52AM

wendyfungwt wrote: »

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.

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.

Marchitiello · 20 June 2017 at 3:43PM

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 · 20 June 2017 at 5:46PM

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 · 21 June 2017 at 8:20AM

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 · 21 June 2017 at 9:39AM

Marchitiello wrote: »

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.

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 · 21 June 2017 at 12:02PM

eDicky wrote: »

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.

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 · 21 June 2017 at 12:15PM

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.

Fineco Bank multicurrencies account

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