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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 4
    • SouthLondonUser
    • By SouthLondonUser 13th Aug 17, 7:46 AM
    • 300 Posts
    • 44 Thanks
    SouthLondonUser
    You get multiple accounts : EUR GBP USD CHF, each with a separate IBAN. You can send money from / receive into each account
    • eshroom
    • By eshroom 13th Aug 17, 11:45 AM
    • 101 Posts
    • 14 Thanks
    eshroom
    OK, thanks! And what about fees for international transfers from the various currency accounts?

    And regarding spending on my EUR card when I only have a GBP balance - presumably I won't be able to spend until I convert the money into EUR within my account right (even if the transaction is in GBP)?
    • eshroom
    • By eshroom 14th Aug 17, 10:24 AM
    • 101 Posts
    • 14 Thanks
    eshroom
    Fee sheet here: https://finecobank.com/uk/public/fogli-informativi/dettaglio?categoria=76210&cartella=contoeuro&area= pubblica

    Still a bit ambiguous - euro transfers free (from euro account), but international transfers £19.95.

    I'm assuming international euro transfers are free then...
    • Marchitiello
    • By Marchitiello 14th Aug 17, 5:05 PM
    • 248 Posts
    • 89 Thanks
    Marchitiello
    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?
    Originally posted by eshroom
    The main account is GBP with sub accounts in the other three currencies. If you transfer any of those currencies in your IBAN account, it will Credit in the right sub- account automatically. For reporting purposes only, it will give you an idea of your overall balance in GBP even for the other currencies applying a "reporting" exchange rate that vary throughout the trading day, but if you look in each of the 4 accounts, each will only have the real value in (not sure if I have explained it clearly enough).

    Have not tried any outward payment yet, but I think it should be possible to make payment in the chosen currency based on the available balance for that currency.

    Italy has a lot of anti money laundering laws, and until recently was one of the EU country with the lowest limit for any cash purchase, which was recently increased. I was also told by Fineco that it is no possible to deposit cash, only swift/ SEPA or UK bank transfers.
    • Marchitiello
    • By Marchitiello 14th Aug 17, 5:14 PM
    • 248 Posts
    • 89 Thanks
    Marchitiello
    You get multiple accounts : EUR GBP USD CHF, each with a separate IBAN. You can send money from / receive into each account
    Originally posted by SouthLondonUser
    Yes, but was told by Fineco that any payment to the GBP IBAN in one of the other 4 currencies will be credited in the right account
    • Marchitiello
    • By Marchitiello 14th Aug 17, 5:17 PM
    • 248 Posts
    • 89 Thanks
    Marchitiello
    Fee sheet here: https://finecobank.com/uk/public/fogli-informativi/dettaglio?categoria=76210&cartella=contoeuro&area= pubblica

    Still a bit ambiguous - euro transfers free (from euro account), but international transfers £19.95.

    I'm assuming international euro transfers are free then...
    Originally posted by eshroom
    If the Euro account receiving is in a SEPA country then would be free, but if you send EURO to a US bank account the you pay the fee
    • eshroom
    • By eshroom 14th Aug 17, 8:38 PM
    • 101 Posts
    • 14 Thanks
    eshroom
    I spoke to Fineco and they confirmed SEPA transfers are all free.

    In testing I am unable to transfer to my TSB account, i get error "It is not possible to order the bank transfer to the BIC provided." both on app and desktop. I got the same error with my Starling and Revolut account details.

    However, HSBC, Halifax and Lloyds TSB worked fine.

    I am not too surprised about Revolut. Starling is a proper bank so I am surprised that didn't work and the fact transfers to TSB don't work I think is really poor. Customer care were not able to provide a reason but said they would raise a ticket.

    There was also confusion around transfer time as customer care told me they use Lloyds in the UK for their transfers and so they are same day if initiated in the morning, otherwise next day. I pointed out that online banking gives an earliest Debit date of 4 days time, which left them a bit stumped.

    I also got conflicting info regarding changing pin, one person said I could another said I couldn't. I tried to change pin at a cash point and got an error message, so I assume it can't be changed.

    All in all, for me wanting a current account in euros with a debit card to match, this works and is easier than opening an account in the eurozone, but overall there is still a lot of work to be done.
    • SouthLondonUser
    • By SouthLondonUser 15th Aug 17, 10:32 AM
    • 300 Posts
    • 44 Thanks
    SouthLondonUser
    I have a Fineco EUR debit card. I tried to use it to pay in euros at a restaurant (in Italy, of all places) and it was declined because of ‘insufficient funds’. I also got text notifications telling me as much. I called the bank; they first said the card was linked to my GBP account, which does in fact have an insufficient balance for the transaction. I pointed out they were wrong: the card should be linked to the EUR account – the words EUR are very clearly written on the card. The call centre guy put me on hold, did some checks, then apologised, acknowledge I was right, but said they have to look into it with their technical team. Not sure how long this will take, because all the Fineco staff is based in Italy, which is notorious for shutting down in August, especially today and this week (August 15th is a big holiday).
    • Marchitiello
    • By Marchitiello 15th Aug 17, 11:50 AM
    • 248 Posts
    • 89 Thanks
    Marchitiello
    It may be just a glitch. I have used the card in two Euro countries so far, the latest being Italy last week on a business trip with a supplier. I have used the card for paying restaurants, supermarket shopping and toll roads, all without glitches, just making sure I transferred the funds at least two days in advance as it takes that long to really show the exchanged amount in the Euro account balance, albeit it shows in the available balance almost immediately but without details of the transaction. To this purpose, I have started to "print screen" from the app the confirmation of the currency exchange value so that I know exactly how much it was streight away.
    • eshroom
    • By eshroom 15th Aug 17, 11:58 AM
    • 101 Posts
    • 14 Thanks
    eshroom
    Their rates are very competitive. ��
    • SouthLondonUser
    • By SouthLondonUser 15th Aug 17, 1:17 PM
    • 300 Posts
    • 44 Thanks
    SouthLondonUser
    Has any one done the homework of comparing Fineco's trading fees with those of ordinary UK brokers? Or should this go in the investment section? Last time I checked, brokers which offered trading in currencies other than GBP tended to apply considerably higher forex fees than Fineco, so that alone might be a selling point.

    @Marchitiello, sure it's a glitch, but a rather serious one! There was no ATM nearby; in the end I paid with a UK card, but what if Fineco's had been the only card in my wallet? Would I have had to wash dishes at the restaurant?
    • eshroom
    • By eshroom 16th Aug 17, 11:26 PM
    • 101 Posts
    • 14 Thanks
    eshroom
    Spoke to the same operator today by complete coincidence. Really friendly.

    I had him try my Starling, Revolut and TSB accounts and all failed. He was surprised by this and asked if they are real banks (2 of those are real banks and 1 is a full on high street bank).

    He put me on hold and after telling me I have too many bank accounts, he explained that Fineco have an issue with faster payments in the UK and so process payments via swift using a sort code (this is the same reason payments take 3+ days to arrive). For some sort codes they are unable to automatically find a corresponding swift code and so the payment fails.

    In this case he explained my only option is to manually enter it as an international bank transfer using IBAN and swift/bic and pay the corresponding fees (£19.95 plus incoming international bank transfer fees from receiving bank).

    He said they are working on gaining full access to the faster payments system but need to jump through some regularity hoops as they are not a UK bank. They hope to do this soon.

    In the meantime certain UK accounts cannot receive "non-international" payments from Fineco UK.
    • DesG
    • By DesG 21st Aug 17, 10:19 AM
    • 1,235 Posts
    • 440 Thanks
    DesG
    Made a payment of £1000 to a UK account using the bank transfer option (not the international option), only £994 turned up.
    • eshroom
    • By eshroom 22nd Aug 17, 3:45 PM
    • 101 Posts
    • 14 Thanks
    eshroom
    Hmmm. Not great of them. I was told on the phone that receiving GBP transfers may be subject to receiving bank fees too as although they appear to be UK bank transfers, they actually send them using SWIFT as international transfers, and some banks charge to receive these. But they weren't really clear on this. If you check your banking fees you will probably find your UK bank charge you £6 to receive international transfers.

    I received this via email: "With regards to your request about bank transfers, we would like to inform you that for domestic payments out we are using SWIFT channel and it seems that the bank Allied Irish with BIC code AIBKGB2L does not adhere to SWIFT payments."

    As I never asked about Allied Irish, I suspect this is a pretty common issue with lots of banks and they sent me a template without changing the details.

    FWIW They said they are working on fast bank transfer and should have them implemented "soon".
    Last edited by eshroom; Yesterday at 4:27 PM.
    • DesG
    • By DesG 22nd Aug 17, 4:04 PM
    • 1,235 Posts
    • 440 Thanks
    DesG
    I sent them a complaint to the official email address they advise and it bounced back as their DNS is messed up.


    Is this a bank or some kid running a website in his bedroom, lol.

    Generando servidor: SRVVMX13.grupofineco.com
    complaints@fineco.com
    Remote Server returned '554 5.4.4 SMTPSEND.DNS.MxLoopback; DNS records for this domain are configured in a loop'
    • eshroom
    • By eshroom 22nd Aug 17, 4:29 PM
    • 101 Posts
    • 14 Thanks
    eshroom
    They are very responsive on phone. They also suggest getting in contact via the Contact US in the client are and I received an email from support@finecobank.com. Hope this helps.
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