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  • FIRST POST
    • Marchitiello
    • By Marchitiello 18th Jun 17, 8:37 PM
    • 253Posts
    • 91Thanks
    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 5
    • evangelos
    • By evangelos 7th Sep 17, 8:35 PM
    • 21 Posts
    • 9 Thanks
    evangelos
    You won't get charged a fee for converting currency between your accounts.
    I have done it and i have currently abandoned transferwise completely as they differ ~0.6% from the real exchange rate whereas fineco differs only ~0.15%.

    They are unbeatable in the current market with just 0.15% commission

    That section you quoted probably refers to using your debit card for paying in another currency.
    • Marco Miiyomo
    • By Marco Miiyomo 8th Sep 17, 10:28 AM
    • 3 Posts
    • 0 Thanks
    Marco Miiyomo
    You won't get charged a fee for converting currency between your accounts.
    I have done it and i have currently abandoned transferwise completely as they differ ~0.6% from the real exchange rate whereas fineco differs only ~0.15%.

    They are unbeatable in the current market with just 0.15% commission

    That section you quoted probably refers to using your debit card for paying in another currency.
    Originally posted by evangelos

    Thanks for clarifying that I won't get charged for moving my GBP to USD within my subaccounts

    What is the case that you get 0.15% commission? Is it the case that I exchange USD from my subaccount to (example) Philippine Pesos ?
    • Marchitiello
    • By Marchitiello 9th Sep 17, 8:33 PM
    • 253 Posts
    • 91 Thanks
    Marchitiello
    Hi Marchitiello....Marco here

    I live in London and I'm opening a Fineco multicurrency account in these days. I have a question which I hope you can answer

    Say that:
    1.
    I make a payment from my Barclays account into the Fineco multicurrency account of 100GBP
    As stated here UK bank transfers are FREE (£ 0,00):
    htt ps: //finecobank .co.uk/uk/joinus/foglio-informativo.html[can't add link as new user had to put a spaces]

    So I should receive 100GBP in full.
    2. Now I have 100GBP into the Fineco Multicurrency account
    3. I want to transfer these 100GBP internally to the sub.account in EUR. I should receive 100 x Conversion Rate ( at the moment of the transfer ).

    QUESTION: Will I get charged a FEE? Have you tried?
    As stated here:
    htt ps: //finecobank .co.uk/uk/joinus/foglio-informativo.html[can't add link as new user had to put a spaces]
    Currency conversion fee (for payments in a currency other than that of the Debit Card) are 1 %
    Originally posted by Marco Miiyomo
    Hi Marco,

    Yes, 100% of the gbp payment made to the uk sort code/account number will be credited.

    With regards to the conversion fees, I was not aware of that statement (edit: I have read the statement from the Fineco site and it refer to paying in a currency other then the one of the debit card, so for example paying with the Euro card here in UK or with the GBP card in a Euro country..) but I have both the GBP and EUR debit card, so I have never paid a fee (done numerous conversions over the last few months).
    Last edited by Marchitiello; 09-09-2017 at 9:56 PM.
    • Marco Miiyomo
    • By Marco Miiyomo 14th Sep 17, 4:47 PM
    • 3 Posts
    • 0 Thanks
    Marco Miiyomo
    Hi Marco,

    Yes, 100% of the gbp payment made to the uk sort code/account number will be credited.

    With regards to the conversion fees, I was not aware of that statement (edit: I have read the statement from the Fineco site and it refer to paying in a currency other then the one of the debit card, so for example paying with the Euro card here in UK or with the GBP card in a Euro country..) but I have both the GBP and EUR debit card, so I have never paid a fee (done numerous conversions over the last few months).
    Originally posted by Marchitiello
    Hi,

    I'm not referring to card payment, those I'm not interested about.

    What I'm looking for is to transfer £10000+ from the GBP account to the EURO sub-account and I was wondering if I will be charged this 1% or not
    • evangelos
    • By evangelos 14th Sep 17, 5:33 PM
    • 21 Posts
    • 9 Thanks
    evangelos
    Hmmm, it seems my previous answer did not get through, so let me rephrase it.

    When you do currency exchange in fineco it displays on your browser what is the conversion rate and how much you will receive.

    You will receive exactly that much, there are no hidden charges.

    The conversion rate displayed has a 0.15~0.20% deviation from the inter-bank exchange rate (as displayed by XE/google etc).

    That 0.15%-0.20% is fineco banks profit (call it what you want: commission/fee)

    Hope everything is clear now.
    • JGUK
    • By JGUK 14th Sep 17, 8:54 PM
    • 110 Posts
    • 16 Thanks
    JGUK
    Can you change the PINs on the debit cards ?
    Thanks
    JG
    • Marchitiello
    • By Marchitiello 14th Sep 17, 10:18 PM
    • 253 Posts
    • 91 Thanks
    Marchitiello
    Hi,

    I'm not referring to card payment, those I'm not interested about.

    What I'm looking for is to transfer £10000+ from the GBP account to the EURO sub-account and I was wondering if I will be charged this 1% or not
    Originally posted by Marco Miiyomo
    And as per my message as well as the ones from evangelos, there is no fee and the part you have quoted refer to debit card spend
    • Marchitiello
    • By Marchitiello 14th Sep 17, 10:19 PM
    • 253 Posts
    • 91 Thanks
    Marchitiello
    Can you change the PINs on the debit cards ?
    Originally posted by JGUK
    No, I think it was covered earlier in the thread
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