Fineco Bank multicurrencies account

DaveC07510

Hi, I've just applied for a Fineco joint account with two euro debit cards. Heard nothing, so emailed.

Received a reply that Fineco are having issues with sending verification texts to O2, GiffGaff and Tesco phones. Anyone else having this issue?

Anyway, assuming I get the cards, I just wanted to check that what I wanted to do was the best way to do it.

I've got a Barclays Foreign Currency Account (euro), but as you all probably know, it is pretty useless. You can only get money out from a branch, by IBAN or bank transfer. No cards, no cheque book.

Am I right in saying that I can send euros from my Barclays euro account to the Fineco account via bank transfer? Or is there a better way?

jbryce

When I opened it, they said there would be a £2.95 charge for the card. They took it at the end of the quarter after I opened the account.

LegacyMjr

I need to transfer euros to another euro account not in Italy (Portugal) would this be free once the euros are in my Fineco account

Marchitiello

LegacyMjr wrote: »

I need to transfer euros to another euro account not in Italy (Portugal) would this be free once the euros are in my Fineco account

As I understand SEPA transfers are all free

ian_h

Can anyone confirm whether these accounts appear on a UK credit Report please?

Speedy23

Hi Guys,
I have an italian account but now I have to change this because I became a UK resident.
On internet I have found this Fineco multicurrency account but I have a question regarding this account.


At moment I have money in euro on my italian account and once opened this fineco account I would like to know if is possible to leave the money into the Euro currency and if to do this I have to make a transfer from italian account to UK account Fineco using the Italian Iban Fineco or UK sort code?


Sometimes I use Transferwise for moving money but I read this Fineco account has less waste of money right?


Thank you all for your help.

ian_h

Speedy23 wrote: »

Hi Guys,
I have an italian account but now I have to change this because I became a UK resident.
On internet I have found this Fineco multicurrency account but I have a question regarding this account.


At moment I have money in euro on my italian account and once opened this fineco account I would like to know if is possible to leave the money into the Euro currency and if to do this I have to make a transfer from italian account to UK account Fineco using the Italian Iban Fineco or UK sort code?


Sometimes I use Transferwise for moving money but I read this Fineco account has less waste of money right?


Thank you all for your help.

If you open a new Fineco account you essentially can have two "accounts" within one.

A GBP£ account and a EUR€ account each with its own account number / IBAN details.

To keep the funds in Euro you would use the IBAN details for your EUR€ account.

The big difference between Fineco and Transferwise that I can see is that you don't get charged for transfer out to other accounts.

So you could for example hold your funds un EURO and settle euro denominated bills directly from that account by bank transfer or if you decide you needed to convert some EUR to GBP you could either do it between your Fineco accounts or if you can get a better rate at say Transferwise or Revolut you could transfer funds to them still in EUR to benefit from their improved rate.

Speedy23

Thank you for your reply.

Is possible to use this account like a trading forex for changing Euro to GPB and viceversa when is convenient an for earning some money?


In this case if you change Euro to GBP and viceversa few time a month is possible to have any control or account declined?

Thank you in advance.

pantaiema

jbryce wrote: »

An update as someone DM'ed me with a question.

I withdrew €20 (that was the minimum withdrawal) from the Raphaels Bank ATM at Piccadilly Circus. It took €20 out of my account.

What card are you using? Joyce is it Revolut with euro balance on it? Did you see any other charges part from the amount you withdrew?

stphnstevey

Anyone using this for trading?
It appears you can buy ETFs listed on US stock exchanges, which you can't do with most UK brokers. Not tested a purchase yet though
Anyone use the free downloadable trading software?