Fineco Bank multicurrencies account

stphnstevey

colsten wrote: »

Thanks for your comments, I have made some updates in my post. I had already mentioned that there is protection for the banking deposits from the Italian equivalent of FSCS but I totally disagree that there is therefore only a remote risk of losing one's entire deposit. I have been at the receiving end of the Icesave collapse and will never suggest that a non-FSCS guarantee scheme provides good protection for a UK-based depositor, especially if they might not speak the language the protection scheme uses and if they don't have citizenship of the country in question. Add to that that Brexit uncertainty is looming large, and I believe the risk to non-FSCS-protected deposits is too high for any UK-domiciled depositor looking for safety. It remains, of course, the decision of the depositor but I'll not encourage anyone to take risks.

The time outgoing payments take is a real killer feature IMO, and not in a good way! My small test payment requested at 12:00 on Thursday 18th April (day before Good Friday) took until Thursday 25th April to arrive. One entire week!!! :eek: I was told that the delay was due to "the Easter feast", and that "In general, the outgoing bank transfers, inserted before the cut offs (2 PM), are executed one working day after". This is like travelling back into the past. I do like history and tradition, but not when it comes to making electronic bank transfers

I think you could have anticipated the Easter break and you are too used to the faster payment system

colsten

stphnstevey wrote: »

I think you could have anticipated the Easter break and you are too used to the faster payment system

Who says I did not anticipate the Easter break? How "used to faster payments" am I allowed to be? Why can't I be critical of electronic payments that take 7 days longer than they take with, literally, dozens of other accounts we all have access to? And that don't even comply with the EU Payments Services Directive (under which my payment should have arrived no later than close of business on Tuesday 23rd April)?

stphnstevey

colsten wrote: »

Who says I did not anticipate the Easter break? How "used to faster payments" am I allowed to be? Why can't I be critical of electronic payments that take 7 days longer than they take with, literally, dozens of other accounts we all have access to? And that don't even comply with the EU Payments Services Directive (under which my payment should have arrived no later than close of business on Tuesday 23rd April)?

7 calendar days, including 2 bank holidays and a weekend is really 3 banking days, which is not much off the estimated 1 to 2 banking days SEPA payments are estimated - can you hear my tiny violin playing for you?

colsten

stphnstevey wrote: »

7 calendar days, including 2 bank holidays and a weekend is really 3 banking days, which is not much off the estimated 1 to 2 banking days SEPA payments are estimated - can you hear my tiny violin playing for you?

watch out that you don't get ear ache

Alexland

We opened accounts for the referral bonuses but are not particularly impressed and cannot see Fineco working as a routine bank account with the slow payments. Santander even send an e-document PDF after receiving international money to confirm no fees were charged. Their product doesn't seem good enough to be worth promoting.

For the passport scan we just uploaded the same image twice and they seemed happy. Once the bonuses are safe the accounts will get closed.

stphnstevey

Alexland wrote: »

We opened accounts for the referral bonuses but are not particularly impressed and cannot see Fineco working as a routine bank account with the slow payments. Santander even send an e-document PDF after receiving international money to confirm no fees were charged. Their product doesn't seem good enough to be worth promoting.

For the passport scan we just uploaded the same image twice and they seemed happy. Once the bonuses are safe the accounts will get closed.

Think this depends on what you use the account for

Moving all your banking here, no

As a cheap FX, its one of the cheapest. For large amounts you would struggle to find a good alternative. For anyone living or with a strong association with Euro land or elsewhere, it may benefit them

For holiday money, its euro card (not having used it yet and others mentioning some issues) is not the best, but good enough as a back up at least

For trading, its fine. Combined with the FX it opens up international share dealing at hugely lower FX costs than most of the more well known platforms, even ii which is the go to for international shares for lots of people

The "slower" withdrawal times are similar to what I have experienced with Revolut, I dont need the money urgently, so for me its not an issue

If you dont need any of the benefits above, now or potentially in the future, then the small annoyance of slower withdrawal times may cause you to close the account, particularly if you were only after the bonus anyway

Alexland

We don't have any need for the multi currency aspect and are only going for the bonuses.

I referred my wife for a new account and we sent a test £1 transfer again from our joint Santander account (in advance of the £1k transfer) and it has been rejected with an email saying "The bank transfer Payer's name does not correspond to the name indicated in the contract".

So are you only allowed to make transfers to Fineco from your own named bank account? Looks like they don't bother checking the second name on a joint account - have seen this before elsewhere.

Alex

bazwaldo

Any help appreciated.


Doing the application:
Tax residency...asking for tin or utr...would this be my NI number ?

At the passport section it requests issue municipality....where on passport does it give this info ?


Thanks

colsten

bazwaldo wrote: »

Tax residency...asking for tin or utr...would this be my NI number ?

NI number is sufficient. You do also have a UTR, which you can see in your personal tax account

bazwaldo wrote: »

At the passport section it requests issue municipality....where on passport does it give this info ?

Doesn't yours show the Authority on the line with the issue date? Mine says IPS (Identity and Passport Service)

bazwaldo

colsten wrote: »

NI number is sufficient. You do also have a UTR, which you can see in your personal tax account

Doesn't yours show the Authority on the line with the issue date? Mine says IPS (Identity and Passport Service)

Thanks for info


Wow, that was 1000% harder to get £100 than get £50 out of santander, but got there in the end.