Fineco Bank multicurrencies account

Emily_Joy

Just checked my Fineco account and got an offer (banner style) saying that if I apply for a EUR card by 23rd of May it will be free for 3 years. Then it says as usual in small print that the first card is free, and the second one is £9.?? per year and so on.

Just wondering if anyone have tried to clarify this offer?

DIYhelp76

In my banner offer for this I think it definitely said the second Euro card would be free for the first three years and only chargeable after that. So you could use it for three years and then cancel.

You would have to pay the £2.95 shipping cost.

If you want absolute clarification, give them a call on their freephone number - I called about something else and they answered quickly and seemed very efficient - 0800 640 6465.

michaels

Is there actually any fees/ exchange rate advantage to converting funds to EUR and then using their EUR debit card over just using the GBP debit card for EUR transactions and having fb convert from GBP each time you spend?

Aidanmc

michaels wrote: »

Is there actually any fees/ exchange rate advantage to converting funds to EUR and then using their EUR debit card over just using the GBP debit card for EUR transactions and having fb convert from GBP each time you spend?

I read somewhere that there was a 1% transaction fee for transactions not in same currency as the card being used.

colsten

I received the following email today. Bottom line is, IMO, that nothing changes for existing and prospective account holders.

I have the pleasure of informing you of an important step in our bank's history.

Yesterday the UniCredit Group sold a significant portion of its equity interest in FinecoBank on the market. As a result of this transaction, UniCredit is no longer controlling shareholder and FinecoBank is now an independent company.

The transaction was motivated by the limited synergies between UniCredit and Fineco, which in fact has always been managed as an independent company. It is an extraordinary success story in the financial services industry, with a unique business model recognised in Italy and abroad.

This change was the natural next step in an ongoing process of growth that year after year has seen our bank surpass increasingly ambitious milestones, as also borne out by our most recent earnings results.

As an independent company, we are now even more closely focused on fully implementing our development strategy.

There are a few other fundamental points I would like to emphasise:

Solidity
Fineco is and will remain an extremely solid bank. Listed on the stock exchange since 2014, it is now one of Italy's largest banks, in addition to occupying first place in terms of reputation.* Our customer base is constantly growing and our assets remain robust and well diversified.

Management
The company's “historical” management is still by my side. We have been with Fineco since the beginning and we have watched it grow, while staying true to its key values of transparency, innovation and efficiency to simplify our customer experience, day after day. The Board of Directors will also remain unchanged until the end of its normal term and then renewed at the subsequent shareholders' meeting.

Services
Fineco's services and account conditions will not change.

Lastly, I would like to extend my personal thanks to the over 1.3 million customers whose trust and passion have made it possible for Fineco to become what it is today. A bank that will never tire of innovating and that – now more than ever – looks to the future with great optimism and a fresh, new energy.

Alessandro Foti
Chief Executive Officer and General Manager of FinecoBank

wizzywig27

when depositing the £1000 does this have to be in one go or can it be done in 2-3 separate transfers?

Waldir

> when depositing the £1000 does this have to be in one go or can it be done in 2-3 separate transfers?

I'm not sure, but maybe play it safe with a single transfer: Fineco didn't want to give me the bonus because I initially funded the account by making a transfer in USD, which I then converted to more than 1000 GBP. They said it needed to be a transfer from a UK account

colsten

wizzywig27 wrote: »

when depositing the £1000 does this have to be in one go or can it be done in 2-3 separate transfers?

There is nothing in the T&Cs that requires a single transfer of £1,000.

Alexland

colsten wrote: »

There is nothing in the T&Cs that requires a single transfer of £1,000.

My reading of the offer terms is that it needs to be a single transfer "Make a bank transfer by 18/06/2019 to the Fineco UK account for at least £1,000".

colsten

Alexland wrote: »

My reading of the offer terms is that it needs to be a single transfer "Make a bank transfer by 18/06/2019 to the Fineco UK account for at least £1,000".

I would put that down to their translation but if you want to be on the safe side, make it a single payment. Given the time it takes to get money in and out of the account, one larger payment is less painful.