Fineco Bank multicurrencies account

Aidanmc

Use the last 8 digits of the account number.
I think its regular bank transfer but be aware some UK banks charge for receiving these payments from Fineco. Nationwide and Santander do not as far as i know. Also takes a few days to go through.

colsten

tryin wrote: »

And when I'm taking the money back out to my regular english account, is that a regular bank transfer, or an international bank transfer?

If you have the GBP Debit Card, just withdraw the cash, then deposit it straight away into your regular bank account. That's the fastest, and won't cost anything if you use a free ATM.

Otherwise you can make a payment to your UK bank account from your Fineco account, which will be processed as an international electronic funds transfer. Some banks will charge for receiving money that way.

Aidanmc

Regarding funding the Fineco account with £1000, is it necessary the payment comes from a UK account in same name as the Fineco account or can it come from another person?

Emily_Joy

It appears Mr has infinite troubles with Fineco. First they didn't like the fact that he uploaded identical images of his UK passport (claiming this is not enough to verify who he is). So he had to send both sides by email. Then he received a call from them asking him to provide another (EU) passport he has. He sent this by email, to the same address. Then he got another phone call saying they haven't received anything. So he sent it again. 12 hours later he received an email saying his application has been declined because it wasn't properly signed but he can re-apply.

colsten

Aidanmc wrote: »

Regarding funding the Fineco account with £1000, is it necessary the payment comes from a UK account in same name as the Fineco account or can it come from another person?

They don't say so in the T&Cs but if you want to be certain, you'd have to ask them.

michaels

They have launched 8 new currencies but not sure what facilities this gives you - for example can you have a USD or Rand debit card or make domestic bank transactions in these countries?

Emily_Joy

michaels wrote: »

They have launched 8 new currencies but not sure what facilities this gives you - for example can you have a USD or Rand debit card or make domestic bank transactions in these countries?

Alas, no debit cards and no domestic transactions. Based on IBANs the accounts are Italian.

stphnstevey

DesG wrote: »

From their T&C's since no-one else has posted them so far:-

Currency exchange
GBPEUR 15 bps
GBPUSD 15 bps
GBPCHF 50 bps

https://finecobank.com/uk/public/fogli-informativi/dettaglio?categoria=76210&cartella=contoeuro&area=pubblica

Is this the rates then, so for GBPUSD is spot rate plus 0.15%?

michaels

Emily_Joy wrote: »

Alas, no debit cards and no domestic transactions. Based on IBANs the accounts are Italian.

So only of use for currency speculation?

wizzywig27

Just in case anyone is wondering I transferred 1p from my Barclays to Fineco and back and didn't receive a charge.

On Friday I transferred in £1000 to my Fineco, on Saturday it showed and I transferred it back out to my Barclays account and received a £6 charge.

On the information section it does state a CHAPS payment in GBP. There T&C's state there is a £6 payment for 'Receiving currency or international payments (outside SEPA)' - but carrying out a quick google search it seems that Italy is within SEPA, and that doesn't explain why I didn't get a charge for the 1p.

Been on the phone to them for one hour and I am still discussing it. He advises that Barclays didn't charge me (as they don't charge for incoming payments) but their T&C's above state they do (but not in this situation). He is trying to blame Fineco, yet Fineco would issue the charge (transfer £996 not £1000). Its a bit of a mess. If I knew they would charge me I would have sent to my Santander account who I know do not charge