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Fineco Bank multicurrencies account
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Hi all,
Looking for feedback on this bank, what are the benefits to getting this account other than the referral bonus?
Seems there have been some drawbacks, from reading previous posts.0 -
snowqueen555 wrote: »Hi all,
Looking for feedback on this bank, what are the benefits to getting this account other than the referral bonus?
Seems there have been some drawbacks, from reading previous posts.
This account is perfect if you receive funds in USD/EUR/other supported currencies on a regular basis and want to convert them to GBP at the best possible rates and send them to your UK accounts. They offer forex rates very close to the interbank rates and unlike Transferwise for example, they don't charge any fees to convert between currencies - ideal for large sums. Only thing to be wary about is that they send GBP funds to UK banks via SWIFT. Whilst Fineco don't charge to send SWIFT payments to UK, most UK banks charge to receive SWIFT payments if over a certain amount (I think GBP 100). However you can bypass this charge if you open a Nationwide or Starling bank account as these 2 don't charge for incoming SWIFT payments, irrespective of amount.0 -
Highland76 wrote: »This account is perfect if you receive funds in USD/EUR/other supported currencies on a regular basis and want to convert them to GBP at the best possible rates and send them to your UK accounts. They offer forex rates very close to the interbank rates and unlike Transferwise for example, they don't charge any fees to convert between currencies - ideal for large sums. Only thing to be wary about is that they send GBP funds to UK banks via SWIFT. Whilst Fineco don't charge to send SWIFT payments to UK, most UK banks charge to receive SWIFT payments if over a certain amount (I think GBP 100). However you can bypass this charge if you open a Nationwide or Starling bank account as these 2 don't charge for incoming SWIFT payments, irrespective of amount.
Not quite true, there is a cost for FX, it's just not explicit like TransferWise
Compare rates to Revolut and you will see the difference
Although small, there is a cost, but it is still competitive and one of the lowest0 -
snowqueen555 wrote: »Hi all,
Looking for feedback on this bank, what are the benefits to getting this account other than the referral bonus?Highland76 wrote: »This account is perfect if you receive funds in USD/EUR/other supported currencies on a regular basis and want to convert them to GBP at the best possible rates and send them to your UK accounts. They offer forex rates very close to the interbank rates and unlike Transferwise for example, they don't charge any fees to convert between currencies - ideal for large sums. Only thing to be wary about is that they send GBP funds to UK banks via SWIFT. Whilst Fineco don't charge to send SWIFT payments to UK, most UK banks charge to receive SWIFT payments if over a certain amount (I think GBP 100). However you can bypass this charge if you open a Nationwide or Starling bank account as these 2 don't charge for incoming SWIFT payments, irrespective of amount.
Also, for Euro transactions, I can't see any reason why you wouldn't just use Starling, anyway. For USD transactions, I would personally use Transferwise.0 -
stphnstevey wrote: »Not quite true, there is a cost for FX, it's just not explicit like TransferWise
Compare rates to Revolut and you will see the difference
Although small, there is a cost, but it is still competitive and one of the lowest
I've no idea about Revolut but Transferwise is widely regarded as offering the best forex rates in the UK, ie very close to the interbank rate. From my own experience Fineco beats Transferwise's rates (not by much though) but unlike Transferwise, doesn't charge any fees.
Whilst its true Fineco doesn't have any UK FSCS protection, you can minimize the risk of losing your money by simply converting & transferring to UK any incoming funds almost immediately, ie don't keep any large amounts for more than a day or two.0 -
Just checked Revolut and they don't offer an IBAN account in other major currencies such as USD/CAD/AUD etc like Fineco & Transferwise do. They only offer an IBAN in EUR.0
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is it not possible to just deposit 1k and take it out as cash with the debit card?0
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Highland76 wrote: »Just checked Revolut and they don't offer an IBAN account in other major currencies such as USD/CAD/AUD etc like Fineco & Transferwise do. They only offer an IBAN in EUR.
Transferwise don't offer an IBAN for USD accounts. I don't use CAD or AUD so can't vouch for those personally, but Transferwise don't seem to claim that they provide IBANs there either - it's not normal for those markets.
https://transferwise.com/gb/iban/A SWIFT code gives details of the country and bank a transfer is headed to, while an IBAN contains enough information to identify the exact bank account needed, too. IBANs are issued for all accounts in the EU, Norway, Switzerland, Liechtenstein and Hungary.
Routing numbers, on the other hand, are used by banks and other financial institutions for domestic money transfers within the United States. They’re similar to SWIFT codes, but while the SWIFT system is used internationally, routing numbers only work for transfers made within the US.
(I know Hungary is in the EU, but I'm just quoting Transferwise...)0 -
londoninvestor wrote: »Transferwise don't offer an IBAN for USD accounts. I don't use CAD or AUD so can't vouch for those personally, but Transferwise don't seem to claim that they provide IBANs there either - it's not normal for those markets.
https://transferwise.com/gb/iban/
(I know Hungary is in the EU, but I'm just quoting Transferwise...)
Australian account number and BSB code
British account number and sort code
US account number and routing number
New Zealand account number
https://transferwise.com/gb/borderless/
Fineco on the other hand offer a unique IBAN for each currency which I guess they can do as the accounts are all Italy based.0 -
snowqueen555 wrote: »is it not possible to just deposit 1k and take it out as cash with the debit card?0
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