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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.
  • 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.
  • stphnstevey
    stphnstevey Posts: 3,227 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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 lowest
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Hi all,

    Looking for feedback on this bank, what are the benefits to getting this account other than the referral bonus?
    Apart from possibly a Euro debit card - none that I could find. The major drawback for me is the lack of FSCS protection. Having had a need twice to call on FSCS, I value it enormously.
    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.
    Don't forget that Fineco has no FSCS protection. Whilst they do offer the benefits of the Italian equivalent, I wouldn't want to negotiate with an Italian compensation scheme if the need arose.

    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.
  • 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.
  • 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.
  • is it not possible to just deposit 1k and take it out as cash with the debit card?
  • 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...)
  • 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...)
    Apologies, you are correct. Transferwise only allocate an IBAN for their European accounts, for their other currencies, they offer the following:

    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.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    is it not possible to just deposit 1k and take it out as cash with the debit card?
    Yes it is. Just what I did.
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