Fineco Bank multicurrencies account

Highland76

Psyduck1980 said:

Did I imagine it or did someone compile a list of UK banks who DO NOT charge a fee to receive sterling transfers from Fineco multi currency accounts? I seem to recall that Nationwide didn’t charge but I can’t remember the others. 

From the top of my head, the following banks/BS don't charge for receiving incoming SWIFT payments in GBP,  irrespective of amount:
Nationwide
Starling
There might a few others but the likes of HSBC incl FD, Barclays, LBG, Natwest/RBS etc definitely do charge.

Rexxx

Sorry if I’m bumping

I’m going away at the end of next month and wish to use Fineco EUR.

What is the best option, send GBP and convert within Fineco or convert on Revolut and send to Fineco IT IBAN

Im assuming you can do both - with the former just being a better option due to possibly better rates?

How long does FP/SEPA inbound take respectively?

Marchitiello

Do you have the EUR debit card? Fineco issues two debit cards, one in GBP and one in EUR. the first card is free the second is optional and carries a fee. They would also charge you a shipping fee as the cards are shipped via DHL from Italy.

So, back to your question, if you have the EUR card, it is conveniente to send GBP via bank transfer to the UK sort code /bank account. UK payment into Fineco can take up to 24 hours but can be same day, as it depend of the time of the day this is done. Once in Fineco, you can convert it at the seen rate but again it can take up to 24 hours to clear the converted amount for use with the EUR debit card, and if you want to send it via SEPA out, I cannot remember but it may not be fast (over the last 2 years I simply sent the money there to convert and spend via debit card, no SEPA payment 

OceanSound

Rexxx said:

Sorry if I’m bumping

I’m going away at the end of next month and wish to use Fineco EUR.

What is the best option, send GBP and convert within Fineco or convert on Revolut and send to Fineco IT IBAN

Im assuming you can do both - with the former just being a better option due to possibly better rates?

How long does FP/SEPA inbound take respectively?

Note that fineco charges courier charges for shipping debit card. Not much, but I felt it's worth a mention.

If you ever need to cancel, it needs to be done by calling support or writing a letter with your signature. You can then post it or take photo of it and email.

Need a lot of patience dealing with support as some of the replies have clearly been Google translated or some support personell not on the ball (may just have been the support person that dealt with me).

Rexxx

Marchitiello said:

Do you have the EUR debit card? Fineco issues two debit cards, one in GBP and one in EUR. the first card is free the second is optional and carries a fee. They would also charge you a shipping fee as the cards are shipped via DHL from Italy.

So, back to your question, if you have the EUR card, it is conveniente to send GBP via bank transfer to the UK sort code /bank account. UK payment into Fineco can take up to 24 hours but can be same day, as it depend of the time of the day this is done. Once in Fineco, you can convert it at the seen rate but again it can take up to 24 hours to clear the converted amount for use with the EUR debit card, and if you want to send it via SEPA out, I cannot remember but it may not be fast (over the last 2 years I simply sent the money there to convert and spend via debit card, no SEPA payment 

Hello there - yes the EUR card is what I requested when applying so I should have it soon.

Thanks for the heads up around the delay converting from GBP to EUR - this was why I partly considered converting in Revolut and sending it to the ITXXX etc via SEPA rather than the sort code & account number via FP (I had read this could be quicker?) - but I suppose that might defeat the object of getting a good rate with Fineco? Is it a great deal better than the likes of Revolut?

I guess I can test out both methods with a few testers…

Rexxx

OceanSound said:

Rexxx said:

Sorry if I’m bumping

I’m going away at the end of next month and wish to use Fineco EUR.

What is the best option, send GBP and convert within Fineco or convert on Revolut and send to Fineco IT IBAN

Im assuming you can do both - with the former just being a better option due to possibly better rates?

How long does FP/SEPA inbound take respectively?

Note that fineco charges courier charges for shipping debit card. Not much, but I felt it's worth a mention.

If you ever need to cancel, it needs to be done by calling support or writing a letter with your signature. You can then post it or take photo of it and email.

Need a lot of patience dealing with support as some of the replies have clearly been Google translated or some support personell not on the ball (may just have been the support person that dealt with me).

Hmm - I did chat with Fineco earlier about charges including delivery and the agent said “if you only chose the EUR one it is free of charges” and when I specifically said about there being no cost per annum or for delivery they said “exactly - no charges for the card” 🤔

wmb194

Rexxx said:

OceanSound said:

Rexxx said:

Sorry if I’m bumping

I’m going away at the end of next month and wish to use Fineco EUR.

What is the best option, send GBP and convert within Fineco or convert on Revolut and send to Fineco IT IBAN

Im assuming you can do both - with the former just being a better option due to possibly better rates?

How long does FP/SEPA inbound take respectively?

Note that fineco charges courier charges for shipping debit card. Not much, but I felt it's worth a mention.

If you ever need to cancel, it needs to be done by calling support or writing a letter with your signature. You can then post it or take photo of it and email.

Need a lot of patience dealing with support as some of the replies have clearly been Google translated or some support personell not on the ball (may just have been the support person that dealt with me).

Hmm - I did chat with Fineco earlier about charges including delivery and the agent said “if you only chose the EUR one it is free of charges” and when I specifically said about there being no cost per annum or for delivery they said “exactly - no charges for the card” 🤔

Its website says a shipping fee of £2.95.

https://uk.finecobank.com/pricing/#banking

Rexxx

wmb194 said:

Rexxx said:

OceanSound said:

Rexxx said:

Sorry if I’m bumping

I’m going away at the end of next month and wish to use Fineco EUR.

What is the best option, send GBP and convert within Fineco or convert on Revolut and send to Fineco IT IBAN

Im assuming you can do both - with the former just being a better option due to possibly better rates?

How long does FP/SEPA inbound take respectively?

Note that fineco charges courier charges for shipping debit card. Not much, but I felt it's worth a mention.

If you ever need to cancel, it needs to be done by calling support or writing a letter with your signature. You can then post it or take photo of it and email.

Need a lot of patience dealing with support as some of the replies have clearly been Google translated or some support personell not on the ball (may just have been the support person that dealt with me).

Hmm - I did chat with Fineco earlier about charges including delivery and the agent said “if you only chose the EUR one it is free of charges” and when I specifically said about there being no cost per annum or for delivery they said “exactly - no charges for the card” 🤔

Its website says a shipping fee of £2.95.

https://uk.finecobank.com/pricing/#banking

I’ll certainly leave £2.95 in the GBP account for safe keeping! 

OceanSound

Rexxx said:

OceanSound said:

Rexxx said:

Sorry if I’m bumping

I’m going away at the end of next month and wish to use Fineco EUR.

What is the best option, send GBP and convert within Fineco or convert on Revolut and send to Fineco IT IBAN

Im assuming you can do both - with the former just being a better option due to possibly better rates?

How long does FP/SEPA inbound take respectively?

Note that fineco charges courier charges for shipping debit card. Not much, but I felt it's worth a mention.

If you ever need to cancel, it needs to be done by calling support or writing a letter with your signature. You can then post it or take photo of it and email.

Need a lot of patience dealing with support as some of the replies have clearly been Google translated or some support personell not on the ball (may just have been the support person that dealt with me).

Hmm - I did chat with Fineco earlier about charges including delivery and the agent said “if you only chose the EUR one it is free of charges” and when I specifically said about there being no cost per annum or for delivery they said “exactly - no charges for the card” 🤔

wmb194 said:

Rexxx said:

OceanSound said:

Rexxx said:

Sorry if I’m bumping

I’m going away at the end of next month and wish to use Fineco EUR.

What is the best option, send GBP and convert within Fineco or convert on Revolut and send to Fineco IT IBAN

Im assuming you can do both - with the former just being a better option due to possibly better rates?

How long does FP/SEPA inbound take respectively?

Note that fineco charges courier charges for shipping debit card. Not much, but I felt it's worth a mention.

If you ever need to cancel, it needs to be done by calling support or writing a letter with your signature. You can then post it or take photo of it and email.

Need a lot of patience dealing with support as some of the replies have clearly been Google translated or some support personell not on the ball (may just have been the support person that dealt with me).

Hmm - I did chat with Fineco earlier about charges including delivery and the agent said “if you only chose the EUR one it is free of charges” and when I specifically said about there being no cost per annum or for delivery they said “exactly - no charges for the card” 🤔

Its website says a shipping fee of £2.95.

https://uk.finecobank.com/pricing/#banking

Sounds exactly how I remember dealing with Fineco. Left hand doesn't know what the right hand is doing. i.e. Support staff unaware of what's on their own website! probably better than revolut though. i.e. My experience in general with Revolut was worse. 

With Fineco, here's a summary of the debacle. 

I contacted support (seems via their website portal - as I have an automatic acknowledgement email) to cancel GBP card on 14 December 2020. 

On 17 December 2020 I receive an email from support with the following:

Regarding your concern, we inform you that to cancel one card, you

need to send us a written request indicating the number of the card

you want to cancel. You can write the request on a blank paper, sign

it with a handwritten sign and send it back via email.

For further information you can get in touch with us through the

Contact Us section in the Client Area or by calling:

- 0800 640 6667 (from landline and mobile)

- +44 (0) 207 065 7557 (from abroad)

Client Service,

Fineco. The Multi Currency Bank.

Then on Sat, Dec 19, 2020 at 2:03 AM, I've received the following email (I must have asked them for the exact dates when the cards expire just to clarify as the cards themselves say the month/year - and not the date/month/year. I'm now aware that it tends (always?) to be the last date of the month):

regarding your email we inform you that:

- GBP card will expire the 30/06/2021

- EUR card will expire the 31/05/2022

If you are not interest in the renewals of the cards, you need to

inform us two months before the expiry date.

Thank you.

So as you can see above, this email says 'you need to inform us two months before the expiry date'. Nothing about the signed letter. Also, not clear if the request can be sent months before expiry. I think support personnel meant it needs to be sent 'at least two months before the expiry date'.

Anyway, I must have put a reminder to contact fineco again close to two months before expiry of EUR, so when it came to cancelling that card (BTW, I decided to cancel these cards as I wasn't using them - have other debit/credit cards that are more suitable and didn't want the delivery charges every time they 'auto-renew'), on Wed, Mar 16, 2022 at 1:07 AM I write the following:

My EUR card is due to expire on 31/05/2022. I do not intend to renew the card.

Can you please confirm that in order to prevent renewal I need to

telephone support or send a signed letter?

If I send a signed letter, would I be able to send it even before

31/03/2022 or does it need to be sent exactly two months prior to

expiry of the card?

Either way, I will await your reply before sending signed letter.

then I receive this: 

Regarding your concern, we inform you that to cancel your card you

need to send us an email with a written request.

We specify that the written request must be attached to the email,

it must contain your card number, the request to close it and we

need to receive it with your handwritten signature.

The request must be sent at least 2 months before the expiration of

your card.

For further information you can get in touch with us through the

Contact Us section in the Client Area or by calling:

- 0800 640 6667 (from landline and mobile)

- +44 (0) 207 065 7557 (from abroad)

Client Service,

Fineco. The Multi Currency Bank.

with above email as you can see the 'at least 2 months before the expiration of your card'. A bit different to the previous message. 

So, leave £2.95 in your account, but good luck dealing with support though!

SouthLondonUser

Am I the only one who has had good experiences with Fineco?

I have only good things to say about them and would recommend them.

If you want a EUR bank account, or need to send / receive payments in other currencies, I have found it to be a very good service. I use it mostly for the EUR account. I know a person who needs to receive payments in USD (his employer gives him sone shares and the proceeds from selling those are in USD) and he said Fineco was convenient to handle payments. Unlike Revolut, it is a real ban with deposit protection (although possibly it's the Italian and not the UK FSCS? Not sure)