Fineco Bank multicurrencies account

slopemaster

Oh, I was wondering why my card hadn't arrived.
For some reasonn they use DHL rather than Royal Mail - so it didn't get forwarded with the rest of my mail.
So, if anyone else has mail forwarding set up, beware!

SouthLondonUser

Probably because they are sending the cards from Italy. Does Fineco even have offices here in Brexitland?

eDicky

The Italian postal service is notoriously unreliable.

SouthLondonUser

I have opened an account. The IBAN starts with IT: it seems, to all effects and purposes, an Italian bank account, held with an Italian bank, covered by the Italian deposit compensation scheme, regulated by the Bank of Italy, which just so happens to be offered to UK residents.

Don't know for sure, but I'd guess this account does not get reported to the British credit reference agencies.

Anyway, all of this is not necessarily a bad thing: making an international wire transfer via an Italian bank makes me less uneasy than making it to Transferwise's Estonian account (I understand they now have one in Germany, too).

Has anyone tried the trading platform? How does it compare to Interactive Investors or other UK brokers?

ashlward

I looked at my Fineco UK account number and it's 7 digits, instead of the normal 8 digits. Did you have the same problem?

I actually looked online and it said just add a zero to the beginning, so I did that and transferred 1 pound to try it. It hasn't gone through yet so I'm just wondering what's going on.

SnowTiger

ashlward wrote: »

I looked at my Fineco UK account number and it's 7 digits, instead of the normal 8 digits. Did you have the same problem?

I actually looked online and it said just add a zero to the beginning, so I did that and transferred 1 pound to try it. It hasn't gone through yet so I'm just wondering what's going on.

My account number is twelve digits long, including five zeros at the beginning. For UK banking purposes, only the last eight digits are used. Account numbers appear to be seven digits, padded with zeros at the beginning.

I mentioned earlier that Fineco works to a slow timetable.

Incoming payments are sluggish.

If I were to make a payment out of my Fineco account now (1st) I would have to schedule it for the 3rd. I cannot make an immediate payment:

ashlward

Thanks for the info!

And damn, I guess I'll have to plan my life a bit better, without the immediate transfer option.

SouthLondonUser

Is it always 2 days, or is it one business day if you try to do it before close of business in Italy?

I think it's because Fineco is an Italian bank account, and instant payments do not exist in Italy, AFAIK.

Maybe if SEPA introduced Europe-wide instant payments. Although, to be fair, waiting one day is way safer because it gives you time to recall a payment, if made in error or fraudulently.

SouthLondonUser

Does any one know if Fineco, being an Italian bank, shows up in our credit files? I don't see mine, but that can well be because credit files may easily be months old. However, I do not even see any soft searches on my credit file.

SouthLondonUser

PS I have just compared Fineco's vs Transferwise's rate: Fineco converts GBP to EUR at 1.116944 ; TransferWise at 1.11353 . I obtained the two quotes a few seconds from each other. Fineco's quote is 0.3066% higher.
Also, Fineco's rate is the same regardless of the amount, whereas Transferwise charges a worse rate for £100 than for £ 1,000