Fineco Bank multicurrencies account

[Deleted User]

wmb194 said:

[Deleted User] said:

Hi all - sorry but from the replies I’ve been unable to deduce what method Fineco use to send Sterling/what has or hasn’t changed!

It sends by Chaps. It used to send by Sepa. Sepa deposits often attract a fee, Chaps deposits don't.

Very interesting! Chaps usually incurs a fee with uk banks (to send not to receive) so odd that they’d offer this service for free! I suppose it guarantees same day arrival?

wmb194

[Deleted User] said:

wmb194 said:

[Deleted User] said:

Hi all - sorry but from the replies I’ve been unable to deduce what method Fineco use to send Sterling/what has or hasn’t changed!

It sends by Chaps. It used to send by Sepa. Sepa deposits often attract a fee, Chaps deposits don't.

Very interesting! Chaps usually incurs a fee with uk banks (to send not to receive) so odd that they’d offer this service for free! I suppose it guarantees same day arrival?

Presumably it's to stop annoying customers with unexpected Sepa fees. Transfers take a couple of days from initiation.

It might be a stop-gap before implementing faster payments.

[Deleted User]

wmb194 said:

[Deleted User] said:

wmb194 said:

[Deleted User] said:

Hi all - sorry but from the replies I’ve been unable to deduce what method Fineco use to send Sterling/what has or hasn’t changed!

It sends by Chaps. It used to send by Sepa. Sepa deposits often attract a fee, Chaps deposits don't.

Very interesting! Chaps usually incurs a fee with uk banks (to send not to receive) so odd that they’d offer this service for free! I suppose it guarantees same day arrival?

Presumably it's to stop annoying customers with unexpected Sepa fees. Transfers take a couple of days from initiation.

It might be a stop-gap before implementing faster payments.

Well I just sent £0.01 to my current account and it states “swift” quite clearly on the receipt - as the bank isn’t nationwide or the like I’ve not idea if it will reach or get swallowed up!

wmb194

[Deleted User] said:

wmb194 said:

[Deleted User] said:

wmb194 said:

[Deleted User] said:

Hi all - sorry but from the replies I’ve been unable to deduce what method Fineco use to send Sterling/what has or hasn’t changed!

It sends by Chaps. It used to send by Sepa. Sepa deposits often attract a fee, Chaps deposits don't.

Very interesting! Chaps usually incurs a fee with uk banks (to send not to receive) so odd that they’d offer this service for free! I suppose it guarantees same day arrival?

Presumably it's to stop annoying customers with unexpected Sepa fees. Transfers take a couple of days from initiation.

It might be a stop-gap before implementing faster payments.

Well I just sent £0.01 to my current account and it states “swift” quite clearly on the receipt - as the bank isn’t nationwide or the like I’ve not idea if it will reach or get swallowed up!

I'm not clear on what you're referring to but Chaps uses some elements of Swift.

https://www.bankofengland.co.uk/-/media/boe/files/payments/chaps/chaps-technical-requirements.pdf

Btw, it's a bad idea to send minuscule amounts as it can trip banks' fraud algorithms. Tiny transactions are often precursors to larger, fraudulent transactions related to e.g., account takeover, money muling and other scams. It's also a common pattern when criminals test stolen credit and debit card numbers.

[Deleted User]

wmb194 said:

[Deleted User] said:

wmb194 said:

[Deleted User] said:

wmb194 said:

[Deleted User] said:

Hi all - sorry but from the replies I’ve been unable to deduce what method Fineco use to send Sterling/what has or hasn’t changed!

It sends by Chaps. It used to send by Sepa. Sepa deposits often attract a fee, Chaps deposits don't.

Very interesting! Chaps usually incurs a fee with uk banks (to send not to receive) so odd that they’d offer this service for free! I suppose it guarantees same day arrival?

Presumably it's to stop annoying customers with unexpected Sepa fees. Transfers take a couple of days from initiation.

It might be a stop-gap before implementing faster payments.

Well I just sent £0.01 to my current account and it states “swift” quite clearly on the receipt - as the bank isn’t nationwide or the like I’ve not idea if it will reach or get swallowed up!

I'm not clear on what you're referring to but Chaps uses some elements of Swift.

https://www.bankofengland.co.uk/-/media/boe/files/payments/chaps/chaps-technical-requirements.pdf

Btw, it's a bad idea to send minuscule amounts as it can trip banks' fraud algorithms. Tiny transactions are often precursors to larger, fraudulent transactions related to e.g., account takeover, money muling and other scams. It's also a common pattern when criminals test stolen credit and debit card numbers.

When you go on the “archived” transfers it showed the transfer upcoming under “swift” - as Triodos state a minimum charge of £1.00 for inbound Swift I opted to cancel until I can confirm with Fineco the exact method they’re using to send the funds. It’s good that you can cancel an upcoming transfer with Fineco without needing CS I suppose. I will have a read of that document you sent.

As for the £0.01 - I’ve sent many many of these and never had an issue personally. I will always do it if you’re not getting confirmation of payee. Although it’s got my dads Barclays locked up (the second transfer after a test) a few times. Perhaps I’ve been lucky or banked in the right places.

[Deleted User]

Here’s an interesting question. How do Fineco handle UK bank holidays?

I sent a payment late on Friday in GBP for a holiday which hasn’t arrived yet - I kind of expected this as I’d heard you have no progress on weekends with payments in. In terms of this Monday - I believe their customer service will be back open as it’s not a public holiday in Italy - but will the inbound payment still be held up until Tuesday (perhaps due to a partnership with a UK bank - although most UK banks process FP all the time?)

Thanks for anyone replying to my musings by the way!

wmb194

[Deleted User] said:

Here’s an interesting question. How do Fineco handle UK bank holidays?

I sent a payment late on Friday in GBP for a holiday which hasn’t arrived yet - I kind of expected this as I’d heard you have no progress on weekends with payments in. In terms of this Monday - I believe their customer service will be back open as it’s not a public holiday in Italy - but will the inbound payment still be held up until Tuesday (perhaps due to a partnership with a UK bank - although most UK banks process FP all the time?)

Thanks for anyone replying to my musings by the way!

The 1st of May is a public holiday in Italy. I'd expect it to be held up but who now knows how banks deal with non-working days? I had a First Direct (part of HSBC) regular saver mature today (Sunday) and I've already transferred the money away. Even not very many years ago this would have been unheard of  and particularly with HSBC.

https://www.officeholidays.com/countries/italy/2023

https://publicholidays.it/2023-dates/

[Deleted User]

wmb194 said:

[Deleted User] said:

Here’s an interesting question. How do Fineco handle UK bank holidays?

I sent a payment late on Friday in GBP for a holiday which hasn’t arrived yet - I kind of expected this as I’d heard you have no progress on weekends with payments in. In terms of this Monday - I believe their customer service will be back open as it’s not a public holiday in Italy - but will the inbound payment still be held up until Tuesday (perhaps due to a partnership with a UK bank - although most UK banks process FP all the time?)

Thanks for anyone replying to my musings by the way!

The 1st of May is a public holiday in Italy. I'd expect it to be held up but who now knows how banks deal with non-working days? I had a First Direct (part of HSBC) regular saver mature today (Sunday) and I've already transferred the money away. Even not very many years ago this would have been unheard of  and particularly with HSBC.

https://www.officeholidays.com/countries/italy/2023

https://publicholidays.it/2023-dates/

Ah yes thanks for the heads up around the public holiday. I forget what they’re all in aid of tbh 😂

Fineco could do with some resources/literature around inbound payments imo - there is some about outbound.

gt94sss2

wmb194 said:
I had a First Direct (part of HSBC) regular saver mature today (Sunday) and I've already transferred the money away. 

Thanks for the reminder! I forgot my FD Regular Saver also matured today.

Did you have to call First Direct?

My RS account is no longer showing in the app but the balance isn't yet in my existing FD savings account yet.

wmb194

gt94sss2 said:

wmb194 said:
I had a First Direct (part of HSBC) regular saver mature today (Sunday) and I've already transferred the money away. 

Thanks for the reminder! I forgot my FD Regular Saver also matured today.

Did you have to call First Direct?

My RS account is no longer showing in the app but the balance isn't yet in my existing FD savings account yet.

No, I didn't call. Check again tomorrow. Unless there's something special about a bank holiday Monday vs a Sunday, you should see the money in your instant access saver.