Fineco Bank multicurrencies account

[Deleted User]

Well I processed a withdrawal - with RBS and Triodos it said “international payment” not CHAPS and given it was £0.50  I wasn’t sure if it would incur charges if more. I messaged RBS and they said this:

”It is a chaps transfer and to know the charges of this payment you have to contact BARCLAYS BANK

 so that they can confirm the bank charges  as the payment has been received from them . 

For more information about this charges please start a new message tomorrow so that we can check this with our dedicated team”

Also - does anyone have any further information on the Fineco passported license? Am I right in saying these rights expire this year - I have also seen this on the paperwork of long-standing insurance companies based in Ireland. 

wmb194

[Deleted User] said:

Well I processed a withdrawal - with RBS and Triodos it said “international payment” not CHAPS and given it was £0.50  I wasn’t sure if it would incur charges if more. I messaged RBS and they said this:

”It is a chaps transfer and to know the charges of this payment you have to contact BARCLAYS BANK

 so that they can confirm the bank charges  as the payment has been received from them . 

For more information about this charges please start a new message tomorrow so that we can check this with our dedicated team”

Also - does anyone have any further information on the Fineco passported license? Am I right in saying these rights expire this year - I have also seen this on the paperwork of long-standing insurance companies based in Ireland. 

Why not just open a Barclays account and use that for transfers from Fineco? It seems though that this account is causing you far too much angst: I'd suggest you find another one you're more comfortable with.

I don't think there's any news yet on what the BoE's going do to with extending temporary permissions but I'd but surprised if it doesn't extend/authorise them as the last thing the authorities want is to reduce choice and competition. If not, I'd presume we'll be given some notice.

[Deleted User]

wmb194 said:

[Deleted User] said:

Well I processed a withdrawal - with RBS and Triodos it said “international payment” not CHAPS and given it was £0.50  I wasn’t sure if it would incur charges if more. I messaged RBS and they said this:

”It is a chaps transfer and to know the charges of this payment you have to contact BARCLAYS BANK

 so that they can confirm the bank charges  as the payment has been received from them . 

For more information about this charges please start a new message tomorrow so that we can check this with our dedicated team”

Also - does anyone have any further information on the Fineco passported license? Am I right in saying these rights expire this year - I have also seen this on the paperwork of long-standing insurance companies based in Ireland. 

Why not just open a Barclays account and use that for transfers from Fineco? It seems though that this account is causing you far too much angst: I'd suggest you find another one you're more comfortable with.

I don't think there's any news yet on what the BoE's going do to with extending temporary permissions but I'd but surprised if it doesn't extend/authorise them as the last thing the authorities want is to reduce choice and competition. If not, I'd presume we'll be given some notice.

It’s more intrigue than angst - I was hoping the test payment would clearly show the payment method as CHAPS but I had to ask and RBS stated it to be so.

Here was their response about the passporting if you were interested:

” Dear 

We would like to inform you that Fineco started the authorization
process with the Financial Conduct Authority at the end of 2022. We
are currently actively engaged with the regulatory agency to obtain
full authorization. We aim to maintain a strong presence in the UK
and continue to offer our high quality investment services.

During this stage of licensing transformation, rest assured that
there will be no disruption to our investment services. We
understand the importance of uninterrupted service and want to
ensure a seamless experience for all of our customers.

We would like to express our gratitude for choosing Fineco as your
investment platform. Please be assured that we will keep you
informed of any future developments relating to the authorization
process. We understand the importance of open and transparent
communication with our customers and will make every effort to keep
you updated.

Again, we appreciate your trust and loyalty. If you require any
further information or assistance, please do not hesitate to contact
us. We are here to help.
Thank you,

The Fineco Team”

wmb194

[Deleted User] said:

wmb194 said:

[Deleted User] said:

Well I processed a withdrawal - with RBS and Triodos it said “international payment” not CHAPS and given it was £0.50  I wasn’t sure if it would incur charges if more. I messaged RBS and they said this:

”It is a chaps transfer and to know the charges of this payment you have to contact BARCLAYS BANK

 so that they can confirm the bank charges  as the payment has been received from them . 

For more information about this charges please start a new message tomorrow so that we can check this with our dedicated team”

Also - does anyone have any further information on the Fineco passported license? Am I right in saying these rights expire this year - I have also seen this on the paperwork of long-standing insurance companies based in Ireland. 

Why not just open a Barclays account and use that for transfers from Fineco? It seems though that this account is causing you far too much angst: I'd suggest you find another one you're more comfortable with.

I don't think there's any news yet on what the BoE's going do to with extending temporary permissions but I'd but surprised if it doesn't extend/authorise them as the last thing the authorities want is to reduce choice and competition. If not, I'd presume we'll be given some notice.

It’s more intrigue than angst - I was hoping the test payment would clearly show the payment method as CHAPS but I had to ask and RBS stated it to be so.

Here was their response about the passporting if you were interested:

” Dear 

We would like to inform you that Fineco started the authorization
process with the Financial Conduct Authority at the end of 2022. We
are currently actively engaged with the regulatory agency to obtain
full authorization. We aim to maintain a strong presence in the UK
and continue to offer our high quality investment services.

During this stage of licensing transformation, rest assured that
there will be no disruption to our investment services. We
understand the importance of uninterrupted service and want to
ensure a seamless experience for all of our customers.

We would like to express our gratitude for choosing Fineco as your
investment platform. Please be assured that we will keep you
informed of any future developments relating to the authorization
process. We understand the importance of open and transparent
communication with our customers and will make every effort to keep
you updated.

Again, we appreciate your trust and loyalty. If you require any
further information or assistance, please do not hesitate to contact
us. We are here to help.
Thank you,

The Fineco Team”

Thanks. Hopefully it can get it finalised sooner rather than later.

[Deleted User]

wmb194 said:

[Deleted User] said:

wmb194 said:

[Deleted User] said:

Well I processed a withdrawal - with RBS and Triodos it said “international payment” not CHAPS and given it was £0.50  I wasn’t sure if it would incur charges if more. I messaged RBS and they said this:

”It is a chaps transfer and to know the charges of this payment you have to contact BARCLAYS BANK

 so that they can confirm the bank charges  as the payment has been received from them . 

For more information about this charges please start a new message tomorrow so that we can check this with our dedicated team”

Also - does anyone have any further information on the Fineco passported license? Am I right in saying these rights expire this year - I have also seen this on the paperwork of long-standing insurance companies based in Ireland. 

Why not just open a Barclays account and use that for transfers from Fineco? It seems though that this account is causing you far too much angst: I'd suggest you find another one you're more comfortable with.

I don't think there's any news yet on what the BoE's going do to with extending temporary permissions but I'd but surprised if it doesn't extend/authorise them as the last thing the authorities want is to reduce choice and competition. If not, I'd presume we'll be given some notice.

It’s more intrigue than angst - I was hoping the test payment would clearly show the payment method as CHAPS but I had to ask and RBS stated it to be so.

Here was their response about the passporting if you were interested:

” Dear 

We would like to inform you that Fineco started the authorization
process with the Financial Conduct Authority at the end of 2022. We
are currently actively engaged with the regulatory agency to obtain
full authorization. We aim to maintain a strong presence in the UK
and continue to offer our high quality investment services.

During this stage of licensing transformation, rest assured that
there will be no disruption to our investment services. We
understand the importance of uninterrupted service and want to
ensure a seamless experience for all of our customers.

We would like to express our gratitude for choosing Fineco as your
investment platform. Please be assured that we will keep you
informed of any future developments relating to the authorization
process. We understand the importance of open and transparent
communication with our customers and will make every effort to keep
you updated.

Again, we appreciate your trust and loyalty. If you require any
further information or assistance, please do not hesitate to contact
us. We are here to help.
Thank you,

The Fineco Team”

Thanks. Hopefully it can get it finalised sooner rather than later.

Further info - it certainly isn’t going to be a hard cliff edge and it looks like Transfers out would be the way forward in the worst event

“ in case the FCA would not authorize Fineco
for full authorization, the company will still be able to provide
services to their clients for up to 5 years more.
During this transitional period, Fineco will contact its clients
asking to initiate a transfer of the assets to another counterpart
chosen by the client within the 5 years deadline. After the
transfer, the Fineco's account will be closed.
Fineco will support and assist the clients in facilitating the
transfer without constraints.
Thank you.”

jbryce

Biggles said:

The idea of a GBP and EUR account and card is interesting, but I can't see from their website and documentation how you fund the EUR a/c and what charges they make if the source of your funds is GBP.

I mostly fund it by SEPA from my Revolut account, but you can also fund the GBP account by BACS and convert to EUR over there. Their exchange rate isn't quite interbank, but it is close. Revolut is generally a little better, but only up to £1000 per month..

Nailer99

I all of a sudden need to get an account to receive Euros as payment. I would then want to convert these to GBP via the cheapest route. It looks like Fineco fits the bill. The 45 pages and 6 years of posts here are a bit much to digest!

Can I ask for a synopsis of the pros and cons and also, if there is a referral scheme would someone like to refer me?

WastedWords

Cons:
Website is a clunky mess. Fineco is a trading platform first with banking tacked on, and it shows.
Transactions are a bit slow.
You need multiple pin numbers (phone, transaction confirmation, mobile...)
Some on here have had issues with customer service. You should read through the threads and decide if it is an issue for you. My one personal experience was no worse, or better, than any other financial institution.
See a few post up regarding current licensing changes.  

Pros:
Probably the best exchange rate you'll get.
Maybe the only multi-currency account available as a joint account.

Nailer99

Thanks for that synopsis Wasted Words. Extremely helpful!

I think I will give them a go. I intend to use this for just a few (but quite large) transactions per year so I can probably live with the bad website. 

WastedWords

I made a few 5 figure transactions last year with no issue but Fineco then questioned them in December, requesting evidence of source and destination to be sent via email. No secure messaging with attachments option available/offered. I sent heavily redacted copies of statements and contract notes supporting all transactions and advised Fineco if they wanted unredacted copies they would need to provide a secure method of sending. Never heard anything further.
Just something to watch out for.