Fineco Bank multicurrencies account

PloughmansLunch

Does anybody know if the £9.95 charge for a 2nd card is a repeated annual fee, or just a one-off non-subsidised delivery cost for a second Fed-ex gigantic envelope?

wmb194

PloughmansLunch said:

Does anybody know if the £9.95 charge for a 2nd card is a repeated annual fee, or just a one-off non-subsidised delivery cost for a second Fed-ex gigantic envelope?

"Pay no annual fees on your first card (in EUR or GBP) and just a £9.95 annual fee if you choose to get a second card."

https://uk.finecobank.com/banking/debit-cards/

PloughmansLunch

wmb194 said:

PloughmansLunch said:

Does anybody know if the £9.95 charge for a 2nd card is a repeated annual fee, or just a one-off non-subsidised delivery cost for a second Fed-ex gigantic envelope?

"Pay no annual fees on your first card (in EUR or GBP) and just a £9.95 annual fee if you choose to get a second card."

https://uk.finecobank.com/banking/debit-cards/

Great, thanks for that - I should have paid more attention. I’m going to scrap the GBP card before renewal then. 

Nailer99

I just received an email from Fineco that they are now closing down their UK operations. :-(

wmb194

Nailer99 said:

I just received an email from Fineco that they are now closing down their UK operations. :-(

I was literally just about to post this; it's a shame but there you go. I'd imagine that it was sub-scale in the UK anyway so that would have made the decision easier.

The e-mail includes a link to a Q&A: https://cloud.mail.fineconews.com/closure

Marchitiello

They entered the UK market exploiting the large Italian population that were permanent resident in the UK at the time (apparently estimated at 600k vs about 300k now) and the initial launch campaign was even promoted to Fineco’s Italian customers asking them to send a referral to Friend & Family they had living in the UK (received one of this myself from an Italian friend), and obviously gained some non Italian customers along the way, but their main business objectives was to bring revenues through their Investment Platform and that has never actually happened in a sensible way, so although I believe they were exploring obtaining a full UK banking license, they must have concluded that it was not worth.

I also had a N26 UK account, and they sent notice of closure within months of the Brexit vote