Fineco Bank multicurrencies account

SouthLondonUser

How do the exchange rates compare? Fineco vs Natwest vs HSBC vs others...
Fineco seems competitive vs Transferwise (see my posts above)

eDicky

ashlward wrote: »

Does anyone know how to pay into a fineco account with euros in Italy? Let's just say I exchanged some money into euros in the UK before I arrived and took it with me to Italy, how would I put those euros into my fineco account?

Exchanging cash would give you a much worse rate than using your Fineco account for conversion of pounds to euros.

eDicky

SouthLondonUser wrote: »

How do the exchange rates compare? Fineco vs Natwest vs HSBC vs others...
Fineco seems competitive vs Transferwise (see my posts above)

HSBC, NatWest etc: 3%+ spread.

TransferWise: Interbank rate + reasonable fee, usually 0.5%

Fineco Bank: Close to Interbank rate, no fee.

Revolut: Interbank rate (weekdays), no fee for up to 5k£/mth, 0.5% thereafter.

SouthLondonUser

No, what I meant was if Natwest HSBC and other banks let you deposit euros, and what rates they apply when wiring money (not cash) from a euro to a gbp account, or viceversa.

ashlward

SouthLondonUser wrote: »

You would not. There is no way to deposit cash, neither pounds nor euros, neither here nor in the EU. I asked.

So I just spoke to my Italian friend who also had Fineco, and she said that there are ATMs scattered about in Italy where you can deposit money, and it doesn't matter which company it is, as long as that machine can be paid in to.

SouthLondonUser

If you have an Italian Fineco account. Not if you have a UK Fineco account. At least that's what Fineco told me in an email.

ashlward

SouthLondonUser wrote: »

If you have an Italian Fineco account. Not if you have a UK Fineco account. At least that's what Fineco told me in an email.

I didn't think there'd be a different to be fair, if our Fineco has an italian account number and IBAN etc, surely it functions the same as an Italian account?

I think I'm going back there next month so I will try it, and get back to you!

SouthLondonUser

ashlward wrote: »

I didn't think there'd be a different to be fair, if our Fineco has an italian account number and IBAN etc, surely it functions the same as an Italian account?

I think I'm going back there next month so I will try it, and get back to you!

All I can tell you is that the Fineco people very clearly and explicitly told me that those of us with a Fineco UK account cannot deposit cash, neither in the UK nor in Italy, neither pounds nor euros.
By all means, do try and report back.

Maybe there's some IT complication they don't want to manage?
Maybe they see it as money laundering risk, ie what business does a UK resident have depositing euros in Italy?
Maybe they didn't think customers would need it?
Or maybe it's just inefficiency on their part?

Btw, unless someone needs to deposit tens of thousands of euros, changing a few hundred euros in cash at one of the foreign exchange shops listed on this website might not be too bad an idea.

An alternative might be to deposit euros into one of the UK banks which let you open a euro account, but I don't know if that's even an option, or if those banks charge fixed fees which make the whole thing uneconomical.

eshroom

I'm a bit confused about their multi currency offering.

I received my Fineco Euro Debit Card, but in the app my primary currency appears to be GBP.

Can I load euros directly into my Fineco account via bank transfer or am I only able to wire GBP (in other words if I wire euros in will they be converted on arrival to GBP)?

What about the other way around - can I wire euros out of my account to another bank's euro account? And are there any fees for this?

Finally what if I have a GBP balance in my account, and in the UK I spend using my Fineco Euro Debit Card? What are the fees then?

SouthLondonUser

You get multiple accounts : EUR GBP USD CHF, each with a separate IBAN. You can send money from / receive into each account