Fineco Bank multicurrencies account

eshroom

Spoke to the same operator today by complete coincidence. Really friendly.

I had him try my Starling, Revolut and TSB accounts and all failed. He was surprised by this and asked if they are real banks (2 of those are real banks and 1 is a full on high street bank).

He put me on hold and after telling me I have too many bank accounts, he explained that Fineco have an issue with faster payments in the UK and so process payments via swift using a sort code (this is the same reason payments take 3+ days to arrive). For some sort codes they are unable to automatically find a corresponding swift code and so the payment fails.

In this case he explained my only option is to manually enter it as an international bank transfer using IBAN and swift/bic and pay the corresponding fees (£19.95 plus incoming international bank transfer fees from receiving bank).

He said they are working on gaining full access to the faster payments system but need to jump through some regularity hoops as they are not a UK bank. They hope to do this soon.

In the meantime certain UK accounts cannot receive "non-international" payments from Fineco UK.

DesG

Made a payment of £1000 to a UK account using the bank transfer option (not the international option), only £994 turned up.

eshroom

Hmmm. Not great of them. I was told on the phone that receiving GBP transfers may be subject to receiving bank fees too as although they appear to be UK bank transfers, they actually send them using SWIFT as international transfers, and some banks charge to receive these. But they weren't really clear on this. If you check your banking fees you will probably find your UK bank charge you £6 to receive international transfers.

I received this via email: "With regards to your request about bank transfers, we would like to inform you that for domestic payments out we are using SWIFT channel and it seems that the bank Allied Irish with BIC code AIBKGB2L does not adhere to SWIFT payments."

As I never asked about Allied Irish, I suspect this is a pretty common issue with lots of banks and they sent me a template without changing the details.

FWIW They said they are working on fast bank transfer and should have them implemented "soon".

DesG

I sent them a complaint to the official email address they advise and it bounced back as their DNS is messed up.


Is this a bank or some kid running a website in his bedroom, lol.

Generando servidor: SRVVMX13.grupofineco.com
complaints@fineco.com
Remote Server returned '554 5.4.4 SMTPSEND.DNS.MxLoopback; DNS records for this domain are configured in a loop'

eshroom

They are very responsive on phone. They also suggest getting in contact via the Contact US in the client are and I received an email from support@finecobank.com. Hope this helps.

eshroom

DesG wrote: »

I sent them a complaint to the official email address they advise and it bounced back as their DNS is messed up.


Is this a bank or some kid running a website in his bedroom, lol.

Generando servidor: SRVVMX13.grupofineco.com
complaints@fineco.com
Remote Server returned '554 5.4.4 SMTPSEND.DNS.MxLoopback; DNS records for this domain are configured in a loop'

What came of this in the end?

DesG

eshroom wrote: »

What came of this in the end?

I contacted them for a 2nd time through the online support, outlining why I thought the charge was unfair, they offered to refund the charge if I sent them proof, which I did.


They also confirmed that you cannot change the pin number on your debit card

Marco_Miiyomo

Marchitiello wrote: »

Re: Exchange rates, I have just done a small test to exchange GBP into Euro within the account and I was given an exchange rate of 1.133401 vs the xe.com rate of 1.13587, which does not look to bad, especially compared to when I used to exchange cash in some of the shops offering the best rates.

Hi Marchitiello....Marco here

I live in London and I'm opening a Fineco multicurrency account in these days. I have a question which I hope you can answer

Say that:
1.
I make a payment from my Barclays account into the Fineco multicurrency account of 100GBP
As stated here UK bank transfers are FREE (£ 0,00):
htt ps: //finecobank .co.uk/uk/joinus/foglio-informativo.html[can't add link as new user had to put a spaces]

So I should receive 100GBP in full.
2. Now I have 100GBP into the Fineco Multicurrency account
3. I want to transfer these 100GBP internally to the sub.account in EUR. I should receive 100 x Conversion Rate ( at the moment of the transfer ).

QUESTION: Will I get charged a FEE? Have you tried?
As stated here:
htt ps: //finecobank .co.uk/uk/joinus/foglio-informativo.html[can't add link as new user had to put a spaces]
Currency conversion fee (for payments in a currency other than that of the Debit Card) are 1 %

evangelos

You won't get charged a fee for converting currency between your accounts.
I have done it and i have currently abandoned transferwise completely as they differ ~0.6% from the real exchange rate whereas fineco differs only ~0.15%.

They are unbeatable in the current market with just 0.15% commission

That section you quoted probably refers to using your debit card for paying in another currency.

Marco_Miiyomo

evangelos wrote: »

You won't get charged a fee for converting currency between your accounts.
I have done it and i have currently abandoned transferwise completely as they differ ~0.6% from the real exchange rate whereas fineco differs only ~0.15%.

They are unbeatable in the current market with just 0.15% commission

That section you quoted probably refers to using your debit card for paying in another currency.

Thanks for clarifying that I won't get charged for moving my GBP to USD within my subaccounts

What is the case that you get 0.15% commission? Is it the case that I exchange USD from my subaccount to (example) Philippine Pesos ?