Fineco Bank transfer to First Direct - charge

Shedman

Just a heads up warning for anyone that has recently signed up to the Fineco referral deal and wants to transfer some of their money back to their usual bank that First Direct charge £6 as they appear to treat it as a payment in from a foreign bank (which somewhat surprised me as I was under the impression it was Fineco UK - hence under UK banking auspices - especially as the bank account had a UK sort code and there had been no costs transferring the money into Fineco).

I will query it with FD and Fineco.

Anybody transferred any money back to another UK bank and not incurred any fees If so please let me know which banks (I have most of them:D )

agrinnall

This thread from last year says that they have an Italian banking licence. No idea whether they have obtained a UK licence since then, but FD's response would suggest not.

https://forums.moneysavingexpert.com/discussion/5666487/fineco-bank-multicurrencies-account

Shedman

Apparently the use Faster Payments for transfer in from UK banks and Swift payments for transfers out to UK banks - hence why FD treated as a foreign payment in. Wish I had been aware - I would have just drawn cash from an ATM instead (which is free)

flavione74

Shedman wrote: »

Anybody transferred any money back to another UK bank and not incurred any fees If so please let me know which banks (I have most of them:D )

Santanter UK won't charge you.

Shedman

flavione74 wrote: »

Santanter UK won't charge you.

Thanks - unfortunately that's one I've just switched out

evangelos

Nationwide flexdirect account, no charge applied when tranfering from fineco.

Marchitiello

evangelos wrote: »

Nationwide flexdirect account, no charge applied when tranfering from fineco.

Thanks for the heads up. Although I was the first one talking about Fineco on this forum I have never had the need to transfer the funds back to a UK bank account and had been avoiding this altogether since reading the feedback about charges last year. I will use my Nationwide account as a test.