Euro account, any advice please

antrobus

Emily_Joy wrote: »

Is there FSCS protection?

FinecoBank S.p.A. - Part of the UniCredit Banking Group enrolled in the Register of Banking Groups at No. 020081 – Registered Office Piazza Durante 11, Milan 20131 – Headquarters Via Rivoluzione d'Ottobre 16, Reggio Emilia 42123 – Share capital €200,773,450.35, fully subscribed and paid-in - ABI Code 3015,5 – VAT No. 12962340159 – Tax ID No. and Milan Companies Register No. 01392970404 – Economic and Administrative Index (REA) No. 1598155 – Member of the National Compensation Fund and the National Interbank Deposit Guarantee Fund. Fineco Bank is a trademark licensed for use by FinecoBank S.p.A. authorised by the Bank of Italy and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request.

https://finecobank.com/uk/online/

londoninvestor

Some related discussions from a couple of months ago:
https://forums.moneysavingexpert.com/discussion/5917872/euro-bank-accounts

londoninvestor

antrobus wrote: »

FinecoBank S.p.A. - Part of the UniCredit Banking Group enrolled in the Register of Banking Groups at No. 020081 – Registered Office Piazza Durante 11, Milan 20131 – Headquarters Via Rivoluzione d'Ottobre 16, Reggio Emilia 42123 – Share capital €200,773,450.35, fully subscribed and paid-in - ABI Code 3015,5 – VAT No. 12962340159 – Tax ID No. and Milan Companies Register No. 01392970404 – Economic and Administrative Index (REA) No. 1598155 – Member of the National Compensation Fund and the National Interbank Deposit Guarantee Fund. Fineco Bank is a trademark licensed for use by FinecoBank S.p.A. authorised by the Bank of Italy and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request.

https://finecobank.com/uk/online/

To summarise - while Fineco is subject to some regulation by the UK regulators (the PRA and the FCA), deposits are covered only by the Italian deposit guarantee scheme, with no recourse to the FSCS if the Italian scheme were unable to cover a failure.

In the case of Landsbanki / Icesave, the UK government did step in to compensate investors for the failure of the Icelandic guarantee scheme, but that wasn't guaranteed in advance.

Not something I personally would lose sleep over if we're talking about "holiday spending" amounts of money, but worth bearing in mind if you are keen to specifically have FSCS protection.

Emily_Joy

londoninvestor wrote: »

To summarise - while Fineco is subject to some regulation by the UK regulators (the PRA and the FCA), deposits are covered only by the Italian deposit guarantee scheme, with no recourse to the FSCS if the Italian scheme were unable to cover a failure..

In my experience it helps to speak the (local) language when you wish to make any complaint. So I agree it's OK for holiday money, unless your Italian is fluent.

scragend

Fineco's online banking/app is a bit clunky. It works, but it's just a bit clunky.

Anthorn

Anglesey wrote: »

Can anyone suggest a reasonable way to set up a bank account in Euros please? I'd like to be able to access it when I travel abroad. Thank you.

Choose an EU country, preferably one in which you speak the lingo, go to that country, walk into a bank branch with passport and proof of address in the EU and open an account. But do it now while you still can.

unmonied

jonesMUFCforever wrote: »

Not through a high street bank which will tell you to go to their offshore divisions.

I am sure more knowledgeable peeps will be around soon to advise you about the digital cards available - I have never used them so can't comment on their suitability.

Have to say I've not heard of this before. HSBC and Metro for example have currency accounts.

Which high street tells you to go offshore?

londoninvestor

unmonied wrote: »

Have to say I've not heard of this before. HSBC and Metro for example have currency accounts.

Which high street tells you to go offshore?

Lloyds for one (their offshore option is one of the best USD accounts fees-wise for UK residents). And I believe also Santander.

londoninvestor

Anthorn wrote: »

Choose an EU country, preferably one in which you speak the lingo, go to that country, walk into a bank branch with passport and proof of address in the EU and open an account. But do it now while you still can.

The Republic of Ireland part of Ulster Bank will let you open an account by posting them certified copies of ID - and they'll accept your local Natwest or RBS branch doing the certification for you.

https://digital.ulsterbank.ie/personal/current-accounts/non-roi-eu-residents.html

unmonied

londoninvestor wrote: »

Lloyds for one (their offshore option is one of the best USD accounts fees-wise for UK residents). And I believe also Santander.

Are they for normal clients? Stander International has a minimum of 75k whereas for Lloyds there's a 50k income or 25k deposit requirement.