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Banking in 2 countries, multiple currencies

Hi
We're in the process of moving countries, from the UK to Italy, and we're waiting for the residency to be finalised. While that's happening I can't open an bank account in Italy.
I'm self-employed and bill in both EUR and GBP and move money between currencies, so an account which has ledgers in both is ideal. Even better if I can run both personal and business accounts with the same bank.
I had found and used Transferwise which was absolutely perfect until I was thoroughly shafted by them and closed the account.
I've looked at Revolut but the "customer support" is a joke consisting of a hybrid chat-email thing from which it is very difficult to get any answers and you have to be prepared to give up several hours just to get a response to anything.
Can anyone suggest something like the above which actually does have customer support and contact channels so as to provide a quality service? I'm happy to pay a monthly fee.
Thanks,
Mark
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Comments

  • Ballard
    Ballard Posts: 2,845
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    I'd probably start by looking at Italian banks which have a London presence to see whether there's something they could do to help. I don't know how many Italian banks operate in London these days but there used to be quite a few, even quite small regional banks had a UK branch so some may well continue. You might find it a dead end but I'd suggest that it'd be worth a try and if they can help it should make things easier once your residency is finalised.
    I hate verisimilitude.
  • TOP_CAT
    TOP_CAT Posts: 583
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    It would be interesting to know why Transferwise didnt work out in your case as its quite popular with those that need it .I have never read any negativity on transferwise although havent looked for any either .
  • PRAISETHESUN
    PRAISETHESUN Posts: 3,678
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    Starling is one that comes up a lot for folks who need GBP and EUR accounts. It's fully online (controlled via an app) but seems to get good reviews most of the time. Otherwise you could open a EUR account with a UK bank, although this is usually more expensive than the other options - poorer exchange rates and higher fees
  • mark10525
    mark10525 Posts: 16
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    TOP_CAT said:
    It would be interesting to know why Transferwise didnt work out in your case as its quite popular with those that need it .I have never read any negativity on transferwise although havent looked for any either .
    Have a look at Trustpilot..
    Blocking and closing people's accounts, silently failing transfers and freezing customers' funds for up to 60 days are far from rare occurences.
    When this happens - without warning - their communication is utterly diabolical and you can end up with - if you bank entirely with them - all your money completely frozen for as long as it takes them to get around to "unblocking" it.
    Quite what checks they can do in 60 days remain a mystery. Perhaps they contact Interpol or send an envoy to climb up the outside of the building to peek through the window and see if you live there.
    I suspect they used to be very good, but something has happened in the last few months - I suspect related to their bank - which renders them unsafe to use.
  • eskbanker
    eskbanker Posts: 30,375
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    I can't speak from any direct experience and haven't gone looking for reviews but Fineco might fit the bill, as an Italian bank with a UK presence and multi-currency facilities?

    https://finecobank.co.uk/public/banking/
  • colsten
    colsten Posts: 17,597
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    edited 31 March 2021 at 2:52PM
    TOP_CAT said:
    It would be interesting to know why Transferwise didnt work out in your case as its quite popular with those that need it .I have never read any negativity on transferwise although havent looked for any either .
    Transferwise / Wise has no deposit protection.

    FINECO might be an alternative 


    mark10525 said:
    TOP_CAT said:
    It would be interesting to know why Transferwise didnt work out in your case as its quite popular with those that need it .I have never read any negativity on transferwise although havent looked for any either .
    Have a look at Trustpilot..
    Blocking and closing people's accounts, silently failing transfers and freezing customers' funds for up to 60 days are far from rare occurences.
    When this happens - without warning - their communication is utterly diabolical and you can end up with - if you bank entirely with them - all your money completely frozen for as long as it takes them to get around to "unblocking" it.
    Quite what checks they can do in 60 days remain a mystery. Perhaps they contact Interpol or send an envoy to climb up the outside of the building to peek through the window and see if you live there.
    I suspect they used to be very good, but something has happened in the last few months - I suspect related to their bank - which renders them unsafe to use.
    That's just scaremongering. Many MSEers have use Transferwise for years and they can't be faulted. However, nobody should "bank entirely" with them, as they are not a bank in the first instance. They are a currency transfer service.
  • mark10525
    mark10525 Posts: 16
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    That's just scaremongering. Many MSEers have use Transferwise for years and they can't be faulted. However, nobody should "bank entirely" with them, as they are not a bank in the first instance. They are a currency transfer service.
    https://uk.trustpilot.com/review/wise.com

  • mark10525
    mark10525 Posts: 16
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    eskbanker said:
    I can't speak from any direct experience and haven't gone looking for reviews but Fineco might fit the bill, as an Italian bank with a UK presence and multi-currency facilities?

    https://finecobank.co.uk/public/banking/

    That looks promising - thanks!
  • CKhalvashi
    CKhalvashi Posts: 12,045
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    TOP_CAT said:
    It would be interesting to know why Transferwise didnt work out in your case as its quite popular with those that need it .I have never read any negativity on transferwise although havent looked for any either .
    I've always been happy with them. Only once have they asked to verify ID in relation to a transaction and this was processed within about 15 minutes and arrived while I was still sat in front of the person I was in a meeting with (despite saying it'll take 2 days).
    mark10525 said:
    eskbanker said:
    I can't speak from any direct experience and haven't gone looking for reviews but Fineco might fit the bill, as an Italian bank with a UK presence and multi-currency facilities?

    https://finecobank.co.uk/public/banking/

    That looks promising - thanks!
    I've heard a lot more bad about Fineco than Transferwise in the business community I work with. That may just be me though.
    💙💛 💔
  • mark10525
    mark10525 Posts: 16
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    I got asked by ID for a transfer by Transferwise. 3 days after they'd told me that they'd made the transfer. I had to pay another way and tell them to cancel the failed transfer which never happened anyway. In all it took 19 days for me to be able to get the funds from that failed transfer back. Transferwise are a complete shambles.
    My complaint received a response that Transferwise are under no obligation to do anything in any particular timescale. Account now closed. However their reputation used to be good, so I think this is something that has changed relatively recently (plenty of terrible recent reviews along similar lines, but so many good previous ones that TrustPilot still shows a high star rating). I'd suggest never leaving any funds with them, and don't instruct any transfers for anything important and that you cannot pay another way should they fail to transfer your money as it will take you a long time to get it back again.
    Fineco say that the residency application has to be completed first, so I'll bookmark that and return to it (should be 1 to 2 weeks maximum). Thanks.
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