Fineco Bank multicurrencies account

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  • Alexland
    Alexland Posts: 9,653 Forumite
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    edited 10 May 2019 at 11:06PM
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    colsten wrote: »
    I would put that down to their translation but if you want to be on the safe side, make it a single payment. Given the time it takes to get money in and out of the account, one larger payment is less painful.

    Possibly but the offer terms are reasonably well written compared to some of their messages. We bounced a nominal amount there and back to prove the routes before risking sending the £1000 there and back which just dragged out the pain over several weeks.

    Frankly the whole experience of signing multiple electronic contracts with SMS codes has been tiresome but we are on target to get a total of £550 from this offer so I shouldn't complain. I've been doing it for our newborn's Junior ISA as I have some work to do to get it to match our other child's Junior ISA.

    Alex
  • colsten
    colsten Posts: 17,597 Forumite
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    Alexland wrote: »
    Possibly but the offer terms are reasonably well written compared to some of their messages. We bounced a nominal amount there and back to prove the routes before risking sending the £1000 there and back which just dragged out the pain over several weeks.
    I did much the same. As I have the GBP debit card, which has a nice high limit, I withdrew the cash rather than sending back the £1k and wait for several days for it to arrive back in my 'real' bank.
    Alexland wrote: »
    Frankly the whole experience of signing multiple electronic contracts with SMS codes has been tiresome but we are on target to get a total of £550 from this offer so I shouldn't complain.
    I know what you mean, it seemed a never-ending stream of codes and documents! Still, it's a very good hourly rate, and you are right, we shouldn't complain :)
  • stphnstevey
    stphnstevey Posts: 3,224 Forumite
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    Anyone know how to file a W-8BEN form with them?
  • DragonQ
    DragonQ Posts: 2,193 Forumite
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    How does one transfer money into the account? Can I just lop off the leading zeroes from the account number to make it a normal 8 digit one or is it more complicated than that?
  • colsten
    colsten Posts: 17,597 Forumite
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    DragonQ wrote: »
    How does one transfer money into the account? Can I just lop off the leading zeroes from the account number to make it a normal 8 digit one or is it more complicated than that?
    yes, use the last 8 digits of the Fineco account number. Send a pound or two first, to confirm you got it right. I always do this with new payees, not just Fineco.
  • buyhighselllow
    buyhighselllow Posts: 243 Forumite
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    Anyone answer this ? My memory has faded since last year

    I did the Fineco offer last year and have the Fineco Visa debit Euro card which I thought may come in handy. As I'm off to europe soon do I just load my account with pounds or do I then convert the pounds to Euros using the facility when online to do so prior to going..or does it not matter unless the rate "spikes" and falls before I go.
    Is the facility for withdrawal free ?
    Over £2K made from bank switches and P2P incentives since 2016 :beer:
  • Shedman
    Shedman Posts: 1,495 Forumite
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    buyhighselllow wrote: »
    Anyone answer this ? My memory has faded since last year

    I did the Fineco offer last year and have the Fineco Visa debit Euro card which I thought may come in handy. As I'm off to europe soon do I just load my account with pounds or do I then convert the pounds to Euros using the facility when online to do so prior to going..or does it not matter unless the rate "spikes" and falls before I go.
    Is the facility for withdrawal free ?

    Yes load the account with sterling and then either convert now (or before you go) using the online FX facility if you think the rates good now or (assuming you have internet access whilst away) convert when you are away if you think rates going to improve. Of course you could do a halfway house approach and convert half of what you think you might need now and leave the other half till you're away. And don't forget if you have any left over you can wait until rate drops when you're back and reconvert them back at their very good rates and possibly even make a small profit ;) (I'd converted £500 worth once as thought I was going away but didn't go so converted back after a rate drop and made about £20)

    There are no ATM charges as far as I am aware (unless the network, such as Euronet, levies a charge) and you can use the debit card for purchases (and even contactless for low value eg in bars) with no charge as it's all coming out of the Euro account. I think from memory they charge 1% if you haven't loaded the Euro account and they convert from Euros to take it from the Sterling account but you still get close to spot rate.

    And don't lose your card, like I did last trip, as they charge £9.95 for a replacement! Have a good trip.
  • tryin
    tryin Posts: 351 Forumite
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    colsten wrote: »
    You can transfer money elecronically from Fineco to a UK bank account but be aware some banks charge for receiving it. Fineco won't charge for GBP to GBP transfers. Santander and Nationwide seems to be doing it for free, Barclays charge lots. Transfers take a few working days to arrive.
    How much does Barclays charge? And what is people's experience with other banks?

    What exactly is this transfer called, so I can ask my bank how much it will cost?
  • bristolleedsfan
    bristolleedsfan Posts: 12,090 Forumite
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    2018 post someone said First Direct charge 6.00 for incoming payment from Fineco Bank


    Called International payments hence charges
  • buyhighselllow
    buyhighselllow Posts: 243 Forumite
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    Shedman wrote: »
    Yes load the account with sterling and then either convert now (or before you go) using the online FX facility if you think the rates good now or (assuming you have internet access whilst away) convert when you are away if you think rates going to improve. Of course you could do a halfway house approach and convert half of what you think you might need now and leave the other half till you're away. And don't forget if you have any left over you can wait until rate drops when you're back and reconvert them back at their very good rates and possibly even make a small profit ;) (I'd converted £500 worth once as thought I was going away but didn't go so converted back after a rate drop and made about £20)

    There are no ATM charges as far as I am aware (unless the network, such as Euronet, levies a charge) and you can use the debit card for purchases (and even contactless for low value eg in bars) with no charge as it's all coming out of the Euro account. I think from memory they charge 1% if you haven't loaded the Euro account and they convert from Euros to take it from the Sterling account but you still get close to spot rate.

    And don't lose your card, like I did last trip, as they charge £9.95 for a replacement! Have a good trip.


    I have a current balance of £240. If I try and convert this to Euro's it says there is "insufficient liquidity". However if I change to my "multi currency Account" it shows my £240 in Euros......So do I actually need to do anything else to withdraw this as euros when abroad using my euro visa debit ????
    Over £2K made from bank switches and P2P incentives since 2016 :beer:
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