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  • FIRST POST
    • Marchitiello
    • By Marchitiello 18th Jun 17, 7:37 PM
    • 300Posts
    • 110Thanks
    Marchitiello
    Fineco Bank multicurrencies account
    • #1
    • 18th Jun 17, 7:37 PM
    Fineco Bank multicurrencies account 18th Jun 17 at 7:37 PM
    Has anyone else seen this account and/or already signed up? I registered an interest when someone else posted a link on Facebook and finalised the account opening last week.

    Basically they are part of the UniCredit group (Champions League sponsor) and have been a challenger bank operating in many part of Europe for quite a few years now, as I understand with an Italian Banking License (depositor protected up to 100,000).

    You get a UK bank account (sort code start with 30, looks to be a Lloyds one) and an IBAN starting with IT. You can select between a free GBP or EUR debit card and pay 9.95 for a second one in the other currency (the early bird offer was for both cards to be free). You also have two other currencies operating account (but not card for those), in USD and CHF, plus an investment/trading platform if you wish to use it.

    I will use it for a while and see if I can close my other fee paying EUR account.
    Last edited by Marchitiello; 18-06-2017 at 7:40 PM.
Page 11
    • Alexland
    • By Alexland 10th May 19, 9:11 PM
    • 5,005 Posts
    • 4,323 Thanks
    Alexland
    There is nothing in the T&Cs that requires a single transfer of 1,000.
    Originally posted by colsten

    My reading of the offer terms is that it needs to be a single transfer "Make a bank transfer by 18/06/2019 to the Fineco UK account for at least 1,000".
    • colsten
    • By colsten 10th May 19, 9:40 PM
    • 10,290 Posts
    • 9,478 Thanks
    colsten
    My reading of the offer terms is that it needs to be a single transfer "Make a bank transfer by 18/06/2019 to the Fineco UK account for at least 1,000".
    Originally posted by Alexland
    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.
    • Alexland
    • By Alexland 10th May 19, 10:03 PM
    • 5,005 Posts
    • 4,323 Thanks
    Alexland
    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.
    Originally posted by colsten
    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
    Last edited by Alexland; 10-05-2019 at 10:06 PM.
    • colsten
    • By colsten 11th May 19, 9:43 AM
    • 10,290 Posts
    • 9,478 Thanks
    colsten
    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.
    Originally posted by Alexland
    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.

    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.
    Originally posted by Alexland
    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
    • By stphnstevey 12th May 19, 6:48 PM
    • 2,977 Posts
    • 488 Thanks
    stphnstevey
    Anyone know how to file a W-8BEN form with them?
    • DragonQ
    • By DragonQ 13th May 19, 7:50 AM
    • 2,031 Posts
    • 692 Thanks
    DragonQ
    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
    • By colsten 13th May 19, 8:01 AM
    • 10,290 Posts
    • 9,478 Thanks
    colsten
    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?
    Originally posted by DragonQ
    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
    • By buyhighselllow 13th May 19, 5:11 PM
    • 164 Posts
    • 97 Thanks
    buyhighselllow
    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
    • Shedman
    • By Shedman 13th May 19, 6:51 PM
    • 302 Posts
    • 204 Thanks
    Shedman
    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 ?
    Originally posted by buyhighselllow
    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
    • By tryin 14th May 19, 12:18 PM
    • 138 Posts
    • 42 Thanks
    tryin
    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.
    Originally posted by colsten
    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
    • By bristolleedsfan 14th May 19, 1:46 PM
    • 7,678 Posts
    • 9,736 Thanks
    bristolleedsfan
    2018 post someone said First Direct charge 6.00 for incoming payment from Fineco Bank


    Called International payments hence charges
    • buyhighselllow
    • By buyhighselllow 14th May 19, 5:19 PM
    • 164 Posts
    • 97 Thanks
    buyhighselllow
    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.
    Originally posted by Shedman

    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
    • colsten
    • By colsten 14th May 19, 5:21 PM
    • 10,290 Posts
    • 9,478 Thanks
    colsten
    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?
    Originally posted by tryin
    The report I saw was that Barclays charged either 6 or 8, can't remember the exact amount now. I think the payments from Fineco are considered SWIFT payments or International Money Transfers.
    • Shedman
    • By Shedman 14th May 19, 7:40 PM
    • 302 Posts
    • 204 Thanks
    Shedman
    2018 post someone said First Direct charge 6.00 for incoming payment from Fineco Bank


    Called International payments hence charges
    Originally posted by bristolleedsfan
    Think that was me (and I wasn't happy!) so I switched any incoming to go my Tesco account as they don't charge.

    (Still we made 370 between us on the 2018 Fineco referrals so guess we could afford the 6 )
    • scragend
    • By scragend 15th May 19, 1:07 PM
    • 257 Posts
    • 109 Thanks
    scragend
    Nationwide accounts can receive SWIFT payments free of charge. That's how I get my money out of Fineco.
    • tg99
    • By tg99 16th May 19, 11:29 PM
    • 732 Posts
    • 286 Thanks
    tg99
    From what I can see there are two offers at present, the refer a friend 100 and Fineco Hub 150. I think you may have to visit Fineco to participate in the latter (though not totally sure as the link to the t and c not working correctly). Anyone tried combining these offers when signing up (guessing probably can’t and that there is only one box to enter a promotional code online when applying)?
    • colsten
    • By colsten 17th May 19, 8:39 AM
    • 10,290 Posts
    • 9,478 Thanks
    colsten
    From what I can see there are two offers at present, the refer a friend 100 and Fineco Hub 150. I think you may have to visit Fineco to participate in the latter (though not totally sure as the link to the t and c not working correctly). Anyone tried combining these offers when signing up (guessing probably can’t and that there is only one box to enter a promotional code online when applying)?
    Originally posted by tg99
    Yes, for the 150, you have to visit them before the end of today, and from what I can see, you can't have both, the 100 and the 150 as you can only have 1 Fineco account. There's no way I would travel all the way to London and endure their expert one-on-one advice and a full rundown of our services sales spiel for a mere 50 extra. As you say, we can't even see the T&Cs for this offer. Not for me, thank you, Fineco.
    • michaels
    • By michaels 17th May 19, 11:21 PM
    • 22,394 Posts
    • 103,128 Thanks
    michaels
    Yes, for the 150, you have to visit them before the end of today, and from what I can see, you can't have both, the 100 and the 150 as you can only have 1 Fineco account. There's no way I would travel all the way to London and endure their expert one-on-one advice and a full rundown of our services sales spiel for a mere 50 extra. As you say, we can't even see the T&Cs for this offer. Not for me, thank you, Fineco.
    Originally posted by colsten
    Just look on the referrals board if you want 150 with no trip to London.

    FD charge 6 quid if you withdraw more than 100 to them but free if less, Santander reported as free to receive funds.
    Cool heads and compromise
    • Voyager2002
    • By Voyager2002 17th May 19, 11:36 PM
    • 13,022 Posts
    • 8,950 Thanks
    Voyager2002
    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 ????
    Originally posted by buyhighselllow

    I have only just seen this but hope my response helps someone else. You can only convert currencies during office hours, and get that error message at other times. If you do not convert but withdraw as Euro when abroad you will send your Euro account into overdraft. When (by a different route) I sent my Euro account overdrawn all that happened was that they kept sending me messages asking me to convert enough money to bring the balance to zero or above and there were no charges: but my overdraft was under 5 Euro! If you attempted to overdraw by a meaningful amount then maybe something bad would happen.
    • buyhighselllow
    • By buyhighselllow 18th May 19, 8:38 AM
    • 164 Posts
    • 97 Thanks
    buyhighselllow
    I have only just seen this but hope my response helps someone else. You can only convert currencies during office hours, and get that error message at other times. If you do not convert but withdraw as Euro when abroad you will send your Euro account into overdraft. When (by a different route) I sent my Euro account overdrawn all that happened was that they kept sending me messages asking me to convert enough money to bring the balance to zero or above and there were no charges: but my overdraft was under 5 Euro! If you attempted to overdraw by a meaningful amount then maybe something bad would happen.
    Originally posted by Voyager2002
    Its really confusing. Basically, if you convert from your main account into Euros in your multi-currency account are you good to go ?
    Over 2K made from bank switches and P2P incentives since 2016
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