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  • FIRST POST
    • Marchitiello
    • By Marchitiello 18th Jun 17, 8:37 PM
    • 272Posts
    • 103Thanks
    Marchitiello
    Fineco Bank multicurrencies account
    • #1
    • 18th Jun 17, 8:37 PM
    Fineco Bank multicurrencies account 18th Jun 17 at 8:37 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 8:40 PM.
Page 6
    • starM
    • By starM 3rd Mar 18, 9:51 PM
    • 1,353 Posts
    • 179 Thanks
    starM
    Hi,

    Just wondering to open Fineci account do they carry out an full credit check or it is just an ID check?

    Also does the account shows up as an active account on CRA report?

    Thanks
    • N1ckS
    • By N1ckS 3rd Mar 18, 11:51 PM
    • 54 Posts
    • 22 Thanks
    N1ckS
    Nothing is showing up on my Noddle credit report, whereas an application for a credit card on the same day is. During the application they asked for a form of ID to be submitted, so I used my drivers license and uploaded a photo of the front and back as requested.
    • KTF
    • By KTF 6th Mar 18, 5:41 PM
    • 4,643 Posts
    • 1,898 Thanks
    KTF
    If I read the fees correctly, I can have USD paid in to the USD account then convert it to GBP at pretty much the interbank rate?

    If so then this seems like a winner for people who have shares bought and sold in USD but need to repatriate the cash?
    • N1ckS
    • By N1ckS 6th Mar 18, 6:04 PM
    • 54 Posts
    • 22 Thanks
    N1ckS
    I think it works best for smaller amounts. You might find for large transfers a forex site that charges a fixed fee but a rate even closer to the interbank rate is more economical. Having said that I've been impressed with the service so far and the app and website are excellent.
    • heathrow
    • By heathrow 9th Mar 18, 7:12 AM
    • 60 Posts
    • 32 Thanks
    heathrow
    If I read the fees correctly, I can have USD paid in to the USD account then convert it to GBP at pretty much the interbank rate?

    If so then this seems like a winner for people who have shares bought and sold in USD but need to repatriate the cash?
    Originally posted by KTF

    Yes - it's the best way to do it. You'll still be hit with a correspondent bank fee on inbound transfers though. From HSBC UK to Fineco I get dinged for $25 on transfers in excess of $10k. Your mileage may vary. Also be aware you may get hit by your UK bank in connection with GBP transfers from Fineco. I've received money into my HSBC UK sterling account - can't see a fee but it may be billed at the end of the month.
    • starM
    • By starM 9th Mar 18, 8:19 PM
    • 1,353 Posts
    • 179 Thanks
    starM
    Hi,

    I have recently opened up my Fineco account. Logged into the online banking first time but no card is showing

    How long will it take for the card to show up on online banking?

    Has anyone used the card to top up on starling or Monzo did it work fine?

    Thanks
    • N1ckS
    • By N1ckS 10th Mar 18, 8:04 AM
    • 54 Posts
    • 22 Thanks
    N1ckS
    I can't remember whether it showed before or after my card arrived but it didn't show when I initially logged in to online banking so it's nothing to worry about. The card arrives by DHL courier so I imagine it will be with you today/Monday.
    • starM
    • By starM 13th Mar 18, 8:59 AM
    • 1,353 Posts
    • 179 Thanks
    starM
    Hi,

    My card is showing on my online banking and on the app now.

    Another question I transferred 1 pounds test payment from my Starling account to Fineco on Friday. It reached within a few hours.

    I then transferred another payment around 1am on Saturday.To-date the money has not reached my Fineco account.

    Account details was all saved on my Starling payment list. Has anyone had any issues making the payment over the wkend?

    Thanks
    • N1ckS
    • By N1ckS 13th Mar 18, 9:17 AM
    • 54 Posts
    • 22 Thanks
    N1ckS
    I made a payment out on the 9th which has only just gone through this morning so I think making a transaction on/over the weekend does make a difference.
    • hollie.weimeraner
    • By hollie.weimeraner 15th Mar 18, 6:04 PM
    • 1,497 Posts
    • 942 Thanks
    hollie.weimeraner
    I’ve applied for an account and got an email saying they’d ring me within 48 hours is this normal?
    • eDicky
    • By eDicky 15th Mar 18, 6:56 PM
    • 3,401 Posts
    • 1,612 Thanks
    eDicky
    I’ve applied for an account and got an email saying they’d ring me within 48 hours is this normal?
    Originally posted by hollie.weimeraner
    That's what they do. It will be from an 020 number, they only try once.
    • hollie.weimeraner
    • By hollie.weimeraner 15th Mar 18, 7:13 PM
    • 1,497 Posts
    • 942 Thanks
    hollie.weimeraner
    That's what they do. It will be from an 020 number, they only try once.
    Originally posted by eDicky
    Cheers, what happens if the call is missed?
    • superM
    • By superM 15th Mar 18, 8:17 PM
    • 40 Posts
    • 3 Thanks
    superM
    Is it safe to put money in an Italian bank? I don't there would be any protection from UK.
    • N1ckS
    • By N1ckS 15th Mar 18, 9:54 PM
    • 54 Posts
    • 22 Thanks
    N1ckS
    Cheers, what happens if the call is missed?
    Originally posted by hollie.weimeraner
    You can just call their customer services and mention that you missed the call regarding the email.
    • jbryce
    • By jbryce 7th Apr 18, 12:19 PM
    • 10 Posts
    • 1 Thanks
    jbryce
    It took me two weeks to get the account up and running.

    I applied on 25th March (a Sunday). I got the details to log into the account on 27th.
    I applied for the security code, which arrived yesterday (6th April, with an Easter weekend in the middle). DHL tried to deliver the card on 4th April, but I wasn't in, and today was the first day I could go to the depot to pick it up.

    I've transferred £10 into the account. It hasn't arrived yet, but from what I can gather, it should arrive on Monday morning.
    • starM
    • By starM 7th Apr 18, 12:23 PM
    • 1,353 Posts
    • 179 Thanks
    starM
    I have been using the account for the last 3-4 weeks now. The account and the debit card works fine. The only problem is FPS incoming is slow and they use swift for outgoing.

    They need to sort the payment side.
    • jbryce
    • By jbryce 11th Apr 18, 9:05 PM
    • 10 Posts
    • 1 Thanks
    jbryce
    An update. The money arrived at some point between 11am and 12pm on Monday morning.

    I then transferred €10 to the Euro account. That took until early Wednesday morning.

    I've now transferred another £240 in, and transferred €240 of that to the Euro account, which should arrive there tomorrow.

    Now i need to test payments. Does anyone know, if I use the Euro ATMs around London with the card, will they take the Euro amount I withdraw from my account, or will they convert it to £ at their rubbish rate, then Fineco convert it back to Euros at Visa Rate + 1%? This is not something I will be doing on a regular basis, I have a load of Euros in my foreign wallet, so I would use them until I get to an ATM in France or wherever. I guess I will take out €10 tomorrow and see what happens.
    • AKILI
    • By AKILI 16th May 18, 8:36 AM
    • 2 Posts
    • 0 Thanks
    AKILI
    Hi, did you find out whether the FINECO UK bank account is OK for transactions related to Italian property purchase?
    • AKILI
    • By AKILI 16th May 18, 8:39 AM
    • 2 Posts
    • 0 Thanks
    AKILI
    Buying a property in Italy
    Did anyone found out if the UK FINECO multi currency account is accepted to purchase a property in Italy???
    • DCFC79
    • By DCFC79 16th May 18, 8:56 AM
    • 31,642 Posts
    • 19,961 Thanks
    DCFC79
    Hi, did you find out whether the FINECO UK bank account is OK for transactions related to Italian property purchase?
    Originally posted by AKILI
    Did anyone found out if the UK FINECO multi currency account is accepted to purchase a property in Italy???
    Originally posted by AKILI
    Should delete 1 of your posts since they are both the same.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
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