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    • Shedman
    • By Shedman 10th May 18, 7:49 AM
    • 209Posts
    • 132Thanks
    Shedman
    Fineco Bank transfer to First Direct - charge
    • #1
    • 10th May 18, 7:49 AM
    Fineco Bank transfer to First Direct - charge 10th May 18 at 7:49 AM
    Just a heads up warning for anyone that has recently signed up to the Fineco referral deal and wants to transfer some of their money back to their usual bank that First Direct charge 6 as they appear to treat it as a payment in from a foreign bank (which somewhat surprised me as I was under the impression it was Fineco UK - hence under UK banking auspices - especially as the bank account had a UK sort code and there had been no costs transferring the money into Fineco).

    I will query it with FD and Fineco.

    Anybody transferred any money back to another UK bank and not incurred any fees If so please let me know which banks (I have most of them )
    Last edited by Shedman; 10-05-2018 at 7:51 AM.
Page 1
    • agrinnall
    • By agrinnall 10th May 18, 8:24 AM
    • 21,005 Posts
    • 16,790 Thanks
    agrinnall
    • #2
    • 10th May 18, 8:24 AM
    • #2
    • 10th May 18, 8:24 AM
    This thread from last year says that they have an Italian banking licence. No idea whether they have obtained a UK licence since then, but FD's response would suggest not.

    https://forums.moneysavingexpert.com/showthread.php?t=5666487
    • Shedman
    • By Shedman 10th May 18, 8:26 AM
    • 209 Posts
    • 132 Thanks
    Shedman
    • #3
    • 10th May 18, 8:26 AM
    • #3
    • 10th May 18, 8:26 AM
    Apparently the use Faster Payments for transfer in from UK banks and Swift payments for transfers out to UK banks - hence why FD treated as a foreign payment in. Wish I had been aware - I would have just drawn cash from an ATM instead (which is free)
    Last edited by Shedman; 13-05-2018 at 11:17 PM.
    • flavione74
    • By flavione74 10th May 18, 9:35 AM
    • 19 Posts
    • 7 Thanks
    flavione74
    • #4
    • 10th May 18, 9:35 AM
    • #4
    • 10th May 18, 9:35 AM
    Anybody transferred any money back to another UK bank and not incurred any fees If so please let me know which banks (I have most of them )
    Originally posted by Shedman
    Santanter UK won't charge you.
    • Shedman
    • By Shedman 10th May 18, 4:59 PM
    • 209 Posts
    • 132 Thanks
    Shedman
    • #5
    • 10th May 18, 4:59 PM
    • #5
    • 10th May 18, 4:59 PM
    Santanter UK won't charge you.
    Originally posted by flavione74
    Thanks - unfortunately that's one I've just switched out
    • evangelos
    • By evangelos 11th May 18, 11:38 AM
    • 23 Posts
    • 14 Thanks
    evangelos
    • #6
    • 11th May 18, 11:38 AM
    • #6
    • 11th May 18, 11:38 AM
    Nationwide flexdirect account, no charge applied when tranfering from fineco.
    • Marchitiello
    • By Marchitiello 13th May 18, 5:14 PM
    • 279 Posts
    • 104 Thanks
    Marchitiello
    • #7
    • 13th May 18, 5:14 PM
    • #7
    • 13th May 18, 5:14 PM
    Nationwide flexdirect account, no charge applied when tranfering from fineco.
    Originally posted by evangelos
    Thanks for the heads up. Although I was the first one talking about Fineco on this forum I have never had the need to transfer the funds back to a UK bank account and had been avoiding this altogether since reading the feedback about charges last year. I will use my Nationwide account as a test.
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