Fineco Bank

“Hold GBP, EUR, CHF, USD, CAD, JPY, TRY, AUD, MXN, RUB, ZAR or SEK in one account with no monthly fees. Experience seamless conversion at the true exchange rate, with zero admin, conversion or transfer fees.”

I use to have a Fineco account that I used with crypto with no problems. I also used them for stocks, shares etc. A good bank, part of the Unibank group therefore Italian and doesn’t report to UK CRA’s. It is licenced through the ECB.

Not one I’d heard of. Where are they based?

What would you say their limitations are?

They are based in Milan but they offer accounts in the UK.

Their site can be confusing when you first dive into it but with a bit of practice and thought it does begin to make sense.

On the banking side of things you get a GBP and EUR card, two sub accounts (CHF and USD) and can add further sub accounts in CAD, JPY, TRY, AUD, MXN, RUB, ZAR or SEK.

Transfers between the sub accounts is generally next day only unless it’s a weekend then it’s wait till Monday. Plan ahead!

Along with day to day banking I also used them to transfer largish sums to and from my now defunct Kraken crypto account without any problems so they should be crypto friendly.

I also tried a bit of trading on ETF’s and stocks. Didn’t lose anything but didn’t become rich :frowning:

The only reason I stopped using them was that we decided not to go ahead and buy a property in our favourite ski resort. They don’t offer mortgages but as part of Unicredit it would have been easier to get a Euro mortgage with Fineco in the equation.

Oh, and Apple Pay and Google Pay friendly too.

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I knew of Fineco Bank since last year. Was about to pull the trigger of signing up, but I was thinking, “If I have Revolut, why should I go for them?”

There’s nothing Fineco has over Revolut. It used to be them having a Visa card but now Revolut has that.

If Revolut didn’t exist, I would have been with these guys a year ago.

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This is what I was thinking. Between Revolut and TransferWise I don’t really need anything else (though if there was a bank that would give me Canadian bank details that would be nice).

Fineco: A bank based in Milan - owned by London.

image

Source…?

Their website :slight_smile: literally on the page that was linked

HSBC = UK
Barclays = UK
Lloyds = UK

13.6
13.8
12.4
= 39.8
greater than
13.6
22.9
= 36.5

Sorry, I meant the “owned by London” part.

Fineco are a subsidiary of UniCredit so they are Italian.

They are part of the sixth largest bank in the world.

Based on that annual report I assumed that those were the large controlling stakes in the business

Internet search engines are your friend…

Ah, you misunderstood what CET1 is.

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Thanks - I’ll give this a read

Fineco is massive in terms of its backing. Unicredit is something that all Italians are aware of, so many people have accounts with one its subsidiaries. Fineco is also widely advertised in Italy.

The London connection, well Barclays and Unicredit have a long history of working together, after all they took over most of Barclays Italian operations. HSBC is invested heavily in many European countries that is where the next big banking revolution is going to be, most older Europeans use local banks, or post offices.

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I signed up for Fineco a few weeks ago, and my god, they are about as far from fintech as it gets. I had to wait for about 4 days before my account was activated. Then, I had to wait for them to send me a passcode to activate online banking. When it arrived, their website crashed halfway through setting it up, but the passcode was marked as “used”, so I couldn’t reuse it, and couldn’t log in as set up wasn’t finished. I contacted them, and had to get another passcode sent in the mail (7 days), for which they charged me £2.95.

I transferred a little bit of money out as a test, and their bank transfers take 2 business days to complete. Then having confirmed that it worked, I wanted to transfer more money to my normal bank account. I went into my account address book, and it had my sort code in the “Account Number” field, and the Sort Code field was empty.

I’ve tried using my card a few times, and it has been declined on online transactions 2 out of 3 times I tried.

I’m going to take their £150 sign up bonus in a couple of months, but I can’t see myself using this again.

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What’s the promo code for the £150 bonus?

How fast are transfers in?

FINECOHUB

But the terms are a bit convoluted. You have to transfer in at least £1k, then log in to your account in september and accept the bonus.

Seems to take a day or two.

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Wait so I can get £150 for transferring 1k in then straight out? :thinking:

There is a thread on MSE with some people saying they were charged a delivery fee for the card several months after receiving it and some were charged a fee by the receiving bank for a domestic transfer out because Fineco send them by SWIFT. You need to sign for the card as it comes by courier, then there are the activation, stored payee and card payment issues reported above.

All in all quite inconvenient to set up and possibly not worth doing unless you are particularly interested in the trading features or willing to jump through various hoops for the bonus.

I think I saw that somewhere in the terms and conditions. I agree, not sure if it is worth the effort (they post an activation code to you and charge for that too).

Then again I think it’s only them and HSBC that offer free multicurrency accounts that are backed by a deposit protection scheme.