Fineco Bank is an Italian bank that offers multi-currency accounts (Euro, Pound, US dollars, and Swiss francs) and competitive trading solutions in Italy and the United Kingdom. Fineco brokerage and trading services cover shares, stocks, CFDs, ETFs, etc.
What does Fineco offer?
- Banking. You can carry out transactions such as transfers, withdrawals, payments and saving. Accounts can either be in EUR or GBP; thus, it gives you the added flexibility that you need to pay bills either in the UK or in Europe.
- Investing. With an investment platform, you have to advantage of gaining profits regularly; hence, topping up your funds. There are a variety of options that you can open, ranging from stocks, shares, hard metals, currencies, bonds, funds and ETFs with a minimum investment level of 100 Euros.
- Trading. The online trading platform is advanced and helps you quickly trade in markets that are more complex like FX, futures and CFDs.
Fineco ISA: Any investment growth or interest earned within the ISA is free from UK Income or Capital Gains Tax.
Advantages of Fineco Bank
- You can make free EU and UK withdrawals.
- Fineco’s card allows you to do extra-large shopping and make purchases of up to 10,000 euros.
- You can set the unexpected outgoings in real-time via the Fineco App for Android and iOS.
- With the EUR direct debit card, you can speedily pay bills at no extra fees.
- The platform allows you to send money instantly and transfers reach the beneficiary within seconds.
- You get to send money worldwide and make online bank transfers in 20 different currencies to 250 destinations.
- The platform is easy to use, and you do not have to be an expert to manoeuvre around it.
- All relations to basic banking are free, and thus, the company guarantees you of low cost and value for your money when paying bills.
- In case you have an interest in investing, the small fees and low minimum amounts give you a better chance of directing your cash towards your futures.
Disadvantages of Fineco
The only negative feedback related to Fineco Bank is the fact that most people find it difficult to open an account via phone. In the beginning, you are asked if you would like to open online or via telephone. This could mean that some people choose the wrong option; hence, they end up being frustrated with the opening process.
How to Open Fineco Account
You can easily get started by opening an account on the website or Fineco bank app within no time. Once you click the open account option, you enter your necessary details and address information. At the start, you will be required to declare your interest, whether you would like to bank, invest or trade. The best suggestion is to choose the banking option because it does not limit you to banking, but you can also trade and invest.
More so, the banking option is free and flexible. Once you choose whether you want to open your account via mobile or online, you will continue with the process with no hassle. Take advantage of the live chat option and ask any questions because the service is available from 8 am to 7 pm, Monday to Friday.
Afterwards, you need to submit your verification documents. As a standard practice for all online trading platforms and banks, the KYC process requires that you submit two separate documents. Firstly, provide a copy of your government ID. If you are a UK citizen, you can upload your driver’s license or a copy of your passport. Secondly, you will need to provide a utility bill or a bank account statement to show proof of residency.
Once your documents have passed the necessary validation, you can go ahead and deposit funds into your account. You will not need to meet any minimum deposit needs unless you want to invest in a fund that is managed. In this case, a minimum of 100 EUR is required. Finally, you can use the platform to place a trade.
Fineco Business Account
Fineco business account is a turnkey solution designed for small businesses or professional service companies. Account holders have 50 free-of-charge transactions per quarter, a monthly fee of 5.95 euros, SEPA bank transfers and unlimited free ATM withdrawals above 99 euros at UniCredit ATMs.
The Fineco multi-currency account is the service accessory to the euro current account that allows you to invest in foreign currencies. Activation of the Fineco multicurrency service is free of charge and requires authorization for US dollar (USD), British pound (GBP), and Swiss franc (CHF). The multicurrency service may be expanded with new currencies by accessing the Account and Cards> Multicurrency> My currencies section.
When it comes to banking, most services are available for free. Once you open a Fineco account, you will have your first debit card which qualifies for the Eurozone and UK ATM withdrawals. Moreover, other services like the unlimited UK/SEPA bank transfers and the online currency exchange have no charge. Luckily, you will not be limited to minimum deposits as well as incur commissions on your bank account. Fineco bank trading incurs transparent fees/commissions as shown below.
Fineco Trading Fees for Shares and ETFs:
|UK||£2.95 per order|
|USA||$3.95 per order|
|GER, ITA, FRA||$3.95 per order|
|Canada TSX||C$10.0 per order|
|Spain||0.19% fee (min. €14.95)|
|Switzerland||0.19% fee (min. CHF24)|
|Finland||€9.0 per order + 0.19% fee (min. €2.95 – max €19)|
Fineco Bank Fees
|Contactless card||No monthly fee on the first GBP or EUR Card. £9.95/year (optional) for a second card.|
|UK ATM withdrawals and payments||Free and and unlimited with GBP card|
|ATM withdrawals and payments||Free in the Euro zone|
|UK bank transfers||Free and unlimited|
|SEPA transfers||Free and unlimited|
|EUR SEPA debit card||Free and unlimited|
|Maxi-purchase (up to £10,000 at a time)||Free|
Is Fineco Bank Safe?
Fineco bank is not a scam. FinecoBank S.p.A is a part of the UniCredit Banking Group based in Milan, Italy. It is also a member of the National Interbank Deposit Guarantee Fund in Italy. The bank is regulated by the European Central Bank, Bank of Italy, the National Commission for Companies and the Stock Exchange in Italy and the Financial Intelligence Center (FIC) in the UK as a bank and trading company. Moreover, clients’ funds are kept in segregated accounts for maximum protection.
Fineco Bank Alternatives
In case Fineco bank does not meet your specific banking and trading needs, these are other options you can look into:
Final Thoughts on Fineco Review
As much as Fineco bank is still unpopular in the UK brokerage space, the platform has provided investment solutions for more than two decades now. With Fineco online banking, you can access a variety of financial instruments that allow you to invest, trade and bank. Whether you are aspiring to purchase traditional shares and stocks, or you would like to trade CFDs even on a short term basis, Fineco Bank Italy and Fineco Bank UK has you covered. Most importantly, the fact that the bank is regulated in Italy and the UK makes your funds secure even while banking.