Fineco Bank


#1

I have an account with Fineco that I mainly use for trading and currency exchange.

I tried to transfer some money to Monzo today but they would not accept the sort code on the website. I’ve sent an email over to them to ask why, but just wondering if anyone has successfully managed to transfer to Monzo from them?

Cheers


(Sufi) #2

I have transferred to Fineco from Monzo and from Fineco to Bunq & Coinbase previously but never really transferred back to Monzo.

Just tried to check and got this message below;

They need to update their system to accept Monzo Sort Code. I’ll email as well just so they know more people want this done.


#3

Ok thanks. Just checking it wasn’t just me!


(Andre Borie) #4

Sort code? They’re talking about a BIC (unless this is copy error on their part), which implies SWIFT payments. Those aren’t supported by Monzo yet unfortunately.


(Sufi) #5

Sorry, I don’t know much obviously. I think Fineco are a bit weird for payments and transfers anyway. They don’t support fast transfers and I think they use SWIFT maybe because money is being transferred via Italy back to a UK bank account.


(Andre Borie) #6

When they asked account details, what did you provide? A sort code (04-00-04 in :monzo:'s case) and account number, or an IBAN (which one? Monzo doesn’t provide it) and BIC/SWIFT?


(Sufi) #7

Sort code and account number - They don’t ask for IBAN for UK bank transfers.

You get 4 IBAN numbers with Fineco though which is one of the main reason to have that account for me.


(Andre Borie) #8

So it is an UK wire transfer - the mention of BIC is probably a copy error.

They should update their sort code lists… and given this is not a direct debit I’m not sure BACS will be able to do anything (getting in touch with BACS is the usual solution when companies refuse to accept a valid sort code, but that’s only for direct debits as far as I know).


#9

Just got this reply from FIneco…

"we confirm you that we have integrated this sort code in our
records.

We kindly ask you to repeat the operation.

For further information you can get in touch with us through the
Contact Us section in the Client Area or by calling:"

Seems to be working ok now!

Fair play to them


(Sufi) #10

In my experience their CS is not too bad. They do reply fairly quick and have solved few things for me in past few months. I just hope they bring faster payments in early next year then it’s perfect for trading and exchange.


#11

Agreed.

Just on a side note, does your debit card have your name in the format SURNAME, FIRST NAME, MIDDLE NAME?


(Sufi) #12

Yes :slight_smile: I think it’s because they are Italian and most European countries write the last name first.


#13

Mine did as they use the same format they do on bank transfers.

Their cards however do not allow you to change your PIN…which lead me to close my account


#14

or you can get 20 with bunq!


(Sufi) #15

I agree (actually 25, I think) but you know Bunq accounts are all Euro, I am sure you also know that with Fineco you get USD, GBP, EUR and CHF


#16

Yes…it was the CHF that attracted me but I did not like being forced to use a PIN of their choice that I could not change.


(Sufi) #17

I guess because I don’t use their Debit card much in fact only used once so it’s not a huge issue for me. But I see your point it’s not ideal but their App has the option to view PIN. They did say they will update their systems in 2018 when I asked about few things including PIN change for UK customers.


#18

Yeah that is a bit of a pain. I wonder if you can change it at an Italian ATM?

It was also a bit of a faff when I opened my account. To verify my identity I had to send them a transfer from an existing account in my name, however none of my accounts at the time used my middle name in transfers, and they wouldn’t accept it without that.

I had to get Lloyds to send them a statement directly from a Lloyds email address to get it sorted.

Have been very happy with them so far though


#19

and closing an account takes about 2 weeks for your money to be refunded!


#20

I’ll make sure to empty my account then if the need arises.

At least I can send it to Monzo now! :slight_smile: