Multicurrency

Multicurrency is a service for investing in foreign currency. Liquidity in currency is remunerated without charging any exchange fees.

Note: currency exchange is subject to exchange risk, i.e. the possible depreciation of the currency bought against the reference currency (Pounds Sterling).

The Multicurrency service also allows you to trade on markets in US Dollars, Euros, Swiss Francs or in any other currency made available by the Bank from time to time. In order to trade on these markets you will need to request activation This can be done in the Managing services section of the website.

With Fineco you can choose the most convenient time to convert a currency by selecting the rate of exchange in place on the market at a given time.

No fees are charged for currency exchange, which can be performed directly online: enter the Banking and Cards area, select "Current Account" and click on “Currency exchange”.

At this point the currency exchange screen is displayed, where you enter the currency to be exchanged, the amount you wish to convert and the target currency.

Click on “change” to view a summary that remains valid for 30 seconds so that you can identify the most favourable moment on the market to confirm the exchange.

After confirming again, the currency will be exchanged and the balance in your portfolio will be updated in real-time. Currency exchange transactions from USD and CAD to one of the Multicurrency service currencies (and vice versa) settle one business day after the transaction date (T+1). All other currencies settle two business days after the transaction date (T+2).

For transactions made over the weekend, the settlement date will be the first business day for currency exchange transactions involving USD and/or CAD, or the second business day for all other cases.

If you wish to arrange outgoing transfers, bear in mind that the value date for debiting these will be the date on which you place the order. 

NOTES:

• The currency exchange service is available 7 days a week at the following hours:

1. Monday to Friday from 01:00 to 22:00
2. Saturdays from 05:15 to 22:00
3. Sundays from 01:00 to 22:00 with a technical pause from 03:00 to 05:15

• The amount of the original currency must be at least 1 euro or more.
•  It is not possible to carry out more than 5 daily operations with an equivalent value of less than 50 euros.

• Rounding of JPY and HUF currencies: all changes from these two currencies are only allowed for whole numbers. If JPY and HUF are the currency of destination of a change from another currency, the final value in JPY and HUF will be rounded down from 0.49 and upwards from 0.50 to 0.99

LIMITS

It is possible to carry out currency exchange operations within the following limits:                                                                                                                                                                     

- Maximum value in EUR per single currency exchange operation (from 7 am to 10 pm): 2 million / €

- Maximum value in EUR of the sum of the currency exchange operations carried during the day (from 7 am to 10 pm): 5 million / €

- Maximum value in EUR of the sum of the currency exchange operations carried during the night (from 1 am to 7 am): 0.5 million / €

- Maximum value in EUR of the sum of the currency exchange operations carried during the weekend (from 1 am on Saturday to 7 am on Monday): 0.5 million/ €

Multicurrency Spread and Mark-up

The currency exchange operation is commission-free.

A spread will be applied to the exchange rate recorded at the time of the transaction. The spread varies according to the currency pair taken into consideration and can be consulted in the following tables.

During the weekend (from Saturday 2 am to Sunday 10 pm) the recorded exchange rate will be the last available at 10 pm on Friday.

For the following pairs the spread in points is:

For the following pairs the spread in percentage is:

There is a discount on the standard spread for exchange operations of a significant value:

• Transactions with equivalent value of ≤ €500k: standard spread
• Transactions with equivalent value of €500k < x ≤ €1 million: standard spread - 40%
• Transactions with equivalent amount > €1 million: standard spread - 50%

The thresholds are valued in euros using the current rate with no spread.

Fineco allows you to trade securities in currencies other than those envisaged by the Multicurrency service.
This feature is available on the Fineco website and through the PowerDesk platform.

When you buy a security in a currency other than those covered by the Multicurrency service, you will be offered an indicative exchange rate for the transaction expressed as a ratio between the euro and the currency of the instrument that you want to trade.
You will see the indicative exchange rate that would be applied for the purchase and that for the sale.

The exchange rate actually applied, which can be checked in the security dossier transactions, may differ from the indicative exchange rate proposed at the time of the transaction, for example, due to the time that elapsed between when the order was entered and when it was executed by the market.
For example, if I enter a buy order on the Apple security and my order is executed one week later, the exchange rate applied will be the one in force at the time of execution and not the one proposed when I entered the order, which is only indicative.

Trading fees will be stated in pounds sterling but charged in euros, converted by applying the exchange rate at the time the order is executed.

Portfolio
In the Portfolio section of the website, in the columns listed below, you can check:

Average book price
When you move the computer mouse over the average price, a pop-up appears showing the exchange rate used. For securities for which a position was open on T-1, the exchange rate displayed is the average carrying exchange rate calculated on transactions carried out up to T-1: therefore it does not include orders executed on T.
However, for positions opened during the day, the carrying price is calculated using the current market exchange rate.

Market price
in the trading currency.

Equivalent value invested
calculated in pounds sterling as equivalent value for the carrying exchange rate.

Equivalent market value
is calculated in pounds sterling as equivalent value for the current exchange rate. P&L% is calculated as the difference between the market value and the carrying value.