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As a US citizen using N26 in the EU, my main complaint is that I can't have any savings accounts (FATCA blah blah blah), so my entire balance is in the checking
by snovv_crash 9y ago
As a US citizen using N26 in the EU, my main complaint is that I can't have any savings accounts (FATCA blah blah blah), so my entire balance is in the checking account that is flashed on the screen when I log in, and linked to my cards.
I don't want something with a high interest rate, or stock picker, just a way of putting a firewall between the cards and my cash.
- CalRobert 9y agoHuh, FATCA means you can't have a savings account? I'm also a US citizen using N26 in the EU and hadn't realized that - thought it was because I wasn't in Germany. I haven't pursued savings mostly because the rates are pathetic.
- WordSkill 9y agoTechnically, you _can_ have a savings account, but the paperwork burden for the foreign bank is so high that it breaks that product's financial model, so, they don't make it available to Americans. Living and working in Asia for many years, I always sympathized with the difficulties my American expat friends had in trying to open any sort of local bank account at all, even a current account. Most banks say no the minute they hear you're a US citizen. Not being able to open a bank account in the country in which you live has serious knock-on effects in terms of getting paid, or renting a home. I am eternally amazed that American citizens, who supposedly value personal freedom, put up with having one of the world's most aggressive tax regimes.
- CalRobert 9y agoIt's not fun, but it only affects a small percentage of voters so likely nothing will happen. The fee to renounce is ridiculous too.