3 ms·
Are any of the options listed in this comment thread available to US citizens ? My understanding has been that US "Know Your Customer" laws make it very diffic
by rsync 8y ago
Are any of the options listed in this comment thread available to US citizens ?
My understanding has been that US "Know Your Customer" laws make it very difficult for these banks to work with US customers and so they just choose not to. For instance, unless you have $10M or more, you cannot walk into Zurich Kantonalbank (for instance) and open up a bank account. They don't want your money.
Is that not also true of Revolut and N26 and the other options in this thread - or are those all paypal clones that work differently than actual banks ?
- robin_reala 8y agoBlame FATCA[1] and the bizarre US policy of taxing ex-pats on foreign earnings. No non-US bank wants to touch US citizens now because of it. [1] https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance...
- akvadrako 8y agoI, solely a US person, have accounts with N26, Revolut and Transferwise. None are officially banks. I recommend Transferwise because they support ACH transfers and US$ balances.
- joelrunyon 8y agoDoes anyone have a good comparison of something like Revolut v N26 v Simple? What's the main USP of N26?
- ValentineC 8y agoDoesn't N26 hold a German (and very recently, UK) banking licence?
- shanehoban 8y agoYes I believe this to be correct. "N26 has had a full European banking licence since 2016 – and any funds you have with it are covered by the German Bank guarantee (up to €100,000)." [1] [1] http://www.moneyguideireland.com/n26-compared-revolut.html http://www.moneyguideireland.com/n26-compared-revolut.html
- rsync 8y agoHow are these more useful/interesting/performant than paypal, which I already use ? Genuinely interested ...
- tim333 8y agoNot sure you can use paypal to put money in an account and then use a card to withdraw it at cash points and pay for coffee etc. Also I once sent a US friend $500 with paypal and got charged $25. Transferwise would be way cheaper.
- akvadrako 8y agoIf you need these, you know it. For example, if you keep balances in multiple currencies or want to transfer money between EU and US banks or have a low-fee multi-currency debit card. Paypal doesn't allow any of that.
- fergbrain 8y agoWhat about Ally?