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Hi, I have an e-commerce website in UK in GBP currency. I want all transactions to go to USA bank and keep the payment in GBP not in USD. So please let me know if you have any solution to this? Thanks

I had my money at a neobank in the US, they closed my account down and then said that the money would be given to the state. I could then claim it using a claims form to the state. It would be a long process to get the money back. I would use them sparingly, but putting all your money there, i would avoid.

be aware of N26 they update their Policy

The best investment in telecom is this new project coming out of japan called Woooo this is an all in one communication app, their online meeting is out with live translation as well

This is true these EMI's are not safe as compared to traditional banks.
Last week wise deactivated my personal accoun which i was usineg from last 4 years. no crypto or anything was involved i was just using it to tak payments from my clients.
it happened right after i applied for a business account by registering a company in UK.
before doing that ia sked their support if i can do that or not they said yes so i went ahead.
No they are holding my money around $30000.
My life is stopped right now.
Please help me by giving some hope, has anyone ever got their money back after deactivation?

Here is the most important safety consideration when it comes to banking: Make sure that there exists a legal as well as a technical barrier between YOUR money and THEIR money. Unfortunately, all traditional banks FAIL this criteria because they typically loan out your money, which means your money becomes a loan given to them (the bank). So if a traditional bank goes bust, then all of your money (which you legally loaned to the bank) is gone too …… unless you manage to get a gov't bail out.

This is a good explanatory video. My opinion is that these electronic money institutions are SAFER because don't issue any loans. All of the client funds are held indirectly or directly in cash accounts within the relevant monetary system. Essentially, these are pure deposit banks. This is how all banks should operate.

The main difference is when something goes wrong, your countries authorities in the EU will say, none of our business and you have to turn to Lithuania. I do love Revolut and will continue to use it but one advice: NEVER do an international transaction with a large amount without doing a small test transaction first.

Wise closed my account and refused to refund the remaining balance.

Its funny how its we have to prove we are innocent when it comes to banking and taxes. Its not the regime that have to prove we are guilty. I got my company account shut down because i did not log into the online bank and updated my customer information (the bank integrated into the accounting system, so no need to use online banking)

Great and useful info Michael. Thanks!

Thank you so much for the video. Haven't watched yet, but must warn people to never deal with Wise. Their support is like paypal and overall service makes it almost a scam. BTW i love Embily and Wirex, but those are for crypto

My impression is that the only thing they do is to transfer money, not keeping it. Like if you go on a vacation abroad and want to pay for some small service at a better exchange rate than the big bank. The withdrawal limit is a joke. Please make a video on opening a real foreign bank account for my business that keeps the money safe from local socialist politicians in my home country. They've a tendency to steal it otherwise. Btw, N26 has a banking licence for what it's worth.

Michael, I'd be very interested in your thoughts on precious metal backed EMIs and PM backed debit card issuers. Platforms/companies like Stacker Market, Kinesis Money, VeraCash, and even EuroPacific Bank – if I recall correctly – that offer digital services and instant/near-instant liquidity via fractional ownership. Obviously not as secure as physical delivery and storage where you can audit your own inventory, but I do think it's an interesting diversification option. I feel like you'd have some valuable insights into this subsector of the EMI sphere…maybe worth a video? I'd be appreciative.

How does Spartan compare?

Would be interesting to hear your opinion about the Vatican Bank.

Maybe I missed it but what was the answer here ?

Is this the best way for a European to hold dollars?

Can a person transfer funds from the FinTech EMI account with IBAN/SWIFT capabilities to another business bank account?

the real issue is different – how sensitive they are to large transactions, and what are the risks that they will freeze your money. For this reason I try to avoid PayPal – they once blocked me held my money for 180 days after that which really did hurt my cashflow in business. This wouldn't happened with a real bank

What a perfect topic! I have been wondering how these compare. Very curious about institutions with more self custody options and limited risk of sanction or bail-in.

So it is safe to hold money with Revolut?

Is the same true of Business Accounts with these EMIs. For example if I hold £3m+ in the account?

Nuri is shit. They closing randomly accounts also small transfers.