I applied to open an N26 account, and after completing all the necessary documentation they then told me I had to install their app to activate the account. Forget it.
Instead I opened an account with Wise, and have never once been forced to use their app. One occasion where some ID verification process pushed me towards the app online, I spoke with support and everything was sorted without it. Wise.com, just need a web browser and a phone number, zero phone app dependency.
That’s not a licensed bank, from what I can see.
That’s right. Wise works with partner banks. However, their accounts are still covered by up to $250k of FDIC insurance.
Insurance against collapse of the bank. FDIC doesn't insure against fraud because you expanded your trust relationship across multiple third parties with credentials to access your account.