#neobank

#neobank

The Amsterdam-based neobank Bunq has reapplied for a U.S. banking charter, two years after withdrawing its previous attempt. The Dutch digital bank, a competitor of the U.K.-based fintech in Europe, announced on Wednesday that it formally filed for a U.S. de novo banking license with the Office of the Comptroller of the Currency. Bunq, a subscription-based service that allows users to manage multiple international accounts and currencies in one application, is aiming to reach European "digital nomads" residing in the United States.

Khalid Ashmawy remembers the first time he wired money home while studying in Europe. He had just received his monthly stipend as a master's student in Stuttgart and wanted to send part of it back to his family in Cairo. It was usually a slow and expensive process, he recalled. A $400 wire transfer, for instance, could cost $40 in fees and take three business days to arrive.