Yes, you can open an account with Finom if you are a US citizen or taxpayer.
Since Finom is not considered a Financial Institution under FATCA, it is not required to collect and report information about US persons' financial accounts to tax authorities.
💡 Please note that FINOM may become a reporting entity in the future if its operations change or if there are updates to regulatory requirements. As Finom takes legal requirements seriously, all necessary measures will be put in place to ensure compliance. We will update our procedures to collect the necessary data and inform our clients if we need to report to the relevant tax authorities.
FINOM’S current FATCA Compliance Status
Finom Payments B.V. ("Finom") is not considered a Financial Institution under FATCA. The reasons for this are as follows:
FINOM offers e-money payment accounts, these accounts come with physical or virtual payment cards linked to a unique IBAN, which are not considered demand deposits. Demand deposits are typically aimed at keeping money, whereas e-money is primarily used for payment transactions.
FINOM does not engage in activities such as dealing in money market instruments, foreign currency, or other investment-related services that would classify it as an investment institution under FATCA.
If you have any questions or need any further information, feel free to contact us using our in-app chat, or via email at [email protected]