BuyMeACoffee silently dropped support for many countries (2024)

From mid-2024.

I regard all FinTech-type companies as unreliable, after incredible (in the literal sense of the word) experiences with Revolut (seven years to get an account closed and the money in it returned, and that actually happened only after I made a GDPR request, and they got it done - seems its less work for them to close than meet the request) and Transferwise (who shortly after the UA war started, blocked donations to the UA State bank military support account - yes, really, if you didn't know).

By all means have an account with them, but never, ever, ever, rely on it, and plan on the basis that the next morning you wake up to find the account, and everything in it, has gone, and that customer support is a defensive shield the company uses to keep customers at arms length.

If you want almost no-cost currency conversion (2 USD minimum, but you have to convert like 100k USD I think it is to go above that), use Interactive Brokers LLC. They won't let you have an account purely for currency conversion, but as long as you do a few trades now and then, it seems fine.

Up to 100k per bank account is secured by the European central bank though, so for most Europeans, the money cannot just simply disappear and you never get it back. And if you have over 100k per bank account, you probably should look for banks with better insurances anyway.

Revolut/Wise etc. make it quite clear they are not "bank accounts", and therefore their accounts don't come with the normal protections associated with bank accounts. I think there is some form of regulatory protection, but it's much less than for banks.

Revolut is an actual bank if you’re in the EU! https://help.revolut.com/en-EE/help/accounts/what-does-uk-ba...

Edit: and apparently they’re now setting up a bank in the UK as well: https://help.revolut.com/help/more/legal-topics/is-revolut-a...

Wise is not, and it might be more difficult to get the money out if they are insolvent. For the customers in the EU, they’re a Payment Institution in Belgium: https://wise.com/help/articles/2932693/how-is-wise-regulated...