Bank vs EMI (e-money institution)

Whether a product is run by a bank or an e-money institution (EMI) decides how your money is protected.

Definition

A bank holds a banking licence and its deposits are covered by a state guarantee. An EMI issues electronic money and holds customer funds, but is not a bank.

How it works in practice

A bank may lend out deposits, and those deposits are covered by the deposit guarantee (up to the equivalent of EUR 100,000). An EMI does not lend out your money like a bank — it keeps it separated (safeguarding) in dedicated accounts.

Why it affects your choice

On the WTP Finance list, Wise is an EMI, while bunq, mBank, ING, PKO BP and Pekao are banks. If a deposit guarantee matters to you, choose a bank.

Watch out

"EMI" does not mean "worse" — it is a different protection model. Don't assume EMI funds are guaranteed the way a bank deposit is.

Deposit guarantee (BFG/DGS) applies to banks; e-money institutions (EMI) use safeguarding — a different protection mechanism. WTP Finance is for information only; we do not give financial advice.

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