U.S. banks are closing accounts to Europeans. Not because of a new directive, but because of despair.

EU rules require local branches to be opened, but many US financial giants find customer service in Italy too expensive for a tiny share of the business. Bryan Dunhill is convinced that the letters of closure come not because of the law from July 11, 2026, but because companies simply leave the market.

If the brokerage account is closed without warning, the funds will be withdrawn as income. This is subject to capital gains tax. It is better to find an alternative in advance: Wise or Revolut is suitable for basic transfers and storage in dollars and euros.