What is Licence type?

A licence type is the regulatory permission a provider holds, and it shapes what that provider may do with your money. A bank licence and a payment institution licence cover different activities and carry different rules. Axos Bank, Bank of America and Bank of Guam hold bank and bank and bank permissions, while Alior and Confirmo hold payment institution and payment institution permissions. If you are keeping savings rather than moving money, read the licence type on the account page.