vividmoney neobank detailed analysis

VividMoney Neobank Review

If you're considering Vivid Money, a neobank with perks like 25% cashback on partner brand payments and commission-free investing, you're in for an overview encompassing user feedback and services. Vivid offers a free standard account and a €9.90/month Prime option. With identity verification online, the process is straightforward—no in-person visits required. However, no physical branches or ATM services are available for cash withdrawals. Users praise its cashback programs and multi-currency options but express concerns about customer service. Further insights await on features, account setup, and real user experiences.

Key Takeaways

  • Vivid Money offers cashback on partner brand payments, up to 25%.
  • Users can open sub-accounts in different currencies for convenience.
  • Provides commission-free investing starting from just €0.01.
  • Offers metal cards with premium perks for a unique banking experience.
  • Trustpilot rating of 4.1/5 and App Store rating of 4.7/5 reflect user satisfaction.

Overview of Vivid Money Features

Explore the diverse range of features offered by Vivid Money, a German fintech neobank revolutionizing personal finance management through its mobile app.

With a Vivid Money account, you can enjoy multiple benefits such as a debit card for everyday transactions, up to 25% cashback on partner brand payments, and the ability to create sub-accounts in different currencies.

The platform also offers commission-free investing starting from as little as €0.01, allowing you to trade stocks, ETFs, SPCAs, and cryptocurrencies on various markets including European, US, and crypto-currency markets.

Additionally, Vivid Money provides metal cards with unique perks for users looking for a premium banking experience.

With a user rating of 4.1/5 based on 8,301 reviews in June 2024, Vivid Money is recognized as one of the safest fintech options available, ensuring a secure and reliable platform for managing your finances efficiently.

Vivid Cashback Program Explained

Discover how Vivid Money's cashback program rewards you for your everyday spending and expenses. With Vivid Money, you can earn up to 25% cashback on partner brand payments, making it easy to save while you spend.

Prime users have the opportunity to enjoy even greater benefits, with cashback rewards that can reach up to €150 per month. This cashback isn't limited to specific purchases; you can earn rewards on your everyday expenses and purchases, making it a versatile way to save money.

One of the standout features of Vivid Money's offerings is that the cashback you earn can be automatically invested into your portfolio, allowing you to grow your savings effortlessly. This means that not only are you saving money on your purchases, but you're also building towards your financial goals in the background.

Account Conditions and Requirements

To access the benefits of Vivid Money's offerings, it's important to understand the account conditions and requirements set by the neobank. Opening a Vivid Money account is straightforward, but you must be at least 18 years old and have a valid mobile phone number, email address, and residence in Germany or another EU state. Identity verification can be done through Post Ident or online video chat using a valid passport or identity card.

Vivid Money provides a free debit card and operates solely through its app, as it doesn't have physical branches or ATMs for cash withdrawals. Additionally, the neobank focuses on personal banking services, not offering business accounts, SCHUFA checks, or support for direct cash deposits.

Keep in mind that Vivid Money may block credit cards if you don't make at least 20 Euros worth of transactions in 2 months, with notifications sent beforehand to prevent deactivation.

Fee Structure and Commissions

Vivid Money provides a transparent fee breakdown and competitive commission rates for its users. With a free Standard account and a paid Prime option, you can choose the plan that suits your needs.

Be aware of additional fees like ATM charges and currency conversion costs that may apply.

Transparent Fee Breakdown

Revealing the fee breakdown for Vivid Money's accounts sheds light on the costs associated with using their services. When opting for a Vivid bank account, it's important to take into account the fee structure.

The free Standard account is an excellent option for those looking to avoid monthly charges. However, if you opt for the Prime account at €9.90 per month, you gain additional benefits, such as a free first virtual card.

Keep in mind that additional costs like a 3% ATM fee, €20 for extra physical cards, and currency conversion fees may apply. Moreover, certain products like underlying ETFs might carry extra costs beyond the account fees.

Vivid Money aims to provide transparent fee structures, helping you understand and manage your banking expenses effectively. If you value clarity and want to know the exact costs associated with your account, Vivid Money's transparent fee breakdown can be a helpful guide in making informed financial decisions.

Competitive Commission Rates

Exploring Vivid Money's fee structure and competitive commission rates reveals a cost-effective option for growing your wealth through diversified investing opportunities. Here are some key points to ponder:

  1. Vivid Money offers commission-free investing from as low as €0.01, making it an attractive choice for new investors.
  2. Users can trade a variety of assets, including stocks, ETFs, SPACs, and cryptocurrencies on European, US markets, and the crypto market without incurring commission fees.
  3. The platform provides diverse and commission-free investing options, enabling users to construct a well-rounded investment portfolio.
  4. By linking accounts to listed companies, users can explore passive income opportunities, enhancing their investment strategies.

With Vivid Money's competitive fee structure and commissions, individuals seeking to invest and expand their wealth can benefit from the platform's cost-effective offerings.

Opening a Vivid Account

To open a Vivid Money account, you must meet specific criteria like being 18 years old and having a valid mobile number and email address.

The identification process can be completed through Post Ident or an online video chat session.

Vivid Money's digital banking model means no physical branches or ATMs are available for cash withdrawals.

Account Setup Process

When opening a Vivid Money account, you must be 18 years old and possess a valid mobile number, email address, and EU residency. The account setup process is straightforward and can be completed efficiently.

Here's what you need to do:

  1. Provide Required Information: Fill in your personal details, ensuring they match the information on your valid passport or ID card.
  2. Choose Verification Method: Select either online video chat or Post Ident for verifying your identity.
  3. Complete Verification: Follow the instructions provided during the chosen verification process to confirm your identity.
  4. Start Using Your Account: Once your identity is verified, you can begin using your Vivid Money account for transactions and managing your finances.

Remember that Vivid Money operates solely online, meaning there are no physical branches or ATMs available for cash withdrawals.

Identity Verification Requirements

When opening a Vivid Money account, it's important to have a valid mobile phone number, email address, and residence in Germany or another EU state.

To verify your identity, you'll need a valid passport or identity card. The process can be completed through Post Ident or online identification via video chat.

Remember that Vivid Money doesn't have physical branches or ATMs for cash withdrawals, as it's a digital bank.

If you have a German bank account, you can link it to your Vivid account using your IBAN number.

Additionally, keep in mind that Vivid Money may block credit cards for customers who haven't made at least 20 Euros worth of transactions in 2 months to encourage active usage.

If you have any questions or need assistance during the identity verification process, you can reach out to the support team for help.

Advantages and Disadvantages

Benefiting from various perks, Vivid Money stands out as a versatile neobank option. Here are some advantages and benefits you can expect when using Vivid Money:

  1. Free Current Account: Vivid Money offers a free current account with no monthly fees, providing a cost-effective banking solution.
  2. Cashback System: Users can enjoy up to 25% cashback on partner brand payments, allowing for significant savings on everyday purchases.
  3. Free Metal: Vivid Money provides free metal cards, offering a premium feel and durability compared to traditional plastic cards.
  4. Instant Transfers: The ability to instantly transfer funds from another card to your Vivid Money account enhances flexibility and convenience for managing your finances on the go.

With these advantages, Vivid Money offers a user-friendly experience with various benefits and features to meet your banking needs.

User Opinions on Vivid Money

Users' feedback on Vivid Money reflects a mix of positive and negative experiences, shedding light on various aspects of the neobank's services. Many users appreciate the cashback program and the availability of diverse currency options. However, frustrations have been voiced regarding customer service response times and account migration issues.

The convenience of shared sub-accounts and commission-free investing options has been highlighted by some users. On the flip side, issues such as delayed transfers, frozen cards, and lack of communication from customer support have been mentioned in user feedback.

Reader Interactions and Reviews

Engage with other readers and share your experiences about Vivid Money on the platform by providing ratings and comments.

When interacting with the community, consider the following:

  1. Rate Your Experience: Share your thoughts by providing a rating based on your interactions with Vivid Money.
  2. Share Your Feedback: Leave a comment detailing your experiences to contribute to the transparency and user engagement on the platform.
  3. Interact with Others: Engage with fellow readers by responding to their comments and fostering a sense of community.
  4. Be Open about Your Experiences: Vivid Money values user feedback, so don't hesitate to share your honest opinions and experiences openly.

Trustpilot and App Store Ratings

With a Trustpilot rating of 4.1/5 from over 8,300 reviews in June 2024, Vivid Money showcases a solid user satisfaction level. The positive user feedback is also reflected in the app's ratings on PlayStore, where it has scored a respectable 4.2/5.

Additionally, on the App Store, Vivid Money boasts an impressive rating of 4.7/5, indicating high user satisfaction and popularity.

User feedback on platforms like Trustpilot provides valuable insights into the experiences and opinions of Vivid Money users. These ratings not only highlight the neobank's performance but also serve as a confirmation of its commitment to user satisfaction.

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