Hi there, we will review Vivid Money to help you find out whether it is the right neobank for you!
Vivid is a e-money institution platform offering a range of financial services directly through a user’s smartphone. Designed to provide a comprehensive and seamless banking experience, it aims to integrate everyday banking needs with innovative financial management tools.
Moreover, users can expect features such as a checking account, savings accounts with competitive interest rates, and instant notifications on transactions.
Overall, it has a strong focus on user-friendly interfaces and security, tailoring to both tech-savvy customers and those looking for a simple, powerful way to manage their finances.
In this review, we will dive deeper into the key features and benefits of Vivid Money.
Pros and Cons
Pros
- Unlimited free SEPA transfers across the EU
- Up to 5% interest rate in the first 2 months
- Fast account opening
- Up to 100€ cashback per month (depending on the plan)
- Trading options and “Money Pockets” for savings
Cons
- 0.5% foreign currency fee
- €19.90 fee for physical card issue and €1 for virtual card
- Сustomer support live chat only in Vivid Prime plan
Account plans for Personal users
Vivid Money stands out with a clear and transparent pricing policy, offering a range of packages designed to meet all needs and budgets:
- Vivid Standard: €0/month (free of charge)
- Vivid Plus: €6.90/month
- Vivid Prime: €9.90/month
Vivid Standard plan comes with up to 3 separated pockets with individual IBANs, instant SEPA transfers, first free physical card, cashback up to €20, and more.
Vivid Plus plan comes with up to 6 separated pockets, instant SEPA transfers, smaller fees compared to Standard plan, cashback up to €50, and more.
Vivid Prime plan comes with 15 separated pockets, instant SEPA transfers, best fees of all plans, access to metal card, cashback up to €100, and more.
The best plan for your needs will depend if you make a lot of transactions (which Vivid Prime will make more sense) or you just want a normal account with great features (which Vivid Standard is a great overall choice and also free).
Account plans for Businesses
Vivid Money also offers competitive business plans, offering a range of packages designed to meet all needs and budgets of companies and also freelancers:
- Free Start: €0/month (free of charge)
- Basic: €9/month
- Pro: €25/month
- Enterprise: €96/month
- Enterprise+: €319/month
The plan which makes more sense to your business will vary on the needs of your institution and also its size. The plans offer different interest rates, cashback, number of team members and fees for transfers (so the choice will always depend on your specific needs).
Additionaly, Vivid Money also offers two plan options for freelancers (Standard plan which is free of charge and Prime plan which costs €9.9/month).
How to open an account with Vivid Money
In order to use Vivid Money, you will be asked to provide the following:
- Being over the age of 18 and have an accepted document to verify your identity
- Being a resident in European Economic Area (EEA)
- Valid mobile phone number and email address
- Essential information about your company: SIRET number, VAT number, etc (in case of being a business)
- Filling out the registration form
Also, you may be asked a few questions about yourself and the purpose of your account (these questions will not impact your eligibility).
The Vivid Money Card
No matter which account you choose, your Vivid card will be a VISA, which you can use to make purchases around the world wherever VISA is accepted.
Likewise, you can spend in multiple currencies and get automatic money conversion at near the real exchange rate. Making international purchasing faster and easier.
You can have more than and you can also associate your virtual card with your Apple Pay wallet or Google Pay wallet.
Vivid Money Features
Vivid Money offers a comprehensive suite of personal finance tools, all accessible from a single platform. Here’s a rundown of the key features you can enjoy with Vivid Money:
Free German Bank Account: When you sign up, Vivid provides a free banking account, giving you access to essential financial services at no cost.
Currency Pockets: Organize your money into customizable “pockets” for different purposes, such as daily expenses or saving goals. You can name each pocket, add a picture, and even invite friends or family to collaborate on shared savings goals.
Fractional Crypto Investing: Vivid lets you invest in fractional amounts of cryptocurrencies without commission, making it easy to explore digital assets.
Seamless Payments: Enjoy fee-free online and physical transactions. Use the Vivid app to set up instant transfers, standing orders, or direct debits with ease.
Generous Cashback: Earn up to €150 monthly through cashback programs like Super Deal, Prime Cashback, and Champion rewards.
Cryptocurrency Investments: Residents in EEA in a range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
Stock and ETF Investments: Vivid allows you to invest in shares of popular companies like Apple, Tesla, and Facebook, as well as ETFs, opening up a world of investment opportunities.
Budgeting Tools: Set spending limits and receive notifications when you’re close to exceeding them, helping you stay in control of your finances.
Expense Tracking: Use spend analytics to categorize and manage your expenses, making budgeting simpler and more transparent.
Tax Return Assistance: Get help filing your taxes directly through the Vivid app. Some of the required fields are even pre-filled, saving you time and effort.
Vivid Money brings a mix of banking, investing, and budgeting tools into one intuitive platform, designed to simplify your financial life.
Account fees
Vivid Money stands out with its cost-effective fee structure and competitive commission rates, making it an excellent choice for investors aiming to grow their wealth through diversified opportunities.
The platform allows commission-free investing starting from as little as €0.01, making it particularly appealing to beginners. Users can trade a variety of assets, including stocks, ETFs, SPACs, and cryptocurrencies, across European and US markets without incurring any commission fees.
Additionally, Vivid Money supports diverse investment options, enabling users to create well-rounded and balanced portfolios. By linking accounts to listed companies, users can also explore passive income opportunities, adding another layer of value to their investment strategy.
With its low-cost offerings and comprehensive approach, Vivid Money provides an accessible and efficient solution for individuals looking to invest and expand their financial resources.
Is it safe to use Vivid Money?
While Vivid is not officially a bank—it’s a fintech company providing banking services—it operates under the authorization of BaFin and partners with Solarisbank AG, a licensed German bank. As a “tied partner,” Solarisbank enables Vivid to offer account products that are comparable to standard current accounts from any EU-based bank.
On the positive side, Vivid’s partnership with Solarisbank provides a robust layer of security. As Solarisbank is strictly regulated and offers legal deposit protection, Vivid customers’ deposits are safeguarded up to €100,000 in the unlikely event of financial issues. This ensures peace of mind for users while enjoying Vivid’s innovative banking experience.
Moreover, Vivid Money offers several protective measures:
- Biometric authentication
- Spending limits to avoid unexpected expenses
- The ability to create a one-time-use online card for safe online shopping
- The option to freeze the card instantly
As a result of the fast evolution of new scams, Vivid Money is continually developing new solutions to combat the latest fraud and scam technologies.
In which countries does Wallester operate?
Vivid Money is currently available for residents in European Economic Area (EEA): Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden
Costumer Service
Vivid Money offers multilingual customer support in English, Italian, German, French, and Spanish. Assistance is available through chat or email, but unfortunately, phone support is not provided.
In addition, the website and app have a basic FAQs section, an email to contact and a blog with up-to-date information on the bank’s activities.
Is Vivid Money worth it? Alternatives?
Vivid stands out as one of the most compelling neobanks in the EU market, primarily because a significant portion of its services is completely free. The extra features of the ‘Vivid Prime’ plan mainly revolve around cashback benefits, allowing all users to access the platform’s core functionalities without any monthly fees.
The premium cashback options are particularly impressive and can be highly beneficial for many users. To decide if ‘Vivid Prime’ is worth it for you, consider calculating your potential monthly savings through the cashback program.
With its unique offering, Vivid currently has little direct competition. That said, if you’re in need of a secondary account or frequently make international transfers, platforms like Revolut, N26, or Wise might be worth exploring. Eventhough, we recommend Vivid as one of the top neobanks available today.
In conclusion, balancing these pros and cons will help you determine if Vivid Money meets their financial needs and regional requirements.
FAQs
Who is Vivid for?
Vivid offers tailored solutions for both personal users, businesses and freelancers, blending digital banking and investing in a seamless platform. With quick setup, multi-currency accounts, and cashback rewards, Vivid is well-suited for frequent travelers, entrepreneurs, and modern users.
How is Vivid different than my bank?
Vivid offers low fees with no physical branches, which means fewer costs for ATM withdrawals, international transfers, and payments abroad. Plus, the app allows you to go paperless, keeping all your communications and account details digital for ultimate convenience and eco-friendliness.
