Vivid Money – Everything you need to know

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.

In addition, the platform includes perks such as cashback rewards on purchases, and budgeting tools to track spending. It also provides investment options, allowing customers to invest in a variety of assets, including stocks and cryptocurrencies, directly from the app.

Moreover, 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.

Vivid is currently available for residents of the following countries (European Economic Area):

Belgium, France, Germany, Netherlands, Spain, Austria, Bulgaria, Croatia, Cyprus, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Romania, Slovakia, Slovenia and Sweden

Vivid Money S.A., an Electronic Money Institution incorporated and authorized in Luxembourg, provides the electronic money accounts available via the Vivid Money App, issues payment cards to you and provides payment services related to your card and the account, such as credit transfers and direct debits.

Moreover, it is a safe insitution that comes with a deposit guarantee from the German Deposit Guarantee of up to €100,000 funds in your account. You can also secure your account suing, fingerprint, 3D face recognition and PIN.

Vivid differs from your bank in several significant ways, particularly in its approach to banking, customer experience, and the use of technology:

1. Digital-Only Platform

• Vivid: Operates entirely online, with no physical branches. All your banking is done through a mobile app, making it convenient for those who prefer managing their finances digitally.
• Your Bank: Likely has physical branches where you can go for in-person service. This can be beneficial if you prefer face-to-face interactions for certain transactions or advice.

2. Customer Interaction

• Vivid: Interaction is primarily digital, using in-app chat, email, and a customer service hotline. They also provide online resources like FAQs and blogs.
• Your Bank: Offers a broader range of customer service options, including in-person support at branches, phone support, and online assistance.

3. Technology and Innovation

• Vivid: Leverages the latest technology to offer innovative services like integrated investments, multi-currency accounts, and advanced budgeting tools. It is typically faster at introducing new features and responding to customer feedback.
• Your Bank: Uses more traditional banking systems and may adopt new technologies more slowly. While it may offer digital services, these might not be as advanced or user-friendly as those from fintech companies like Vivid.

4. Cost and Fee Structure

• Vivid: Often has lower fees or fee-free options due to its digital-only model. You might benefit from free ATM withdrawals, no foreign transaction fees, and better interest rates.
• Your Bank: May have higher fees due to the costs associated with maintaining physical branches and a larger staff. You might encounter fees for account maintenance, overdrafts, and other services.

5. Product Offerings

• Vivid: Focuses on simplified, user-friendly banking products, such as basic checking and savings accounts, cashback rewards, and easy investment options.
• Your Bank: Offers a wider range of financial products, including loans, mortgages, insurance, and business banking services. This might be more suitable if you need a comprehensive suite of banking products.

6. User Experience

• Vivid: Prioritizes a sleek, intuitive user experience, with features like real-time notifications, instant money transfers, and easy management of finances through their app.
• Your Bank: While it may offer online and mobile banking, the experience might not be as seamless or modern as what Vivid provides. Complex transactions might still require branch visits.

7. Regulation and Security

• Vivid: Is typically regulated by financial authorities like the Dutch AFM, and partners with established banks to ensure deposit protection. It uses strong security measures like encryption and biometric login.
• Your Bank: Is fully regulated and insured by local financial authorities (e.g., FDIC in the U.S.), offering comprehensive security and a long-standing reputation.

8. Innovation and Flexibility

• Vivid: Being a fintech, Vivid is more agile and can quickly introduce new features based on customer feedback.
• Your Bank: Larger and more bureaucratic, making it slower to innovate and adapt to new trends.

Vivid provies multiple services to personal users and also to businesses in the European Economic Area (EEA), some of them are:

Free bank account: Regardless of the type of account you open, you will receive an account based in Germany that benefits from the SolarisBank network, a leading banking platform in Europe with a German license.

Link existing cards: You will be able to link up to 3 physical cards and 3 virtual cards from another institution to your Vivid account.

Convenient payments: Paying with Vivid Money is fast, simple, and free. You can make instant transfers and payments without any additional fees. It is also possible to schedule payments, recurring requests, and direct debits through the app.

Diversified investment opportunities: Seamlessly invest in a wide range of assets, including cryptocurrencies, stocks, and ETFs, all from a single platform.

Automatic purchase categorization: Whenever you make purchases with Vivid, the payments are automatically organized into categories, making it much easier to manage your finances.

Budgeting tool: Set spending limits for each category, and you will receive an alert notification whenever you approach the established limit.

Super offers program: You can earn up to €20 in cashback per month after you sign up for Vivid. Access to these offers can be expanded with the paid plan.

Interest rates available: Enjoy a special interest rate of 5% for the first two months after opening your Interest Rate Pocket, followed by a competitive rate of 2.0% thereafter..