What is Vivid Money? Vivid Money is a mobile banking service that allows you to open free checking accounts with separate IBANs, invest in cryptos, ETFs and stocks, transfer money, and earn cashback from your daily spending. You will also get to enjoy features like subscription tracker/blocker, budgeting tools and free cash withdrawals.
Vivid Money Key Takeaways
- Vivid Money Standard plan is has no monthly fees.
- Checking accounts with separate IBANs under one login (German IBAN and Italian IBAN).
- You can invest in stocks, ETFs, precious metals and cryptocurrencies.
- You can get cashback rewards of up to €150 every month.
- You get free cash withdrawals for up to €1,000 every month.
- Subscription control feature allows you to track and block any of your active subscriptions to online providers such as YouTube, Netflix, etc.
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How to Open Vivid Money Account
You can open a Vivid Money account through Vivid Money website. You need to enter your e-mail address on the website and the bank will send you a link to download the Vivid app available on Google Play or App Store and then sign up. You need to provide personal details and then verify your identity. You can verify your identity using video or photo identification. You can use a passport or an ID card for verification, depending on your country of residence. To open an account, you must be an EU resident and be at least 18 years old.
Once you are done, you need to deposit a minimum of €20 into the account to start using Vivid Money. You will receive a metal debit card within 7 working days through the address you indicated. You will get German IBAN and Italian IBAN if you are Vivid Money customer in Italy since April 2021.
Are you not an EU resident and want to open a non resident European bank account? Here’s how.
How Vivid Money Works
Vivid Money is an online bank that has partnered with Visa and SolarisBank, a German fintech startup to offer personal money management services. You can open either of the two accounts, Vivid Standard account for free or Vivid Premium account for €9.90. When you open an account, you get a free German Bank Account, payment cards (Visa metal debit card and Vivid virtual card) and many other benefits.
All new account holders get Vivid Prime for 1 month for free. Save up to 150 € a month in fees and earn cashback with Vivid Prime. Choose which plan is right for you after your free 1-month trial
You can use the online bank to grow your money and wealth by investing in stocks and ETFs. For such investments, you will not be charged commission fees. You also get a chance to invest in cryptocurrencies for as little as €0.01.
How to Top Up Vivid Money Account
You can top up the Vivid Money account through debit card or credit card, bank transfer, SEPA, mobile wallets like Apple Pay or Google Pay.
Vivid Money Features
Vivid Money allows one to access personal finance features like budgeting, investing and finance management from a single point. The following are some of the features you will enjoy with Vivid Money.
- Free banking account. When you open an account with Vivid Money, you will get a free German bank account.
- Free debit card. When you open Vivid Standard or Vivid Prime account with Vivid Money, you get a free debit card (physical and virtual card).
- Currency pockets. With Vivid Money, you can keep money in different pockets for various purposes like daily spending or savings. You can edit a currency pocket; add a name and a picture to it. You can also add family and friends to save money together.
- Travel Pocket. If you are travelling to another country, you can create a separate Travel Pocket with the currency of the country you are visiting and pay without fees. Vivid offers up to 100 currencies to choose from.
- Invest in fractional coins. Vivid money allows you to participate in fractional investing by investing in in a small fraction of cryptocurrencies commission-free.
- Online and physical payments. You can set up instant payments without being charged extra fees. You can schedule payments using Vivid Money app, standing orders, or direct debits.
- Cashback of up to €150 every month. Programs like Super Deal, Prime Cashback and Champion will earn you €150 every month.
- Invest in cryptocurrencies. You can invest in 10 cryptocurrencies like Bitcoin, Litecoin, Ethereum and other shitcoins if you are a resident of Germany, Spain, Italy and France.
- Invest in stocks and ETFs. You are allowed to invest in ETFs and stocks of popular companies such as Apple, Tesla, Facebook, Robinhood, etc.
- Invest in precious metals. Earn passive income by investing in precious metals such as Gold and silver.
- Free cash withdrawals. Every month, you get free cash withdrawals for up to €1,000.
- Budgeting tools. You can set limits and you will be notified when you hit the limit so that you can control your spending.
- Subscription Control. This is a feature that helps you control your finances by keeping track and block any of your active subscriptions to online providers such as YouTube, Netflix, etc.
- Bonus for customer referrals. When you successfully refer a customer, you earn a cashback of up to €50 for 8 weeks. If they join through your referral, you earn up to €50 for 4 weeks.
- Spend analytics. You can easily manage your expense. All you need to do is to categorize your spending and purchases.
- Vivid tax return. You can get support on your tax returns in the Vivid app in a few minutes. Part of needed information is already pre-filled for you.
Are you an ecommerce business in Europe? If yes, please read: Taxdoo Review: Tax Compliance Platform for E-commerce in EU
Vivid Money Fees and Plans
There are two Vivid Money plans to choose from; Standard and Prime. Each of the two plans comes with different features.
| Features | Vivid Standard | Vivid Premium |
|---|---|---|
| Monthly fees | €0 per month | Free for then first 3 months and then €9.90 per month |
| Debit card | First debit card is free. Subsequent debit card costs €20 each. Also, the first virtual card is free while the subsequent ones cost €1 each with a maximum of 3 cards. | First debit card is free. Subsequent debit card costs €20 each. Also, the first virtual card is free while the subsequent ones cost €1 each with a maximum of 3 cards. |
| Free cash withdrawals | Free cash withdrawals for up to €200 per month | Free cash withdrawal for up to €1,000 per month |
| Currency exchange rate | Up to 40 currencies with no limits for currency exchange | Over 100 currencies with no limits for currency exchange |
| Cashback | Up to €20 per month from Champion Program | Up to €100 per month from Champion program |
| Finance management features | Free German banking account, create up to 15 free pocket accounts eligible for IBAN. Hold up to 40 currencies. | Free German banking account, create up to 15 free pocket accounts eligible for IBAN. Hold up to 107 currencies. |
Other Vivid Money Fees
You will be charged the following fees for the following transactions when using Vivid Money.
- Monthly subscription fees: €9.90 for Vivid Premium account
- ATM withdrawal fees: 3% for withdrawals below €50
- Currency conversion fee: 0.5%
- Additional card: €20
- Setting up a virtual card: €1
Vivid Money Customer Support
Vivid Money customer service has multilingual support in English, Italian, German, French and Spanish. You can reach their customer support through a chat or email. Unfortunately, their customer support is not available via phone. You can reach them by email via support@vivid.money.
Vivid Available Countries
To open an account with Vivid Money, you must be a resident Vivid Money supported countries. You can access most of the Vivid Money services while in the EU. However, you can only access cryptocurrency services if you are in France, Spain, Germany and Italy. Vivid Money plans to expand crypto services to the EU and EEA.
Is Vivid Money Safe?
Vivid Money is a safe and legit online bank that comes with a deposit guarantee from the German Deposit Guarantee of up to €100,000 funds in your account. You can secure your account suing, fingerprint, 3D face recognition and PIN. You can also reset your virtual cards in case you suspect their security is at risk. The card does not have laser-etched details like expiration date, CVV, or card number. Therefore, even if you lose your card, your money is still secure.
Vivid Money Reviews
As of the time of writing this article, Vivid Money had over 6,000 reviews on Trustpilot who gave it 4.5/5 star rating. While the majority of its users (73%) expressed satisfaction with the bank’s services, 7% of account holders rated its services as “bad”. The main complaint revolve around blocked accounts. Vivid Money says most of the time accounts are blocked because of security reasons. Fortunately, the bank takes less than two days to respond to negative comments on Trustpilot.
Vivid Money Alternatives
There is a growing list of Vivid Money competitors in Europe. Online banks in Europe that are potential alternatives for you include the following.
Summary of Vivid Money Review
If you are looking for an online bank that you can use to invest in fiat currency, cryptocurrency and fractional coins, consider Vivid Money. Vivid Money comes with features like budgeting and a spending tracker to help you manage your finances. It also helps you earn Vivid Money cashback on your daily spending. When you open an account, you get an IBAN and a free German account.
