Vivid Money Review
A mobile banking app that offers cashback and puts all your finances at your fingertips
Vivid Money is a mobile financial platform that allows you to manage your finances, earn cashback from daily spending and invest – all within a single app.
This review provides a detailed coverage of what you can do with Vivid Money in the Netherlands, including its features and fees, to help you decide if it suits your banking needs.
ATM fee for Euro withdrawals
Currency conversion fee
|Product Name||Vivid Standard|
|Monthly fee||€ 0|
|Card delivery||4-5 days|
|ATM fee for Euro withdrawals||3%|
|ATM withdrawal fee for other currencies||€1|
|Currency conversion fee||0%|
|Fee-free ATM withdrawal limit||€ 200 per month|
|Mobile payments||Apple Pay, Google Pay|
How does Vivid Money work?
Together with solarisBank and Visa, the German fintech startup offers two account tiers, starting at €0 per month for the Vivid Standard account. For both account tiers, customers will receive a free German bank account, an exclusive Visa Metal debit card, as well as access to a host of benefits.
In addition, Vivid Money also provides the opportunity for you to grow your wealth. Gain generous cashback from your daily spending and invest them in a company stock of your choice. Choose from over 1,000 stocks and ETFs, including top household names such as Netflix and Tesla, all without any commission fees. You can also invest in cryptocurrencies for as little as €0.01.
- Free debit card. Receive an exclusive metal debit card when you sign up for a Vivid Standard or Vivid Prime account.
- Free banking account. All Vivid accounts comes with a free German bank account powered by solarisBank – Europe’s leading Banking-as-a-Service platform with a full German banking license.
- Easy payments. Enjoy instant transfers and payments with Vivid Money, without any fees. You may also set up standing orders, scheduled payments and direct debits from the Vivid Money app.
- Link multiple cards. You can link up to 2 physical cards and 3 virtual cards to your account.
- Investments. Invest in 1000+ US and EU stocks and ETFs from as low as €0.01, with no commissions. Enjoy EUR to USD currency exchange at interbank rates with low, flat markup, plus instant access to your profits.
- Cashback. Earn up to €150 cashback a month from the Prime Cashback, Champion and Super Deals programs. The cashback is automatically credited in your Stock Rewards Pocket and you can invest them in your preferred company stocks.
- Cryptocurrencies. Vivid lets you invest in 10 crypto coins including Bitcoin, Ethereum and Litecoin for no fees. You can invest as little as €0.01 and receive your returns instantly.
- Multiple top-up options. You can reload your account balance with the following methods: credit/debit card, mobile wallet (Apple Pay or Google Pay), bank transfer, SEPA, or send a payment request to another Vivid Money user.
- Sub-accounts. Create up to 15 free sub-accounts known as ‘Pockets’ within your main account. Each Pocket comes with its own IBAN.
- Fee-free overseas cash withdrawals. Withdraw up to €1,000 globally without paying any fees.
- Spend analytics. Manage your expenses with automatic categorisations and breakdowns of your purchases. You may also colour-code the various spend categories to better organise your transactions.
- Budgeting tools. Control your spending by setting limits for certain categories and receive instant notifications when you exceed them.
- Round-the-clock support. Vivid Money offer 24/7 in-app live chat support in English, French and German. Alternatively, you may also reach the customer support via email at email@example.com.
- Referral bonus. Refer your friends to Vivid Money and earn €20 for each approved referral.
- Super Deals program. Earn up to €50 cashback for 8 weeks if you invite friends to join Vivid. Your friend can also earn up to €50 cashback for 4 weeks if they joined with your referral link.
What are the account options?
Vivid Money offers two account tiers: Standard and Prime. Each of these accounts come with different levels of benefits and a different monthly fee:
|Features||Vivid Standard||Vivid Premium|
|Account management fee|
|Finance management features|
|Fee-free cash withdrawal|
|Currency exchange at interbank rates|
Note: Information provided are accurate as of 2 March 2021.
Fees and limits
Vivid Money has a certain number of fees and limits to be aware of:
- Monthly subscription fee. The Vivid Prime account cost €9.90 per month.
- ATM fees. Withdrawals below €50 or after the fee-free limits will subject to a 3% fee (minimum €1).
- Additional card fee. Additional physical cards come with a standard fee of €20 each.
- Virtual card fee. For Vivid Standard users, each issuance of a Vivid virtual card will cost €1. For Vivd Prime users, the first virtual card is free but subsequent virtual cards will cost €1 each.
- Vivid Invest tariff. There’ll be 0.5% mark-up for the currency exchange rate. Certain products like underlying ETFs may also incur additional costs.
How to sign up with Vivid Money
You can open a Vivid Money account in a few simple steps:
- Visit Vivid’s website and click on ‘Open your free account’
- Enter your email address to receive a link to download the Vivid app
- Download the app (available on both Android and iOS)
- Launch the app and create a new account
- Complete a video identity verification in the app. This process will link you to an agent via a video call, who’d request for you to show your government-issued ID or passport.
- Deposit a minimum of €20 into your account to start using Vivid Money
- Your metal debit card will be mailed to your registered address within 7 working days
Vivid Money is an ideal all-in-one financial platform for frequent travellers, avid shoppers and those looking to get started in investments.
While the Vivid Standard plan offers an impressive range of benefits without any fees, the Vivid Prime account (€9.90 per month) grants bonus cashback, higher fee-free withdrawals limits and access to more foreign currencies.
For new customers, Vivid Money is currently offering a free 3-month trial for its Vivid Prime account. This way, you can experience the extra features from the Prime account and see if you’d be utilising them fully before committing to it. Just make sure to consider the features and decide which account tier is more suited to your needs.