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Vivid Money

The Best Bank Account for Expats in Germany

Introduction:

Once upon a time in 2019, a fintech start-up named Vivid Money emerged, determined to reshape the landscape of online banking. With its headquarters nestled in the vibrant city of Berlin, this 100% digital bank aspired to offer customers a competitive experience with minimal fees and an enticing cashback package.

Vivid Money wasted no time in establishing itself as a formidable contender in the German banking sector. Recently, the company secured an impressive €15 million in Series A funding, signaling its rapid growth and potential to become a force among Germany’s challenger banks.

The young start-up exuded confidence, harboring ambitious dreams of becoming the first full-service solution for day-to-day banking, savings, and investments. But what exactly did Vivid Money bring to the table? Would it meet all the demands of your daily banking needs? Let’s delve into the pros and cons of Vivid Money to determine if it’s the right German bank for you.

Vivid Money in Germany: The Basics If the introduction above has sparked your curiosity about Vivid Money, the logical next step is to gain an overview of the features offered by this exciting new bank account.

Currently, Vivid Money provides two account options:

Vivid Standard: This account is free to open and maintain.

Vivid Prime: Enjoy three months free, followed by a monthly fee of €9.90.

In this blog post, we will primarily focus on the Vivid Standard account, highlighting any notable differences or benefits of the Prime account along the way.

Vivid Money: Empowering Your Savings

By signing up with Vivid, you gain access to a free German bank account complete with a sleek metal Visa debit card. Like other modern online banks, Vivid manages its comprehensive range of products and services through a user-friendly mobile app. So far, so good!

Within your Vivid account, you’ll find Money Pockets—an ingenious feature that enables you to divide your funds into 15 sub-accounts, each with its own unique International Bank Account Number (IBAN).

A standout advantage of Vivid’s Money Pockets is the ability to hold different currencies in separate sub-accounts, essentially transforming your account into a multi-currency powerhouse. While the Vivid Standard plan allows you to save in 40 different currencies, the Vivid Prime account offers a staggering 107 currencies.

What’s even better is that when you transfer funds between Money Pockets, Vivid provides live exchange rates and removes any exchange limits. When you’re abroad and need to make payments in a foreign currency, the funds will be seamlessly drawn from the appropriate Money Pocket, all without incurring any fees. This feature is a godsend for frequent travelers or individuals who often engage in transactions involving foreign currencies.

Vivid Money: Unlocking Earning Potential

One of Vivid’s biggest selling points is its extensive cashback program. On paper, this program seems like a winner, offering up to 10% cashback at popular companies and brands such as Lieferando, REWE, HelloFresh, as well as subscription services like Netflix and Amazon Prime Video. While the cashback program does have certain limits, with the Vivid Standard account, you can receive up to €20 per month, while the Vivid Prime account allows for a generous €100 monthly cashback. With Vivid, you’ll receive a little something back for many of your routine monthly expenses.

Beyond cashback opportunities, Vivid is integrating trading and investment functionality into its app. This means you can use the Vivid app to invest in US and EU stocks or exchange-traded funds (ETFs), either commission-free or at an incredibly low cost.

If the world of investment platforms and high trading commissions has always intimidated you, Vivid provides an excellent starting point for building a personal investment portfolio with some of the world’s biggest companies.

Vivid Money: Embracing Innovation

Undoubtedly one of the most modern banking solutions on the market, Vivid continues to push boundaries. The company recently ventured into the realm of cryptocurrency, allowing you to invest in major coins like Bitcoin, Ethereum, Litecoin, and more through your Vivid account. Best of all, investing in cryptocurrency via Vivid incurs no commissions, and there is no minimum investment requirement. Don’t miss out on the cryptocurrency wave—Vivid ensures you get a piece of the crypto pie.

Vivid Money: Ensuring Your Security

Security is paramount when it comes to banking. Vivid appears to be on par with industry best practices and, in some instances, goes above and beyond in safeguarding your money.

Notably, Vivid offers a free extra-secure Visa debit card with every account. These cards contain no personal data, such as card numbers, expiration dates, or CVV security codes. Instead, all this information is securely stored within the app. Should you misplace your card, your account remains fully protected.

Additionally, you can instantly freeze or unfreeze your account using the Vivid app, which boasts various integrated login protection technologies, including fingerprint and face recognition. Furthermore, you receive notifications for any account activity, allowing you to stay informed about the movement of funds in and out of your account.

While Vivid prioritizes your account security, the safety of your hard-earned savings is equally important. Rest assured, Vivid stores your money in a fully regulated European bank and provides protection through the German Deposit Guarantee Scheme, covering deposits up to €100,000.

Additional Perks of Vivid Money

If the impressive array of features mentioned above hasn’t convinced you yet, here are a few more benefits of opting for a Vivid account:

Enjoy 24/7 personal support in both English and German, with the assurance of speaking to a real customer representative.

Vivid values your privacy and pledges not to sell your data.

Benefit from convenient analytics, tracking, and budgeting functionalities that provide a clear overview of your financial habits.

Add your Vivid card to Apple Pay and Google Pay, enabling secure payments through your device.

Drawbacks to Consider with Vivid Money?

At first glance, there seem to be very few drawbacks when it comes to opening a Vivid account. However, if you rely heavily on cash transactions, it’s worth noting that the Vivid Standard account allows for up to €200 in free cash withdrawals per month (€1000 per month with Vivid Prime). Once you exceed this limit, a 3% fee is applied to withdrawals. Although not a significant concern, it’s worth keeping in mind, particularly in a cash-intensive country like Germany. In conclusion, Vivid Money is an exciting start-up poised to make a lasting impact in the German banking sector. With a plethora of innovative features, top-notch security measures, and a commitment to customer satisfaction, Vivid sets itself apart as a modern banking solution. Follow the link to sign up for your free Vivid Money account today and experience the future of banking.

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