Vivid updates app to offer Spanish IBAN, savings plans, and cashback program

Monday 28 March 2022 15:30 CET | News

Germany-based mobile financial services platform Vivid has launched a new version of its app to offer its users a Spanish IBAN, savings plans, and a new 'cashback' programme.

Customers will no longer have to declare their account abroad in their income tax return if their average balance or maximum total value exceeds the legal thresholds. Local IBANs in Spain are available to all newly registered users from 17 March 2022, while Vivid is working to provide solutions for customers who currently have a German IBAN and wish to switch to a Spanish one.

This new service has been developed by the European Banking-as-a-Service platform Solarisbank. Additionally, the entry barriers for saving plans have been lowered. In the case of investments in precious metals, a transaction commission of 1% will be charged for Standard users and 0.5% for Prime users, while investment in shares and ETFs is free for all users.

Vivid has also updated its ‘cashback’ service, meaning that customers will receive even more refunds of what they spend on their purchases, going from a refund of 0.1% to 1% on all card payments made by Vivid Prime customers. Customers on the Standard plan will now receive a 0.2% return on all card payments, while Prime customers will continue to receive a 3% cashback on payments in restaurants outside the European Economic Area. Currently, the fintech has 100,000 users in Spain a year after launching its services in the country.

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Keywords: expansion, product upgrade, IBAN, banking, cross-border payments, cashback
Categories: Banking & Fintech
Countries: Spain
This article is part of category

Banking & Fintech