A Convenient Option for EU Residents, but with Some Caveats
add_circle Pros
- The app is user-friendly and easy to navigate.
- You can set spending limits using the app.
- The service is convenient for EU residents.
- You get access to a virtual card and IBAN account.
- The service is relatively fast, with quick verification and account setup.
remove_circle Cons
- There are limited features and functionalities.
- The service does not support cryptocurrency transactions.
- There are fees associated with SEPA transfers and cash withdrawals.
- The verification process can be time-consuming.
- The service has limited support for international transactions.
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Editor's Summary
While this financial service is convenient for EU residents, it's essential to be aware of the limitations and fees associated with it. The app is user-friendly, but the lack of cryptocurrency support and limited features might be a drawback for some users.
My Experience with This Financial Service
I recently needed a local account for my salary, so I headed to the bank, expecting it to be a straightforward process. Boy, was I wrong! They required me to have a permanent address and a contract for at least a year. I had to get a temporary rental agreement to get approved, and even then, it took some time to verify my address. But once I got my first utility bill, I was able to prove my residency and get access to my virtual card and IBAN account.
The app is user-friendly, with Touch ID for added security, and you can set spending limits. However, I noticed that after making more than 5 SEPA transfers in a month, they start charging fees. And if you withdraw cash from local ATMs, they'll take 1% after 200 euros in a month. It's not a total deal-breaker, but it's something to keep in mind.