Liv Bank Review

What is Liv Bank? 📖

Liv Bank is a financial service that’s great for people moving to the UAE in particular. The service claims to be UAE’s fastest-growing bank and is ideal for anyone seeking a digital-only solution. Most of the tasks that you carry out will be done via the Liv Bank app. Let’s take a closer look at what to expect when you sign up for Liv Bank right now.

How Does Liv Bank Work? 👨‍🏫

The service is designed to “power your lifestyle choices and help you stay completely in the loop when it comes to your financial status. It should only take a few moments to set up your Liv Bank account. You’ll just need to use your Emirates ID and UAE mobile number to get started. Once you have these, you can download the app and follow the instructions that you’ll see on your screen. You won’t have any physical paperwork to worry about, and your VISA debit card will be delivered right to your home. There are no queues to deal with, and you won’t have to visit any branches. However, if you like to speak to banking staff in a face-to-face setting, you may wish to look elsewhere.

Key Features of Liv Bank ⚙️

Liv describes itself as “the easier bank account you will ever open in the UAE”. It says its target audience includes young people living in the UAE or anyone who possesses a smartphone. The service is owned by Emirates NBD, and most things are done via the app. It’s easy to link your utility bills, mobile and Salik accounts to a one-tap payment system. It’s also simple to send and receive money to and from anyone else who has a liv account. Your Liv card will work at any ATM.

There’s also a useful feature that recommends facilities near you including restaurants. Offers are frequently made available and have included discounts on cruises in the past. You can even link your fitness tracker to the app if you like. You’ll be able to get 1.5% interest on your savings, and it’s simple to transfer your salary to Liv. If you need help with saving, automatic rules can be set up to help you put money aside for essential purchases as well as costlier treats. There are many 50% off deals to look forward to, whether you want to save money on eating out, shopping or entertainment.

You can also get access to a free Liv Platinum credit card and enjoy up to 15% cashback. Liv personal loans are also available, which are ideal for times when you need access to substantial sums of cash, perhaps for a house move, home improvement or just a hard-earned break. Transferring money locally and globally is also straightforward. If you want to request money from friends or send cash to them, you can do this through SMS or social media before a simple bank transfer is carried out. If you’re from outside the UK and need to send money home, this is also perfectly possible. Competitive FX rates are available.

It can be very easy to overspend when you’re in a new country and exploring what it has to offer, but you can get a real-time insight into where you currently stand financially at any point.

How Much Does Liv Bank Cost? 💷

You don’t need to pay anything to use your Liv account if you’re a student under 23 years old, if you’re able to maintain a monthly average balance of AED 2,500 or if you transfer a monthly salary of at least AED 4,000+ over to LIV. You’ll also be eligible for free usage if you spend at least AED 1,000 with your Liv card each month. Banking services are also free if you’re a Liv personal loan or credit card customer.

The Liv App 📱

The Liv app is available to users of smartphones running on the iOS and Android operating systems. It’s simple to download and install the app.

Is Liv Bank Safe and Secure? 🔒

The team at Liv Bank say they use the latest technology to protect your money. If you ever lose your card, you can lock it within just one tap in the Liv app. Alternatively, you can chat to a member of the customer service team through the app and they’ll get it locked for you.

Advantages of Liv Bank 👍

Disadvantages of Liv Bank 👎

Conclusion 💭

There are many good reasons for choosing Liv Bank if you’re based in the UAE and need to find banking services that resemble what you may be familiar with back home. It doesn’t take very long to get everything set up, and you can carry out pretty much all your banking duties via the smartphone app. The team are very active online, especially on social media, and they frequently promote new offers on their pages. Many people won’t need to pay to maintain a typical Liv Bank account, and the vast majority of smartphone users will be able to take advantage of the service thanks to the way the app runs on both iOS and Android. The only real drawback is that you may miss speaking to customer advisors face-to-face if you opt for Liv Bank as there are no physical branches. However, most younger people should be fine with this.

The service could be perfect for you if you wish to avoid paperwork and long queues. The app is described as a “lifestyle” rather than a bank, and you can even book plane tickets through it. It’ll tell you where the best restaurants near you are and you can even watch your savings grow by 1.5% each year, giving you the perfect incentive to manage your money sensibly. There’s also a service called Prime that gives you more offers and discounts, priority customer service and no FX fees when you spend money internationally. If all this sounds good to you, you may wish to find out more about Liv today.