Vialet Review

 

 



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VIALET

BACKGROUND INFORMATION

FOUNDED: 2009

REG NUMBER: 304531663 

CURRENCIES: Euro

ATM LIMIT: €3,000 / month

ATM FEE: 2% (min €2.50)

ENTERPRISE OPTION: YES

APP: iOS & Android

CUSTOMER SUPPORT: Email, Telephone or Live Chat

IBAN: YES

MONTHLY FEE: €1.40

TRANSFERS: Yes

LOADING OPTIONS: Bank transfer, Debit Card 

CARD DELIVERY CHARGE: Free

 

Quick Summary

What Is Vialet?

Vialet is a money app and current account designed for improved flexibility and security in the management of your finances. This European private current account gives you the convenience of financial management from your smartphone. It is a sound digital alternative to traditional banking; allowing you to keep track of your finances while on the go.

 

 

Exclusively available to customers within the EU and EEA, Vialet can be used in countries throughout the world. It will enable you to carry out transactions free-of-charge within the EU; Exchange rates of other currencies are limited (Mastercard exchange rate in addition to 1% of the transaction value).

How Does Vialet Work?

Vialet is advertised as the “current account you can set up in minutes”. The process begins with the download of the Vialet app for use on your smartphone. You are then required to enter your personal details, including full name, date of birth, address and email address. Once this information has been verified you will be sent a Mastercard, allowing for free payments anywhere within the Single Euro Payments Area (SEPA). The app can be used for the everyday management of your finances.

 

 

What Are The Key Features of Vialet?

The free Vialet Mastercard promises to rock your world. It is accepted in more than 200 countries across the world and has a bold and colourful design. You can use the Vialet Mastercard to make contactless payments within shops, restaurants and other popular venues. These payments will be processed at no cost for as long as you are within the SEPA. Financial peace of mind will be assured as the Mastercard is integrated with an additional layer of 3D secure technology.

Additional Vialet Features Include:

  • Free payment and receipt of funds from other Vialet accounts
  • Smartphone push notifications alerting you to the payment and receipt of money
  • Option to make in-app transfers, even if you don’t have your Vialet card to hand
  • In-app card blocking in the event of loss or theft (you can unblock the card if it is found before the issuing of a replacement)
  • Quick and convenient top-ups via the app or bank transfer
  • One-click IBAN sharing

Cross border transfers can be made quickly and easily via phone contact or bank transfer. There is also the option to request payment from your phone contacts. SEPA and card transfers can be made at no expense.

These limitations apply to the card-based transfer of funds within the SEPA:

  • Total yearly limit for outgoing transactions: €15.000
  • Daily card payment limit: €1.400
  • Monthly card payment limit: €7.000

How Much Does Vialet Cost?

The first Vialet Mastercard will be sent to your registered address free of charge. However, there will be a charge of €4.95 for each subsequent replacement. Vialet also charge €1.4 each month for card maintenance. And there’s a 2% charge for every ATM withdrawal (with a minimum payment of €2.5.

Further charges may be incurred, depending on your use of the Vialet account. Details are available on the Vialet website.

 

The Vialet App

Ease of use was obviously prioritised in the design of the Vialet app. The account balance is clearly displayed; with a full breakdown of your payments and receipts. You can transfer your money quickly and easily; with the assurance of passcode authorisation. Push notifications can be turned on or off depending on your preferences. The Vialet app is available for download via the Google Play or App store.

Is Vialet Safe and Secure?

As part of the VIA SMS group Vialet is subject to EU regulations. All of the Vialet funds are stored securely within the Bank of Lithuania with the promise that they will be used exclusively for your own transactions.

As mentioned, Vialet also provide the safeguard of a 3D secure system for online purchases. This means that you can use the Vialet MasterCard just as you would any other bank card, but without the commissions and in-person visits.

Advantages of Vialet

  • Quick and easy account set-up process (all that you need is your smartphone, recognised ID document, and a suitable selfie)
  • The ability to make payments for goods and services at no cost within the SEPA
  • Round the clock financial management at your convenience
  • Complete transparency over card charges and no hidden fees
  • Variety of customer contact options and responsive service
  • The ability to carry out transactions across borders

Disadvantages of Vialet

  • Fees charged for transactions in non-EU currencies
  • No ECB Banking License (as held by some other digital banks)
  • Exclusively available to EU citizens
  • No provision for services such as medical insurance, travel insurance, and cryptocurrency management
  • Maximum withdrawal limit of €600

Conclusion

Vialet is a user-friendly and hassle free digital banking platform. Designed for simplicity; it doesn’t come with the same range of bells and whistles as provided by some other online banks. However, Vialet is a cost-effective and flexible option for the modern customer. You can always download and explore the free app before signing up for an account.