Iban Wallet: review of investment products and financial marketplace tips

Iban Wallet: review of investment products and financial marketplace tips

Sometimes you just have to go back to basics.

This is especially true when there are more and more topics fighting for your attention in an ever changing world.

So, if you want to make the most out of your money and have decided that now is the time to start investing, you may wonder what Iban Wallet can do for you.

Which is why we prepared our Iban Wallet review of available investment products through our marketplace. Moreover, we have collected a few tips and things to have in mind while using our platform.

So if you already have your financial plan for 2021 in place, this could be a way to start executing it with simplicity and ease.

Shall we begin?

First things first – a few important pointers

If you haven’t yet, you will need to access the marketplace at www.ibanwallet.com to open your account.

For someone to be able to register, it is necessary they have already completed 18 years of age, hold a bank account and provide identification details, including email, full name and national identification number. Moreover, not all regions are covered – you can find the comprehensive list here .

Once a profile has been set, it needs to be verified through official documentation. This step is necessary in order to comply with regulations regarding client identification (known as KYC – know your client) and proper fund protection.

Only after all documentation is in place will all features of the marketplace be available – including making deposits and withdrawal requests.

Be sure to read closely all requirements for documents so you waste no time.

After completing these steps, a person is now able to start taking advantage of the available investment options to start generating interest.

Namely, they can now enjoy all that the Account has to offer.

The Account: your starting point

The Account is the starter investment product you can find, and the connecting point between your bank account and other products. We’ll get to this further ahead, but for now what you need to remember is that to invest in other products, you should first top-up your Account’s balance.

Overall, this is what it offers from the get-go, without any commissions or fees:

  • 2.5% projected interest rate
  • €1 minimum deposit
  • Daily interest updates
  • Liquidity – with no term, you can make a withdrawal request at any moment.

Keep in mind, however, that this is an investment product, not a transactional one. As such, the existence of constant deposits and withdrawals may trigger a warning on our side.

Remember that the nature of an investment is to remain still and help you accrue interest.

Iban30 / Iban90 / Iban180: going a bit further

But remaining still does not imply long stretches of time.

In fact, in light of the COVID breakout that started in 2020, planning for the long term has become harder for quite a lot of people due to the underlying uncertainty.

Because of that, these products have proved themselves to be quite convenient, in both allowing you to get higher projected interest rates than that of the Account, and having relatively short terms.

Starting at the same €1 minimum, you can boost your funds with target rates of 2.6%, 2.7% and 2.8%, with 30-, 90- and 180-day terms.

To access them, you should first get some balance on your Account. Then it’s just a matter of accessing the “Invest” tab, selecting the product and confirming the amount. The selected amount will be transferred from your Account to the new product.

Easy, right?

One and Market: the more robust options

Everyone has goals for the longer term. For those, these products could be right up their ally.

Both have the same starting point: €1000. The difference lies in time and rate.

With One, you access a 3% projected interest rate with a 1-year term; Market, on the other hand, gets you up to 4% interest, with a 3-year term.

And if you think that these terms could be too long for you, you can ask yourself: where were you just a year ago?

The fact remains that perceived and experienced time may differ greatly in our minds, so it can pay to keep reminding ourselves of these actual time frames as we look back. You may find it that these are not quite so long.

You can access these products in the same way as described above, by transferring funds from Account to any of these two products.

Finally: to keep in mind

Having seen what these products offer, and knowing why investing is important, there are some things to consider to make the best of your experience:

  • Iban Wallet is available internationally, but not globally. You can check the complete list of covered regions here;
  • You can top-up your Account via secure wire transfer or with debit/credit card. Transfers may take up to 3 business days – same as withdrawals – and require that you indicate your account ID in the description so it can be tracked;
  • Documents sent for verification purposes must be no older than 3 months;
  • If you have a business, you also have the option to open a business account so it doesn’t get mixed with your personal finances;
  • Early termination of a product with a term will trigger a penalty (which only affects accrued interest, not starting capital);
  • Iban Wallet provides you the option to get a tax statement to facilitate your tax-paying process;
  • You can get extra earnings by referring friends to Iban, know more here.
  • If you require any assistance or clarification, you can contact our customer service at help@ibanwallet.com or via WhatsApp at +1 844-596-1364.

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