Sometimes you may feel that our approach is too focused on frugal. In trying to overcome debt, shouldn’t you give as much thought to increase your income as to reduce your expenses? How about investing?
Like with everything else, it all depends on your specific situation. While the same principles generally apply to everyone, no one rule will absolutely apply to every single case.
Since our goal is to get out of debt (we’re getting there, one step at a time!), it makes more sense to focus on ways we can cut our expenses – this is why I don’t talk that much about investing. Most times the interest rates on our debt don’t really make it that much worthwhile.
However, if this journey has taught us anything, it’s that every little bit of help counts if multiplied over time.
Because of this, today I’m bringing you a product review on a very interesting platform that can help you give your reserve funds a little extra boost.
Introducing Iban Wallet – what is it?
Iban Wallet is a European Fintech company with a marketplace of several financial products. You can access different investments and get returns up to a projected interest rate of 6%.
With their starter product – the Iban Account – you can start with just s $1/€1, which is a great way to get to know the platform and all its features.
The results you can obtain in this platform are shown everyday in your balance, although this is not visible if you deposit only very small amounts – remember that the interest rates are annual, and even though the amount can be minimal you will still see daily results in your balance.
With the initial product “Iban Account” you can also request to withdraw your funds at any time, and there are no registry or service fees whatsoever. Other products (such as Iban One,Iban Market or Iban Dynamic) require a minimum investment period, so an early cancellation fee may apply to the interests if you request to withdraw before its term.
Sign up is very easy, and it only takes a few minutes.
First, go to their website – www.ibanwallet.com – or download the app, available on Apple devices and Android.
On the sign up box, enter your email and press “Open account”.
From there you will be prompted to give all necessary personal details, such as name, address and telephone number.
Since they have to follow some strict rules regarding identity verification to provide security, you will also need to upload official documentation to prove you are who you claim to be, and that you are the holder of the bank account you indicate in the process of registering and transfers.
I’ve heard some people being a bit annoyed by this, and that this could be a complicated process, but that was not my experience.
Just make sure to:
- Read everything carefully – every screen gives you the information they need;
- Submit official documents – a Word document with the information doesn’t meet the requirements; and
- Make sure that the documentation has good resolution.
Honestly, every time you hear about a case about identity theft or something of the like, it makes me feel safe when platforms go out of their way to make sure of who you are. For a lot of sensitive operations, they also require a two-factor authentication, which is always reassuring.
Good to go!
After the process is complete, you are now a proud investor with an Iban Account. Well, almost, as you still need to top-up your balance, you can begin from 1€ to start getting returns on your investments.
From that moment, you will also be able to access their other products, given that you have enough funds to access them.
My experience so far has been nothing but positive. It can be an interesting option for those funds you have at hand for an unexpected expense or to start building up a nest-egg.
If you have some money available, it can certainly be a very nice diversification tool to consider.
Don’t forget to comment on your experience it will help others to give it a try!