Neobanks continue to emerge and distinguish themselves from traditional banks thanks to their flexibility and modernity. MyFin, a new online bank, positions itself as an interesting alternative to services like Paysera. In this article, we will examine the advantages and disadvantages of MyFin, as well as the steps to open an account.
Advantages of MyFin
- Free account opening: Unlike Paysera, MyFin allows you to open an account without any fees, which is a major advantage for those seeking a simple and cost-effective banking solution.
- No monthly fees: One of the great strengths of MyFin is the absence of monthly fees, whereas Paysera charges 1 euro per month for account management.
- Virtual MasterCard: MyFin offers a virtual MasterCard, ideal for making online purchases, settling subscriptions, or carrying out other electronic transactions without hassle.
- Payment card without a European address: Another strong point is that MyFin allows you to have a virtual payment card (MasterCard) without the need for a European address, making this solution more accessible than services like Paysera or Wise.
Disadvantages of MyFin
- Unstable mobile application: The MyFin mobile application still has bugs and stability issues. Users may be required to redo the registration process due to errors, particularly during identity verification.
- Risk with large deposits: MyFin being a relatively new neobank, it is advisable not to deposit large sums of money to avoid potential risks.
How to open a MyFin account?
The steps to open an account are simple and quick:
- Download the mobile app: Start by downloading the MyFin app from the Android or iOS stores:
- Sign up with a welcome code: at this stage, you can enter the welcome code to earn 5 euros:
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You will receive the five euros after the account is activated and a purchase is made with your card.
- Biometric passport required: It is necessary to have a biometric passport to validate your registration and open an account.
- Selection of the main currency: During registration, be careful in choosing your main currency. By default, the application offers the Bulgarian lev (BGN). If you wish to use the euro or the dollar, make sure to select them correctly from the start, as this choice cannot be changed later.
Conclusion
MyFin is a viable alternative to Paysera and other online banking services. With its low fees, free account opening, and virtual MasterCard, it offers a convenient solution for managing finances online. However, the instability of the mobile app and the limitation to a single MasterCard should be taken into account before committing.
User testimonial: Our experience with MyFin
After five months of use, MyFin has proven to be a practical and reliable tool for making online payments. We have been able to use it without any issues for various services such as Amazon, ChatGPT, Google Cloud, and Facebook Ads. Although some users have reported account closures, we have personally not encountered this difficulty.
One of the most appreciated aspects of MyFin is the free account opening and the complete absence of monthly fees. This makes it a particularly attractive option for those looking for a simple and cost-effective alternative to other neobanks on the market.
MyFin: A digital bank that's easy, fee-free, and 100% free