There’s a new way to manage money, pay bills, make transactions and investments. We can do all these with our phones or even personal computers.
There are platforms that has made all these possible. With these apps, you don’t have to follow bank processes before you can manage your money. These apps helps you to organize bills and pay them when they’re due.
In addition, these apps have made investing in the stock market possible without the help of any middleman.
As we’re advancing in technology, the use of these apps keeps growing in demand. And one of these platforms is MyFin.
With MyFin, you can make both local and international transactions, pay bills and make investments. Therefore, let’s look at what people in MyFin Supported Countries can use this platform for.
What is MyFin?
MyFin is a mobile app that enables users to manage their funds. MyFin users can make purchases and investments through their phones. MyFin is for mobile app use. However, you can also access it with your computers.
MyFin users usually get a free International Bank Account Number (IBAN). You can use this number to make transactions across countries.
MyFin is a financial institution, with a license from the Bulgarian National Bank. It offers the same security measures just like the regular banks, but in a modern way through an app.
MyFin Does The Following:
Money Transfers and Payments
- Instant Peer-to-Peer (P2P) Transfers: You can send money through a payment link or phone number to people you know.
- Free IBAN: When you register, you get your own free IBAN. You can use it to receive and send money for domestic and international uses.
- Supported Currencies: Money transactions can be done in any of these currencies. Euro (EUR), United States Dollar (USD), Bulgarian currency (BGN), British Pound (GBP).
- Currency Exchange: You can swap any of the above currencies in the app without paying extra fees.
Digital and Physical Cards
- Virtual and Digital Cards: You can create instant virtual cards for online shopping. You can also add your digital cards to your wallet for tap payments at stores.
- Physical Cards: You can also request for a physical card if you want.
- Card Management: You’re in full control of your card and account. You can set a spending limit and freeze your card if there’s a need for it. You can also block certain locations for better security measures.
Paying Bills and Utilities
- MyFin app can be used to pay for all your utility bills without any extra charge.
- It can also be used to pay for road tax or toll permit.
Investing and Savings
- You can trade Stocks and Exchange Traded Funds (ETFs) in MyFin’s app.
- You can create a digital Gold Account. This allows you to make a long-term investment through buying and selling of gold.
Personal Finance Tools
- You can keep track of all expenses made every month using clear charts and categories.
- Set a monthly budget plans. You can also set and get notifications when you’re close to your spending limits. It helps you to avoid spending excessively and save more.
How MyFin Works
This mobile app only functions in MyFin Supported Countries. The process is strictly online and can be done within few minutes. Below are the steps on how to sign up.
- First download the MyFin app. You can do this through Apple App Store or Google Play Store.
- Next, create your account. Fill in your basic information as required. Set a strong password. Use the verification code sent to you through message to confirm your account.
- To access all MyFin services like investing and bank transfers. You must provide more personal details like a government ID and a face biometric scan.
- You’ll have to wait for MyFin to review and verify your documents. Your accounts becomes active after approval.
- Set up your cards. The virtual card is done online. While the physical card is given upon request. You can use the Physical cards at ATMs for cash withdrawals.
- Add money to your account through bank transfer. You can also link your debit card to the app and add funds instantly.
- You can start using your mobile app for various purposes. Bill payments, domestic and foreign transactions including making investments.
MyFin’s available countries are in European regions. However, MyFin’s focus is Bulgaria. Bulgaria is the primary market. Other regions where MyFin can be accessed are:
List of MyFin Supported Countries:
- Austria
- Belgium
- Liechtenstein
- Croatia
- Estonia
- Cyprus
- Czech Republic
- Denmark
- Germany
- Greece
- Iceland
- Latvia
- Lithuania
- Luxembourg
- Finland
- Hungary
- Ireland
- Italy
- France
- Norway
- Portugal
- Romania
- Slovakia
- Slovenia
- Spain
- Malta
- Netherlands
- Poland
- Sweden
List of MyFin Supported States in the USA
Individuals in the U.S. can download the MyFin app from the United States App Store. However, the banking services are controlled by the Bulgarian National Bank. This means the MyFin app is meant for the residents of the European Economic Area (EEA).
Although, MyFin allows the use of USD along side other supported currencies.
However, some U.S. resident already owned a MyFin account, opened as a European resident. If you’re one of them, you can use your MyFin Visa or Mastercard for payments at merchants who accepts it. You can also use it for ATM withdrawals. The card can be used in all the 50 U.S states where Visa or Mastercard are accepted.
United States residents looking for a similar app can check out Revolut, PayPal or Cash App. These apps offers mobile transactions, bill payments and investment options just like the MyFin app.
MyFin Alternatives:
Top European Alternatives:
- Revolut
- N26
- Trade Republic
Global Platforms
- eToro
- Wise
- Trading 212
U.S. Alternatives
- SoFi
- Cash App
Conclusion
MyFin is a modern app that combines the use of investment and banking services. It allows users in MyFin Supported Countries to be in control of their money and how to spend it. MyFin allows the use of mobile transactions, monthly bill payments and investments in stocks including gold.
MyFin app is mainly for Bulgarian residents. However, its use is also extended to other European regions. The app is safe because it’s regulated by the Bulgarian government.
Finally, MyFin is that app that allows you to properly manage your funds through wise spending and investments.