ActivoBank

What is ActivoBank？

ActivoBank, a branch of Banco ActivoBank, S.A., emerged in 1994, pioneering as the first telephone bank in Portugal. Over the years, it has significantly expanded its services and client base. By 2001, ActivoBank began providing its clients with diverse investment solutions all under one roof, broadening its scope and functionality. It took another significant step forward in 2010 when it launched a new concept aiming to revolutionize the banking experience for its customers.

As of now, ActivoBank operates within the preserved boundaries of Portugal. However, it's important to note that ActivoBank is non-regulated, which means it does not fall under the supervision of any external regulatory body. Though this does not outrightly disqualify it as an unsafe choice, potential clients should be aware of the risk factors affiliated with engaging with non-regulated entities.

In addition, ActivoBank offers customer support, with accessible channels including phone (+351 210 030 700) and email (apoioaclientes@activobank.pt). This support system is crucial for addressing possible client concerns or queries in a timely and effective manner.

Pros & Cons

Pros

• Minimum banking services: ActivoBank offers minimum banking services to all customers, regardless of their income or financial status. This includes a demand deposit account, a debit card, access to ATMs and home banking, and the ability to make deposits, withdrawals, payments, and direct debits.

• Range of banking products and services: ActivoBank also offers a range of other banking products and services, such as term deposits, savings accounts, credit products, and investment solutions.

• Easy to use: ActivoBank's website and mobile app are easy to use, making it easy to manage your finances online.

• Competitive fees: ActivoBank's fees are competitive with other banks in Portugal.

Cons

• No physical branches: ActivoBank is a digital bank and does not have any physical branches. This may not be ideal for customers who prefer to interact with a bank in person.

• Non-regulated: ActivoBank is now currently non-regulated, which means there is no external oversight.

Is ActivoBank Safe or Scam？

ActivoBank currently operates under a non-regulated status. This means that it isn't overseen or licensed by any recognized financial regulatory authorities. Regulatory bodies typically have rules and standards in place to protect the interests of traders or investors, providing a measure of security against fraudulent activities and ensuring that brokers operate in an honest and transparent manner.

For ActivoBank, being non-regulated could present certain risks to potential clients. It implies that the broker isn't bound by any regulatory standards or subjected to periodic audits that can otherwise ensure fair business practices. It also means that in case of any disputes or issues, clients may lack formal places to seek arbitration or legal recourse.

Investment Products

ActivoBank provides customers with numerous investment products, these include:

• Technology ETFs and investment funds track the performance of companies in the technology sector, such as Apple, Microsoft, and Google.

• Natural Resources ETFs and investment funds track the performance of companies in the natural resources sector, such as oil and gas companies, mining companies, and agricultural companies.

• Real Estate ETFs and investment funds track the performance of companies in the real estate sector, such as real estate developers, real estate investment trusts (REITs), and home builders.

• Health ETFs and investment funds track the performance of companies in the healthcare sector, such as pharmaceutical companies, medical device companies, and healthcare providers.

• Biotechnology ETFs and investment funds track the performance of companies in the biotechnology sector, which develops and commercializes new medical products and technologies.

• Ecology ETFs and investment funds track the performance of companies that focus on environmental sustainability and renewable energy.

• Sustainability ETFs and investment funds track the performance of companies that are committed to social responsibility and environmental stewardship.

• Agriculture ETFs and investment funds track the performance of companies that produce and distribute agricultural products, such as food and beverages.

• Water ETFs and investment funds track the performance of companies that provide water and wastewater management services, as well as companies that develop water-related technologies.

Banking Service

• Demand Deposit Account Opening and Maintenance: ActivoBank enables customers to open and maintain a demand deposit account, which lets users deposit and withdraw funds as desired without facing any restrictions on how often they can do so.

• Provision of a Debit Card: Account holders will be provided with a debit card for account handling. This card comes without any restrictive features compared to other debit cards provided outside this service.

• ATM and HomeBanking Access: Customers can access their account and perform transactions through ATMs within the European Union, the bank's homebanking service, or through a physical branch of the credit institution.

• Transactional Services: These services encompass deposits, withdrawals, payments for goods and services, and direct debit transactions.

• Intrabank Transfers: Customers can perform unlimited intrabank transfers, which are transactions made to other accounts at the same credit institution.

• Interbank Transfers: Customers can carry out interbank transfers, which are transactions made to accounts at different institutions. These can be done via ATMs without any restrictions on the number of transactions. However, when done via home banking, a limit of 24 domestic and European Union interbank transfers applies for each calendar year.

Other Banking Services

ActivoBank provides its customers access to an array of banking products and services beyond the Minimum Banking Services, including:

• Term Deposits: This type of deposit account allows customers to invest their money for a specified period of time and earn interest on the deposited amount.

• Savings Accounts: These accounts are designed to help customers save money and earn an interest income on the saved amount.

• Additional Interbank Transfers: Besides the ones included in the minimum services, customers can also carry out additional interbank transfers through the credit institution's branches or home banking. This applies if they perform over 24 operations per calendar year, or use payment applications operated by third parties for more than five operations a month or exceeding 30 euros.

• Accounts in Institutions outside the European Union: Customers can open accounts with institutions located outside of the European Union, expanding their banking reach.

• Credit Products: ActivoBank offers a range of credit products that customers can utilize for meeting various financial requirements like loans or credit cards.

Transfers

• Intrabank Transfers: These are transfers made within ActivoBank, i.e., from one account to another account within the same institution. ActivoBank does not impose any restrictions on the number of intrabank transactions that can be performed.

• Interbank Transfers: These are transfers made to accounts at different banking institutions. ActivoBank allows its customers to carry out these types of transfers via ATMs without any restrictions on the number of transactions. However, while using ActivoBanks homebanking service, there is a limit of 24 domestic and European Union interbank transfers per calendar year.

• Third-Party Payment Application Transfers: ActivoBank permits its customers to carry out transfers using payment applications operated by third parties, with certain restrictions. Only if these transactions exceed five operations per month, or the total amount exceeds 30 euros, will they be considered an additional service apart from the minimum banking services.

Trading Platforms

ActivoBank provides two trading platforms: ActivoBank App & ActivoTrader. The application is available on the App Store, Google Play, and AppGallery, allowing users to invest on the go. At the same time, users can also access the website directly to invest without downloading the app, which provides users with a convenient and flexible experience.

Conclusion

ActivoBank, a part of Banco ActivoBank S.A., is a pioneer in financial services in Portugal, with a history dating back to 1994 when it introduced itself as the first telephone bank in the country. Over the years, it has broadened its services, moving into the investment sector in 2001 and revamping the banking experience of its customers in 2010. However, it's critical to note that ActivoBank operates under a non-regulated status, which may pose certain potential risks to customers. Yet, it offers a wide range of services and features, including a robust system of Banking Services that provide a comprehensive package of fundamental banking privileges to customers. Clients can also access additional services beyond this package, including term deposits, savings accounts, and credit products.

Frequently Asked Questions (FAQs)

Q: Is ActivoBank regulated？

A: No, ActivoBank operates under a non-regulated status, which means it's not supervised or licensed by any recognized financial regulatory authorities.

Q: Does ActivoBank limit the number of intrabank transfers？

A: No, ActivoBank does not restrict the number of intrabank transfers (transfers within the same institution) a customer can make.

Q: Is ActivoBank suitable for beginners？

A: No. It currently has no valid regulations, so there is no security guarantee when trading with ActivoBank.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.