Moven allows you to monitor your finances from your Smartphone. It is a mobile-only bank app, which means almost all of your transactions and interactions with the bank will occur via your Smartphone. The banking services are delivered to you via an Android or iOS app, and with its instant feedback function and account management features, it promises a new type of banking experience where you do it all through your Smartphone.

How To Get Started

Moven app with card and smartphoneStart by going to If you are over 18, they will allow you to sign up. It is free to sign up; you simply need to enter your date of birth, and your social security number. After that, you are prompted to sign up with your email address and a new password. Create your account and login information and you are given an electronic application form.

Fill in the form and get approval for your Moven mobile-bank account. After a few days, you will receive your debit card. If you use a fee-free ATM machine, then you may draw out as much as $500 per day without paying withdrawal fees.

You will receive an RFID card that allows you to use contactless payments if the merchant has the correct type of card terminal. Also, if the merchant’s card terminal accepts MasterCard or PayPass, then you may use your Moven card(s).

If you wish to shop online, then use the card numbers in the same way you would if you were using your regular bank Visa card or MasterCard.

How To Deposit Money Into Your Account

The most common method is direct deposit because that is how most people are paid. Give your card details to your boss, and let your boss pay you onto your Moven card account in the same way your boss would pay you onto your regular (traditional) bankcard account.

Another method is to transfer money from one of your other bank accounts into your Moven account. You may do this because you are using Moven to gamble with or to shop with. Plus, you are also able to move money over to your Moven account from your bank account because you simply want to have money on your new mobile account.

You may wish to use your Moven app account to have money transferred from somewhere else, such as from a foreign transfer company, PayPal or Skrill. Obviously, you are also able to transfer money from your Moven account to your bank account.

Deposits, Withdrawals And Fees

You may withdraw up to $500 per day without incurring fees, and the app allows you to deposit up to $10,000 per day. You are unable to deposit any more than that per day because it will flag their anti-laundering protocols, which will freeze your account and tie up your money for weeks. Your money is insured for up to $250,000 by the FDIC.

You do not have to maintain a balance in order to use your Moven bank account, and there are no opening deposit requirements. There are also no charges for having your account or using your card in ATMs (there are some ATMs that will charge you no matter what card you use, and there are some that will charge you because you are using a Moven card).

Manage Your Money Using Just Your Phone

Manage Your Money With Just Your Smartphone and its app

Services that are exclusive to Smartphones are not new, but banks that exist just for Smartphone users are fairly rare, even in this day and age. The process is as simple as their website makes it seem. You apply for your account, you load your money onto the app and into your account, and you spend your money as you wish. You may track how much you are spending and control your money as you wish.

The biggest downside of this Smartphone-only idea is that Moven cannot provide many of the services that a bank (and other banking apps) can provide. For example, it cannot offer savings accounts, investment accounts, currency exchange, loans and so forth. The account you are setting up is not that dissimilar from a PayPal account except that the tracking feature on Moven are more user friendly.

User Friendly Tracking And Controls

Spending meter app function

The fact your account is accessible via a Smartphone app makes checking your balance very straightforward. The tracking functions are also very easy to understand and use. You can see charts showing how much you have spent and when you spent it, and you may play with your spending meter that shows you how much you have spent this month. The spending tracker is somewhat eye opening if you do not keep a regular budget. You may be surprised at just how much money you spend per month.

Gain Full Control Of your Money Budgeting

Moven App Function Examples

You do not have to check to see what category your purchases have dropped into, but if you are planning on following a budget, then you may allow Moven to do most of the budget-tracking work for you.

Instead of adding information into your budget manually, you may allow Moven’s automatic categorization and purchase recording to do it for you. Base your budget planning around what your Moven account shows you.

For example, if you are looking to cut money from a budget, then look for your plumpest budget amounts in your app’s category section and start chopping away at that budget for next month.

The Spending Tracking And Spending Spike Functions

Moven App Function spending spike

There is a spending tracking function on the app that shows you a chart with how much you spent last month, and then a chart running over the old chart that shows how much you spent this month.

Seeing what you spent this month compared to what you spent last month is very enlightening. It is very educational, especially if you haven’t given your spending habits a lot of thought in the past.

The spending spike function will tell you if you spend more than usual. It uses what it knows about your spending, and gives you an alert if your spending behavior changes where you suddenly spend more than you normally would.

The spending-spike function has the obvious benefit of alerting you to thieves stealing from your account. The spend spike’s most common benefit is as a kick-up-the-ass reminder that you are spending like a Sultan, when you should be spending like a slave!

It’s Similarities To PayPal Are Obvious

Moven Account selling points screenshot from the website

PayPal has far more functions and tools than Moven. The Moven app and account seems to be an almost diluted version of PayPal. The only two selling points that Moven has over PayPal is that the Moven account only works for Smartphone users, and that Moven has better budget tracking software.

Other than that, Moven is almost like a smaller and more diluted version of PayPal, but that is not a terrible thing. PayPal is offering a five-course meal when some people only want a starter and a dessert.

Moven Is Integrated And Clutter Free

Another good selling point for Moven is that the app is clutter free. If you want to access your balance, then it is a button press away. If you want to skip over to your money tracking, then it is a swipe and a click away. The app is able to provide you with a large and more comprehensive view of your finances, and you don’t have to sign in to numerous accounts and search your way through a large navigation tree to do it.

Moving from one function to another is easy because the interface is simple, stylish and clean. The clutter-free GUI makes finding what you want easy. Even the icons on the app screens have small titles and descriptions that explain why they are and what they do.

It Only Handles USD And Doesn’t Take Cash Deposits

The fact it only handles one currency and doesn’t take cash deposits is not a deal breaker in many people’s eyes, but the way the company is run makes one wonder how large this company is. One would prefer a larger company if it is going to keep our money in its possession. Yet, the Moven company doesn’t have a customer service department for you to call; they only have an email and ticket system.

Furthermore, their FAQ section is weak and has links missing, which is very worrying because it shows the company has a habit of neglecting things and it shows they are not as diligent as one may hope. People tend to want diligent bankers that have attention to detail, and yet the Moven company doesn’t seem to be there yet.

Conclusion – Do You Have A Reason To Open An Account?

Though there is nothing wrong with the service or app in our opinion. However, I cannot think of a reason why I would open an account with the Moven banking company. They offer a system where you may only see your account on a Smartphone, which seems like a benefit at first, but there are times when you want to be able to see it on a desktop device, and there are times when you want to see and talk to a real person.

Transferwise Currency Conversion

Want to send money abroad or convert currency? We recommend using Transferwise to get the best rates. Use the Transferwise calculator below to see what your exact conversion is

One would surely need a reason to use the service. If you are keen on tracking your spending and you do not want to pay another company to track it for you, then the Moven app may be just what you need. There is also a chance that the company will add more features and functions over time, so that the app and the Moven account have a broader appeal.