Hype, The Best Italian Digital Bank
✔️ One of the few Italian banks where sign-up is quick and you don’t have to go to a branch
✔️ Huge range of Cashback programs
✔️ Is only in Italian and requires Italian residency
✔️ Great money management features
HYPE with Banca Sella Review
HYPE is the online mobile banking division of Banco Sella and one of the first challenger banks on the Italian landscape. Launched by Banca Sella in 2015, HYPE has grown to become one of the most popular challenger banks amongst Italians and foreigners.
With HYPE you gain access to a fully online banking service with a fantastic smartphone application to manage your money from. Also, you get an Italian IBAN and either a free prepaid card that you can top up, or a MasterCard debit card.
This gives you access to free ATM withdrawals and payments in Euros. Withdrawals and payments in other currencies even become free when you upgrade to the premium version. Payments can also be made with Apple Pay or Google pay.
The sign-up process is pretty simple in comparison to the other Italian banks. It can all be done from the comfort of your laptop or smartphone.
All you need to have on hand is a form of identification like a passport or identity card, as well as standard info like your fiscal tax code.
Then you can submit the info by typing it in and uploading photos of your documents and you’re good to go.
HYPE’s sign-up is definitely much less hassle than having to book an appointment online with a traditional bank and having to go to the physical branch and take at least 30 minutes to set up an account.
HYPE also has a fantastic range of cashback programs that will help you save money on purchases from a whole range of brands. Often you might actually save more money on your purchases with those brands than what it costs monthly to even have the premium version of HYPE.
HYPE also is able to offer liquidity if you need it, by being able to request a €2000 loan instantly if you pass their credit check.
Some of the advanced features HYPE offers include being able to buy and sell various Bitcoin currencies as well as categorization of spending, automatic budgeting, and hashtags similar to that offered by competitors such as N26.
You should note that while the free version offers a basic account with a prepaid card that you top up, it won’t necessarily be accepted everywhere.
Also, the free account has a maximum annual intake of €2500. Which is low, but ideal for someone who wants to try out the bank before committing to it.
One great thing with HYPE is that it allows a current account to be opened for your child if they are above the age of 12. It comes along with all the benefits of a free account and card, with none of the fees for any of its services.
As a parent, you can also monitor their transactions to keep an overview of their spending habits. Which is a great way to introduce your child to bank account services and the responsibility of money management.
The Premium version costs a relatively low monthly fee of €9.90, but comes along with massive benefits. It includes features like travel insurance in all forms (medical, baggage, flight), cashback programs with major brands, and an unlimited ability to top up your account and make transactions and withdrawals in other currencies.
HYPE Bottom Line:
HYPE is a great Italian online bank that comes along with great transaction services and money management, making it very popular.
It is one of the few banking alternatives in Italy that don’t make it a huge hassle to set up an account with or fix issues by having to go to a physical branch.
The only real downside could be the low maximum amount of €2500 that you can have in the free account.
Realistically though, even with the premium version that costs a monthly fee, you’re getting a much better deal at a low cost in comparison to all the other fee-heavy Italian banks.
Also, be aware, HYPE is only in Italian and requires Italian residency for its main products.