Oval Money: what it is and how it works

Who I am
Valery Aloyants
@valeryaloyants

Oval requirements and prices

Prima di entrare nel vivo di quest tutorial and di scoprire, insieme, how to use Oval, it will be useful to know what the requirements necessary to use the app and what are the costs to be incurred for its use.

The Oval app is compatible with all Android terminals equipped with Android 5 or successivi and with all iPhone he iPad equipped with iOS 10, iPadOS or later. To create an account, you need to provide a cellphone number valid, a email address and the IBAN of a tale support, useful for moving savings into Oval's piggy bank and, subsequently, withdrawing them from the latter.



Furthermore, to activate the synchronization of income and expenses with Oval, you must have a bank account or a card supported by the app.

To take advantage of the Oval marketplace and invest your savings in one of the financial products available, you must also provide a photo of your own identity card it's a proof of residence valid (e.g. a bill with your name and residential address).

Finally, as far as the prices of the service are concerned, there is not much to say, as Oval is totally free: there are no costs to open an account, no fees for the VISA debit card (not even for payments in physical and online stores), for withdrawing savings or for wire transfers. The earnings of the service derive mainly from the investment partners, who pay Oval a revenue for the acquisition and management of the investment process.

The only costs to be incurred are those for instant bank transfers (1 euro) and the deposit of cash at the affiliated businesses (1 euro). More info here.



How to use Oval

Now that you have a complete picture of the requirements needed to use Oval, it's time to dig deeper into how the app works. So let's see how to install the Oval application on Android and iOS / iPadOS and discover, together, what are its most important features.

Download the app

If you want download Oval and use a terminal Android, april il Play Store (the icon with the colored ▶ ︎ symbol located on the home screen or in the drawer, i.e. in the screen with the icons of all the apps installed on the device) and search “Oval” inside.

When the operation is completed, tap on the Oval icon present in the search results (the two white oval symbols on a green background) and proceed to download and install the app by pressing the button Install / Accetto. If you are reading this guide directly from Android, you can access the Play Store page dedicated to Oval by tapping on this link.

I invented a iPhone or iPad, you can download Oval by opening theApp Store (the icon of the letter "A" stylized on a blue background, located on the Home screen or in the App Library), by selecting the item Search from the menu located below and looking “Oval” in the search field.

When the operation is completed, tap on the Oval icon present in the search results (the two white oval symbols on a green background) and proceed to download and install the app by pressing the button Ottieni / Installa. You may be asked to verify your identity through Face ID, touch ID or entering the password dell'ID Apple. If you are reading this guide directly from an iPhone or iPad, you can access the App Store page dedicated to Oval by tapping on this link.



Create an account

After installing Oval on your smartphone (or tablet), you are ready to create your account within the application. Then press the button Subscribe to start the registration process and, if you have a promo code, type it in the screen that is proposed to you. Once registration is complete, you will have your promo code with which you can invite friends to register, you will both get a welcome bonus. Then click on the button Continue (or your Salta, if you don't have a promo code).

Now, you need to type in yours telephone number, press on Continue and type the verification code which is delivered to you via SMS. Repeat, therefore, the same operation with yours email address and create the PIN to be used to unlock the application and access Oval. If you have a smartphone equipped with fingerprint sensor o unlock with the face, you will be asked if you want to activate quick access to the app through these systems. You will then be asked if you want to activate the notifications: I recommend that you do, so that you will promptly receive all notices about your activities in Oval.

With that done, you need to create your own Profile. Premium, quindi, sul pulsating Continue and fill out the form that is proposed to you with name, last name e date of birth; then press the button Continue and by confirmation (making sure that the data entered is correct). Enter, then the information regarding residence and domicile I awarded her Continue.


At this point you have to verify your identity: to do this, indicate the country of issue, type of document you want to use (choice between passport, driver's license, digital identity card e paper identity card) and the first button Continue.


You will be asked to take pictures photo of the document. Then press the button Continue, allow the app to access the camera and photograph the front of the document that you have chosen for identity verification; make sure that the data is legible and confirm by pressing the appropriate button (otherwise press on Take a new photo). Then repeat the same operation for the back of the document.

Once the photos are taken, you need to make a selfie video in which to follow the instructions given by the app: you should be asked to frame your face making it match the shape displayed on the screen, turn your face in one direction and pronounce a sentence or figures shown on the video (be sure to provide the app the permissions needed to access the microphone). Finally, hit the button Submit the video, wait for the upload to finish and click on Continue.

While waiting for your identity to be verified via the document and selfie video sent to Oval (this should take a few minutes), continue with the rest of the steps required to open your account.

Then press on the item Tax profile and answer the questions you are asked about yours profession, your annual income, yours main source of income, yours political exposure and any activities in the USA (this is a standard procedure required by law).

Later, when your identity is verified by Oval, click on the item Your document, fill out the form that is proposed to you with the data of the document you have previously chosen as a tool for verifying your identity and give confirmation.

After this step too, press on the item Personal details and fill out the form with fiscal Code, nation e City of Birth and all other data requested relating to your person.

Now you have to go to the acceptance of some third party documents, necessary to open the account. Then press on the item Third Party Documents, read all the documents submitted to you and accept them, by pressing on the appropriate button.

Once the documents are approved, you will have to wait for the data to be processed by Oval (which usually arrives in a few minutes). Once the processing is complete, you can continue with the account opening procedure.

The next step is to insert theIBAN of the reference account for Oval: what you need to move your savings, make automatic payments into the app's digital piggy bank and withdraw funds from it.

This is done by setting a SEPA mandate, whereby the money will be transferred from your bank account to your Oval money account every week. The amount and frequency of each direct debit may vary depending on the rules you set in the app. The direct debit will continue until you deactivate it through the app or contact Oval at support@ovalmoney.com. Please note that, for some banks, there may be SEPA mandate fees (not attributable to Oval). More info here.

Having said that, to proceed, click on the item Your contract, type l 'IBAN of the bill and give confirmation pressing the appropriate buttons. Once this is done, click on the button for request the digital signature certificate necessary to sign the contract with Oval, read all papers that are submitted to you and accept them by checking the relevant boxes and pressing the appropriate buttons. Finally, type the verification code you receive via SMS.

Once the code has been entered, the account opening process can be considered completed: you just have to wait for Oval to approve all the documents (which usually takes a few minutes) and you will be able to access all the features of the app.

Once approved, log into your account, set up a Goal (i.e. a goal for which to put money aside on a recurring basis, such as the reserve fund that is proposed to you as a default choice to create a good saving habit and which you will not be able to cancel) and combine it with a Smart rule, that is a mechanism thanks to which you automatically set aside a certain amount of money chosen by you every week; you can then change the amount or pause the payments at any time.

To proceed, press the appropriate button and set the amount of money to be accumulated automatically each week (as regards the reserve fund, you can set it from 1 to 100 euros) and choose whether round up the cents of your payments to set aside the surplus. More information on the Smart Rules - which are so many and can be combined with each other - can be found later in the guide.

Another operation that I advise you to do immediately is to request the free Oval Pay card: a VISA debit card that you receive directly at home and that allows you to save and invest every time you use it. It also supports contactless payment systems via smartphones and smartwatches, such as Apple Pay and Google Pay.

To apply for the card, select the card Pay of the app, click on the icon paper, at the top right, and tap the button Apply for the card for free. Then check that the address of your home is correct (otherwise you can change it on the profile page) and press the button Confirm and continue to send the card request.

Within a few days, the card will be delivered free of charge to your home (you can monitor the status of the shipment directly in the Oval app): once received, you will have to activate it by pressing the appropriate item in the Oval Home or by going to the section Pay > Carta of the app, then pressing on the appropriate item and following the instructions on the screen (it is necessary to enter the security code shown on the card).

Mission accomplished: now you have an Oval account and you are ready to accumulate your savings, invest and make Smart payments in a comfortable, safe and fast way! For more details on how the app and the account work, read on: you will find everything explained in the following chapters of this guide.

Navigate in the app

Once you have completed the initial setup procedure, you are ready to take your first steps within Oval. The home screen of the app is extremely intuitive: at the top is the balance of the digital piggy bank, while immediately below you find one card verde: the latter shows the weekly accumulations realized, in simple terms it shows how much you are putting aside for your goals and investments in the current week. If pressed, it allows you to view the list and aggregates of the accumulations and to deposit money on Oval. You can also pause an accumulationby pressing on it and deactivating the special lever that appears on the display.

Continuing on the Home screen of the app, you will find other tabs. For example, pressing on that Save you can set your savings goals to achieve the goals you have set for yourself (e.g. the purchase of a smartphone or a vacation); pressing on Invest you can invest in a new product; pressing on Pay you can access the section where you can send money to other Oval users, make transfers, withdraw money, top up your account, deposit cash and manage your Oval debit card.

Le cards at the bottom of the screen they allow you to access the same sections of the app that I mentioned in the previous lines, to which the section is added Coach, in which you can find many useful tips and news that will allow you to learn more and more things about savings management and investments.

At the top right, finally, you will find the icon of comic, which allows you to access the Oval Help Center, and the icon of thelittle man, which instead allows you to access the account management page (to view / modify personal data, Facebook account, source account and so on).

The Oval engine: Smart Rules

Le Smart Rules they are the mechanism on which the operation of Oval is based: what will allow you to build your savings and investment path in full autonomy through automatic and recurring actions.

Whenever you create a new Goal (i.e. a new project for which you intend to set aside a sum of money) or open a new investment position, you will be prompted to activate the Fixed recurring, namely the Rule that allows you to set aside or invest a fixed amount each week. The funds will be automatically withdrawn from the bank account you have associated with the app.

To create a Smart Rule, select the card Smart Rules within a Goal or an investment product and press the button for create a Smart Rule. You will then be able to choose the type of rule to set and the amount, also having the possibility to combine several rules together.

There are so many types of Smart Rules available: Expense category allows you to choose an expense category and set aside money for each purchase made in relation to the latter; Earnings allows you to set aside an amount every time you receive money; Fitness allows you to save money while exercising; Facebook allows you to save money every time you publish something on the notice board of the well-known social network, while Rounding calculates the round amount for each purchase and sets aside the change (you can activate this action only once, whether it is on a Goal or on an investment product).

I remind you that you can customize, in addition to the figure to be automatically put aside, also the parameters on the basis of which the Smart Rule should be triggered (the so-called triggers), for example for the rule Fitness you can choose the number of steps taken o not paths after which to trigger the accumulation of money.

Funds are transferred to Oval's digital piggy bank on a weekly basis. Going into more detail, at the end of each week the accumulated savings are added up and, every Monday morning, an automatic transfer equal to the sum of the previous week's accumulations is taken over.

You can modify or cancel the Smart Rules at any time, always by going to the card Smart Rules within a Goal or an investment product, selecting the Rule of your interest and pressing the button Delete.

Manage your savings

manage your savings at Oval, you have to go to the section Save of the application, where you find all Goal, that is, the goals you have set for yourself and for which you are setting aside sums of money each week. Among the Goals there is also the Reserve fund, which you created during the account opening phase. The reserve fund is a pre-set Goal (which cannot be eliminated) that will always remain at your disposal for any need or unexpected and will be powered by a Recurring Smart Rule from 1 to 100 euros.

To create a new Goal, all you have to do is press the appropriate button. Then fill out the form that is proposed to you, specifying What do you want to accomplish (e.g. the purchase of a new smartphone or a trip), theamount to reach and the date within which to raise the sum. Then assign a colore to Goal and press the button Continue. On the next screen, indicate how much to set aside automatically (the Fixed recurring) and the first button Crea. You will have thus set your Goal.

Now, to associate Smart Rules with your Goal, click on the item relating to the latter on the screen Save of Oval (in order to view its duration and incoming and outgoing activities) and tap on the card Smart Rules. Then press the button Create a Smart Rule and set one or more Rules as explained a few lines above.

I also point out the possibility of transfer funds from a Goal (including the Reserve Fund) to Pay (i.e. the current availability in the account) and viceversa. To use them, select a Goal from the section Save of Oval, press the button Manage funds, indicates the sum to be transferred, the direction of the transfer (whether from Goal to Pay or vice versa) and give confirmation.

If you wish, you can modify or cancel your Goals (except the Reserve Fund) at any time, by going to the section Save of the app by selecting the Goal of your interest and clicking on Modification.

To invest money

Oval include un , thanks to which it is possible to invest one's money in various financial products and make it bear fruit. It is possible to invest both the savings already accumulated in your digital piggy bank and the sums imported from accounts or linked cards. All in absolute transparency, since Oval does not provide financial advice and leaves the user the freedom to choose which financial product to invest (and what level of risk to accept), with a clear and detailed interface.

To access the Oval marketplace, access the section Invest and first tap on the card for create your portfolio and then on the voice Investor profile. This will start a short guided procedure to define your level of risk: indicate, therefore, your marital status; how many people does the family unit make up that depends on your assets; your educational qualification; your professional activity and the sector in which you work. This questionnaire is the MiFID, an assessment of your understanding of the risks when you are about to invest your money and is required by law as Oval offers financial services. Then answer the questions about investment diversification, risk, liquidity, etc. that are put to you and give confirmation.

Once the investment profile procedure has been completed, you must start the verification of your domicile, which consists of taking or uploading a photo of one proof of domicile, ad is. a bill that testifies the veracity of the residence data you entered when opening the account. Once this is done, wait a few minutes for the document to be verified by Oval and proceed with the construction of yours Oval wallet.

To build your portfolio, you must select the appropriate item and press the button for invest in a new product. You will be offered some possible investments to make. The list consists of opportunity available, including thematic indices, capital protected products e fixed rate products with a different degree of risk (bass, moderate o high), indicated under the relevant description.

- thematic indices - to simplify as much as possible - they are investments in different companies grouped for a specific theme (eg the environment, gender diversity or the diffusion of new technologies); the capital protected products are those in which the capital is invested in the medium to long term, with protection against any losses and the security of a return at the end of the variable constraint period based on the performance of the index, while the fixed rate products they are those that ensure a fixed interest on restricted amounts for a specific period of time (eg 1 year).

Once you have identified the most suitable product for you, select it and carefully read its description (including information such as minimum investment, minimum investment period, management fees e historical annual yield); after which he analyzes his performance analyzing the appropriate graphs at the top, read the information relating to mission, index composition etc. and presses the button Invest.

Then type in the amount you want to allocate as initial investment (The minimum investment and of 10 € for thematic indices and 100 / 300 euro for capital-protected and fixed-rate products), premiums on Confirmation and follow the on-screen instructions to finalize the operation.

To underline the possibility of carrying out recurring investments by setting the desired Smart Rules on the open investment positions, which each week will allocate the established amount on each product.

In this regard, as the principle of dollar cost averaging, it is better to invest the same amount on one or more products at regular intervals rather than making a single investment.

To monitor the progress of your investments and manage them, you can contact the card Our customers of the section Invest of Oval, through which, by pressing the icon of thelist located at the top right, you can also view all the movements made.

Pay: pay Smart

The section Pay of the Oval app is the one that allows you to send and receive money and manage the VISA Oval debit card.

Going into more detail, by going to the card Pay of the app you find the of your Oval account (which, I remind you, is free) and two cards: Yes Oval, to make payments from the Oval account, and Towards Oval, to add funds to your Oval account.

As for payments, by pressing the button Pay to Pay you can send free and instant sums of money to other users who use Oval (or you can invite friends who do not yet have an Oval account to open one); pressing on Bank transfer you can, on the other hand, make standard bank transfers without commissions and instant bank transfers at a cost of 1 euro (only to authorized banks); while pressing on the button withdrawal you can choose whether to withdraw sums from your Oval account by finding theTMJ closer, near the affiliated businesses o by making a transfer on your account. Withdrawals are free at all ATMs in the Euro area.

As for the possibility of adding funds to the Oval account, by accessing the card Towards Oval find the button Top up by bank transfer (to obtain the account details and make a transfer in favor of the latter) and the button Deposit cash, to find the nearest Banca 5 point and make the payment there (at a cost of 1 euro). Also noteworthy is the possibility to pay F24 e newsletters.

Finally, the icons located at the top right allow you to view the latest transactions (the icon of thelist), manage the VISA debit card (the icon of the paper) and view the account details (the (I)).

About the Oval debit card, please note that the latter is only available for users residing in the city and that it can be used for purchases both online and in physical stores, without commissions (also allows you to take advantage of the state cashback). In the app management page you can view it state (amount of withdrawals, POS payments etc.), freeze its use, adjust its limits, block it (in case of theft / loss of the physical card) and add it to payment systems such as Apple Pay e Google Pay.

Track your expenses and savings

Tracking expenses and savings with Oval is really simple. In the card Home, as already mentioned above, you will find a general overview with the balance of your account (above) and the quantity of weekly accumulations of Goals and investments (in the green card). In the other tabs you can then see the statistics related to Save (hence savings Goal), Invest (investments) e Pay (payments and debit card).

Earn money by inviting friends

Oval allows you to earn small amounts of money by inviting other friends to use the app.

To invite a friend to try Oval, you can select the appropriate item at the bottom of the Home, you can press on the item Invite 1 friend to Oval present nella schermata Coach or you can choose the item Invite a friend to Oval in the account management menu (the icon of thelittle man collocata in high to back).

Press the button Invite a friend and send your invitation to a friend using the app you prefer the most (e.g. the email client or WhatsApp), then wait for him to subscribe to the service.

For every friend made to subscribe to Oval with your link, you will receive 5 € (after the first transfer by the latter was successful).

If, on the other hand, you enter a friend's promo code or a welcome code, the bonus will be credited to you after at least 6 successful automatic transfers from your account to Oval. You will be able to enter codes only during the registration phase.

Oval support

In case of doubts or problems related to the operation of Oval, you can contact the official support of the service.

First of all, I suggest you connect to the Oval Help Center, accessible from a browser, via the link I just provided, or from the app, by pressing the icon of the comic located at the top right.

Within this section you can find the answers to the most frequently asked questions asked by users of the service. The questions can be browsed on the basis of their respective categories (eg. To start, investments o Savings) or search by key terms, using the appropriate bar placed at the top.

If you do not find the answer to your doubts and / or problems in the informative articles in the Oval Help Center, you can chat with the support of Oval by pressing the appropriate button located at the bottom and choosing to start one new conversation (in the future you will also be able to access a menu with the messages exchanged in the past with Oval's customer care).

I also point out that the Oval support can be contacted through e-mail at support@ovalmoney.com and that on Facebook there is the Oval community always active to exchange advice.

Finally, I highly recommend that you follow the live direct on the various channels of Oval, where the founders talk about many interesting topics related to savings and investments and discuss products and news.

Article created in collaboration with Oval.

Oval Money: what it is and how it works

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