In this guide, you'll discover some of our favourite alternatives to a Tuxedo prepaid debit card.
Tuxedo provides prepaid cards, which the company describes as “ideal” for using at home and abroad.
Unlike its competitors, you cannot manage these cards through a mobile app. Instead you can either use the Tuxedo website or send SMS messages. You can check your balance, request statements and deposit or transfer money with ease through one simple text message. Some people may prefer this to managing their money with a smartphone app.
You’ll pay a lot of fees for using Tuxedo though, starting with a £9.99 charge to purchase the prepaid card. You can choose to skip the monthly account fee with Tuxedo’s “Pay As You Go” package, but you’ll pay a 2.95% charge on all card purchases and 1.5% on ATM withdrawals when you do so.
The alternative to “Pay As You Go” costs £4.99 a month, and you’ll be granted 0% fees on UK and overseas purchases with this option. However, you’ll still be charged to withdraw cash from a UK ATM (50p) or an overseas ATM (£2.25).
In this guide, we’ll review some of the app-based prepaid cards available to UK consumers and how they compare to Tuxedo.
Monzo is one of the more popular branchless bank accounts available in the UK these days.
Customers are free to apply for an overdraft of up to £3,000 with their account. There are no extra charges for using your Monzo debit card overseas, plus you can withdraw up to £200 per month at foreign ATMs with no charges.
The Monzo app provides a ton of useful budgeting options to help you manage your money better.
For a monthly fee of £5, you can access premium features such as account aggregation, a credit checking service and cashback on certain purchases.
The Revolut prepaid card is one of the best to use if you’re frequently making international money transfers. In fact, you’ll pay no extra fees for making these, or for using your prepaid card overseas.
The Revolut app is stacked with budgeting features, plus you can use it to trade stocks, cryptocurrency or to buy gold.
A Revolut Premium account costs £6.99 a month and comes with overseas medical insurance. On top of that, you’ll be able to withdraw up to £400 per month at ATMs without paying a fee.
Starling Bank is another mobile-only bank, which you can manage through a mobile app. It focuses on being useful for customers who are frequently spending, sending or withdrawing money abroad.
When you switch to Starling Bank, you’ll be granted separate accounts for euros and pounds.
You’ll pay nothing to use your debit card overseas and you’ll be able to withdraw up to £300 a day overseas with no charges.
Monese is another bank account, which is easy to set up and beneficial to use overseas. It prides itself on providing some of the best rates for international money transfers. There are also some generous limits on fee-free international purchases and ATM withdrawals with a Monese debit card.
In fact, with its £14.95/month Premium account, you can make unlimited purchases and ATM withdrawals and still not be charged additional fees.
Everything is managed via the Monese smartphone app. The app also includes budgeting tools, transaction details and downloadable statements.
Smile was the UK’s first digital-only banking service. It’s still going strong today, offering a mobile-app based current account with a £500 overdraft.
There are no incentives to use this card overseas.
You can also apply for savings accounts, credit cards, loans, insurance or mortgages with smile and manage them all using a mobile app.
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