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Unlike other challenger banks Tuxedo doesn’t run through an app on your smartphone, instead you manage your money and account either online or through text messages. While Tuxedo doesn’t offer your average current or savings accounts, it does provide a prepaid card which it describes as “ideal” for situations both at home and abroad.
Working as a money management tool and a travelling companion, Tuxedo’s prepaid cards are a simple and effective way of staying in control of your finances.
Rather than opening a brand new bank account, Tuxedo offers a prepaid card to load money onto for day-to-day spending. The benefits come from the control you have over the amounts you load on, and the competitive exchange rates when you use the card abroad.
Tuxedo works through your internet browser or through SMS messages, by sending text messages to an easy to remember number you can issue instructions to:
Tuxedo’s prepaid cards are perfect for travelling, not only can you make payments with no extra charges, Tuxedo’s currency exchange rates are incredibly competitive, and the card works almost anywhere.
Tuxedo’s pay-monthly card is a great choice for frequent travellers given its rates and fees, and its pay as you go card is a good choice for anyone looking to go away on a few weeks’ holiday.
Tuxedo offers a monthly subscription or a pay as you go card plan.
Both cards have fees and charges for certain functions, but Tuxedo tries to counter these with competitive exchange rates and fees while abroad:
The subscription based card costs £4.99 per month, but with fees and charges costing much less, with regular usage it ends up cheaper than the PAYG card.
There are a number of other fees for SMS account management, alerts and administrative services, these can be found here.
Tuxedo takes security seriously; one of the benefits of not being available through an app is your Tuxedo account will not be compromised if your phone is lost or stolen, and if you do lose your card or details you can send a text, go online or call customer service to immediately deactivate your account.
Your money and card details are kept securely behind a password, and you are required to register with documentation to verify your identity.
Tuxedo’s prepaid cards won’t be for everyone, but they are an appealing option if you are a frequent traveller or if you want to go away for a few weeks or more.
If you are looking for a mobile bank account or a savings card you might want to look elsewhere, but keep Tuxedo in mind next time you plan to go away.
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