While Tuxedo has been a name in finance for around a decade, it only recently entered the field of challenger banking. Tuxedo has similar aims to other next-gen banks, to make money accessible and easy to manage, but defines itself through its fairly unique approach.<\/p>
Unlike other challenger banks, Tuxedo doesn\u2019t run through an app on your smartphone. Instead you manage your money and account either online or through text messages. While Tuxedo doesn\u2019t offer your average current or savings accounts, it does provide a prepaid card which it describes as \u201cideal\u201d for situations both at home and abroad.<\/p>
Working as a money management tool and a travelling companion, Tuxedo\u2019s prepaid cards are a simple and effective way of staying in control of your finances.<\/p>
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.<\/p>
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:<\/p>
Tuxedo\u2019s pay monthly prepaid card is perfect for travelling. Not only can you make payments with no extra charges, Tuxedo\u2019s currency exchange rates are incredibly competitive, and the card works almost anywhere.<\/p>
You can also use the pay as you go card abroad and benefit from competitive exchange rates, but fees apply when spending and withdrawing cash on the card.<\/p>
Tuxedo offers a monthly subscription or a pay as you go card plan.<\/p>
Both cards have fees and charges for certain functions, but Tuxedo tries to counter these with competitive exchange rates and fees while abroad:<\/p>
The subscription based card costs \u00a34.99 per month, but with fees and charges costing much less, with regular usage it ends up cheaper than the PAYG card.<\/p>