Hi someone know some alternatives for under 18 to Monzo that offers a prepaid or a debit card with no fees at ATMs and non foreign exchange fees.
Not sure about the fees but look at Soldo
I already have Soldo but it has some fees but does not offer enough services for those fees.
How young are you talking? 16? 10?
While the current prepaid Monzo card is limited to 18, they have said they may offer accounts to those younger than 18 at some point after the launch of the current account. I am sure @alexs or somebody can find a historic posting that covers this issue
17, I read about the courent account that will allow teens to get it but I need it now because I want to close soldo account this month that I finish the paid period.
they will be available when current accounts launch
Thanks, I understand that they will allow 13+ when they will rollout courent account and then I will get a Monzo account. But I need a solution until they do it.
My children both have goHenry accounts which work extremely well for them.
Referral link if you are interested: https://www.gohenry.co.uk/secure/?ght=RAF&utm_campaign=refer_a_friend&utm_source=smsMA#ref_sms_goAR1009_Yc
Does it has monthly fee or any foreign currency exchange fee ? And thanks for your referral link
Thanks for the link, any idea for an alternative to Monzo for 17s .
Look for something like Soldo or GoHenry.
https://www.soldo.com/en-uk seems to be cheaper than GoHenry, especially for overseas use.
I already have a Soldo account as it offers few services for a price I consider to be high while GoHenry is even more expensive and offers more or less the same services, I was hunting a free alternative like Monzo with all of its fantastic services that unfortunately are not yet available Under the age of 18.
If it just for foreign travel try WeSwap … not sure if they have a cash bonus for account opening but try http://swp.to/invite/voz8783 to see if they have any offers currently. It is also a Mastercard rather than Visa so slightly better rates when travelling.
Thank you for your reply, I already saw that service and you must be at least 18 to get the card.
Thanks for rapid reply, Nimbl has an xchange rate fee for any foreign currency transaction of 2.95% per transaction value and also Opser has a 3% of purchase cost. The euro accounts are also good for me but i haven’t found a good one.
My guess is that you’ll struggle to find a free provider like Monzo. The reason Monzo is able to offer it’s service for free is that it will make it’s money by offering services that earn revenue like overdrafts, loans & products from 3rd parties. The thing that most of those services & products have in common is that they can only be offered to over 18 year olds. So presumably the only way for the alternatives to make money is to charge fees
I have read that the limitation was due to the fact that cards are issued by Wirecard and can not be issued under the age of 18 due to their terms and conditions of use, in fact other startups such as Monzo using Wirecard do not allow use Under the age of 18
I have seen fire and it looks like a great service unfurtunatly it has a foreign currency fee of 1.25% and minimum 1.25 € / £ but I think the only solution is to pay this fee because I see that no service is better than Monzo