Prepaid card recommendations

username

Just to update you all, I ended up going for a Transferwise card as I had plans to go travelling in future and the multi currency aspect would be handy. They had a promotion on at the time whereby if you deposited X amount they would waive the fee for issuing the card. They'll require an ID check as is common will financial institutions (I had to take a photo of my driver's license) and there are no monthly fees or such for inactivity.

john4536

jasonwatkins said:

john4536 said:

jasonwatkins said:

john4536 said:

jasonwatkins said:

john4536 said:

jasonwatkins said:

john4536 said:

jasonwatkins said:

Here we go ..

Why do I need to verify my identity?

You need to verify your identity in order to use your Revolut account. This policy is in line with a banking regulation commonly known as 'Know Your Customer’ (KYC) or 'Customer Due Diligence' (CDD) and is the process of a business verifying the identity of its clients. It is simply an anti-corruption and fraud measure.

hi jasonwatkins,

i'm in the same boat no passport or DL so can you recommend a prepaid account to open that doesnt ask for passport or DL please, i have for years 'Optimum prepaid card' used to be called 'Orange Cash Card' but since they are going to start charging £1.99 from August 2020 i would like to move on?

You're probably better off opening a basic bank account and using the card you get.  HSBC offer a basic bank account with a contactless debit card and it's completely free to use.   You have to apply for a full HSBC current account first and, if you're like me, you get rejected for one then they'll automatically offer you a basic account and you literally just have to click "Open Account" and it'll open it there and then.   It's what I did yesterday, although I haven't yet had an email confirmation to be fair but I don't see a problem.

so are you saying you got a HSBC basic account without having a passport or driving lic?

saying that - my friend in the same boat ie no passport or DL told me this morning that the easiest basicc bank account to open is 'Co-operative bank Cashminder' as you can do it online and there is no 'credit check', all they do is run  a 'soft check' (only seen by you on your credit file) to check identification etc  and if that 'soft check' fails and only if it fails then they will ask for id and proof of address to be sent to them via post and low and behold he got his account opened letter package this morning with account number and all and nowhere in the envelope did they say you have to send in any ID or proof of address.

However, that will not work for me as i had a problem with Co-operative bank over 15 years ago and so they will definitely not open any account for me

Yes, that's exactly what i'm saying.   It even says on the website that if you want a basic account then you have to go through the process of applying for a current account before they offer you the basic account.

"Before you apply for a Basic Bank Account we first need to check if you qualify for one of our standard accounts instead. If you apply but don’t qualify, we’ll automatically offer a Basic Bank Account to you if you’re eligible"

https://www.hsbc.co.uk/current-accounts/products/basic-bank-account/

It literally was a case of having to firstly click a button that said "Yes Please" when it offered you a basic account.   You then go to a screen with other information (T's & C's I think) and then you click "Open Account".

I'm actually just going to ring them to confirm that my account is actually open as I haven't received an email notification yet, but I don't think it'll be a problem.

interesting, i've just been on the web link you posted, the problem i see with their process is the 'credit check' they do, which will leave a marker on your credit file other banks and credit card companies can see but if one is definitely getting a free bank account that has a contactless visa card, then i guess that a price one has to pay. 

Yes I’m not too bothered about credit checks as my credit rating has been in the toilet for many years so it was worth making the application.

I was using the virgin prepaid card myself but they’re discontinuing it from September so I had to find another option.

yeah, many prepaid card operators and some non-traditional bank accounts providers are all seeming taking away benefits like interest rates or starting to charge to use the accounts/prepaid card accounts....not a good sign re the economy and unfair when lots have lost their jobs or at a higher risk now of redundancies etc because of stagnations caused by the covid-19 crisis and the govt original and current mis-management  of it.

Just thought I’d let you know I’ve now received the welcome pack from HSBC so the account is 100% confirmed as open.

 Thanks for letting me know & happy for you mate  

will keep on looking for a bank that doesn't do a 'credit check' for a basic account like Co-operative bank for me, if not i will just go for a HSBC one too

colsten

john4536 said:

 Thanks for letting me know & happy for you mate  

will keep on looking for a bank that doesn't do a 'credit check' for a basic account like Co-operative bank for me, if not i will just go for a HSBC one too

You can apply for a Basic account with some providers. They'll still do an ID check (against Electoral Register and credit reference files) credit check but unless you have CIFAS markers, you stand a good chance of getting accepted. 

One that I know you can apply for directly is the Nationwide FlexBasic. Most other providers offer Basic accounts but you can't always directly apply for it - they offer it to you if you fail their credit checks.

john4536

colsten said:

john4536 said:

 Thanks for letting me know & happy for you mate  

will keep on looking for a bank that doesn't do a 'credit check' for a basic account like Co-operative bank for me, if not i will just go for a HSBC one too

You can apply for a Basic account with some providers. They'll still do an ID check (against Electoral Register and credit reference files) credit check but unless you have CIFAS markers, you stand a good chance of getting accepted. 

One that I know you can apply for directly is the Nationwide FlexBasic. Most other providers offer Basic accounts but you can't always directly apply for it - they offer it to you if you fail their credit checks.

good points & thanks for your suggestion, will look in Nationwide FlexBasic then