Bank cards are means of payment issued by financial institutions in favor of their clients, which allow them to dispose of the cash in their account through ATMs or to make payments in shops and online stores that accept their use. Normally, the cards are associated with a bank account that responds to the uses made of it in ATMs and shops.
For those who do not have a bank account, prepaid cards such as the Correos prepaid card are interesting. And if you have a bank account, the prepaid card by Bnext is the solution in Spain: a prepaid card that pays you back commissions when paying with it abroad.
The most common bank cards are debit cards, although there are also credit cards, business loyalty and payment cards and prepaid cards.
Debit cards allow you to make purchases in stores or online purchases and withdraw money from ATMs up to the limit of money available in your bank account. Credit cards, in addition to pulling money from your balance, grant you credit. In other words, they allow you to pay with them more than what you have in your bank at a given moment, up to the limit and credit conditions that your bank grants you.
In addition there are prepaid cards, which do not need a bank checking bank account but simply have a balance of money with which to handle your payments in the same stores as debit and credit cards. These cards are ideal for making payments abroad since their risk of maluse is limited to the balance in them and they require a PIN to operate with.
The main novelty of euro prepaid cards such as Bnext´s prepaid card and its associated bank account is that they are ideal for online shopping and travel. Because the prepaid card gives you money back when you use it abroad. They payback the amount of commissions for payments abroad in a currency different than euros.
An account can be opened to minors over 14 years old with the consent of their parents or guardians and the associated Bnext card is a free Visa Contactless card, both at the time of issuance and renewal, in euros.
In addition, you can enter euro balance in your wallet for free with another card or by bank transfer. And you will have absolute control of what you spend without risk of overdraft, since you will not be able to spend more than the balance that you have associated.
Yes, with the Bnext card you will not be charged commissions for foreign exchange. Bnext agrees to refund the exchange fees that the issuing bank of another card applies to you (between 3% and 5% on the exchange rate when you pay in a currency other than the euro with your card), with an upper limit of 2,000 € per month.
Specifically, this means that if you take money (foreign currency) with your Bnext card abroad, from the two commissions that apply to the extraction of local foreign currency, you will be returned the commission of the network to which the cashier belongs (you will see it as a separate movement within a few minutes), although not the commission that the cashier owner can charge you, which is different.
And if you pay at a foreign store with your Bnext card, you will have one of the best currency exchange rates in the operation: the VISA exchange without any additional commission (unlike traditional banks that add your additional 3-5% to the VISA commission).
Well, if your card is issued in euros and you carry purchases in dollars, for example, you will be charged commissions for currency exchange. When paying in a non-euro area (pounds, dollars, crowns, etc.) with a debit card against a bank account in euros, your bank will apply an exchange rate that will be around 3 to 5% of the volume purchased. For example if you pay the equivalent of 100 euros abroad, you will be charged on your card between 103 and 105 euros for that payment.
But, in addition, you will pay an extraordinary commission to your card network (VISA or MasterCard) through commerce for using the card in a currency other than that of the country where you travel. In addition, these networks charge the merchant for the mere fact of accepting card payments at their establishment.
In the euro zone countries, this commission is regulated and limited to 0.2% of the purchase if you pay debit and 0.3% if you pay on credit. But outside the euro zone, Visa or MasterCard will charge the merchant that accepts your card in euros a “surcharge fee” or “merchant service fee” that the merchant will apply to you, in the payment you just made. This amount will involve an additional 20 cents of surcharge in the previous example.
In short, when you pay with your card issued in euros in a non-euro zone country, the amount of the commission to be paid will be around 3-5%. This amount of 5% is higher than the price at which you can buy money.
Keep this in mind if you pay with your card at foreign merchants or carry with you a Bnext prepaid card which returns most commissions for payments at foreign merchants. And they give you 5 euros with your first balance top-up.
When you withdraw foreign currency in cash from an ATM, during a trip (second most common use of a bank card being outside Spain) there are two similar concepts for which the cashier will charge you commissions as in commerce. And a specific third concept of ATM networks.
First of all, if you withdraw money abroad with your Spanish card in euros, they will charge you a commission for currency exchange. When withdrawing money from an ATM outside the euro zone (dollars, Turkish liras, pounds etc.) with a debit card against a bank account in euros, your bank will apply a commission on what changes will be around 4% (5% if you take out with a credit card).
Beware of the amount withdrawn because, like any other ATM abroad, they charge a minimum commission of about 3 or 4. So, the more you withdraw the lower the impact of the fixed commission on your purse.
In addition, you will pay a surcharge fee from the VISA or MasterCard network on the user for using the card at that ATM. This will be around 0.3% of the amount taken (30 cents for a provision of the equivalent of 100 euros).
And the third commission they will charge you will be the ATM owners who are usually companies specialized in ATM networks, with or without agreement with the bank issuing your card.
That is, your bank will not accept to be charged that commission when you withdraw money from the ATM and thus will charge it to your account. In short, if you withdraw from an ATM abroad, the amount of the ATM commission will amount to 4% with a minimum of € 3 in debit (5% with a minimum of € 4 if you withdraw with a credit card).
Keep this in mind if you withdraw money with your ATM card abroad or get a Bnext prepaid card, which gives you back the majority of commissions when withdrawing money from ATMs abroad. And they give you 5 euros with your first balance top-up.
Prepaid cards, with or without an associated account, are very secure for several reasons. They are usually nominative (they bear your name), and they will always ask you for a personal PIN that you will have created by yourself when you register. This PIN is always requested when paying with them in any store in Spain or abroad. Also at ATMs when withdrawing money against your balance, either in euros or in any other currency while abroad.
If your prepaid card is lost or stolen, nothing happens. Your money is safe and your maximum risk is limited to your balance. You can always get a new card (plastic), and dump the balance you had on the previous card, whether it was lost or stolen.
Of course. These types of cards are valid in Spain or abroad. As they are issued by MasterCard or Visa, they are accepted at any establishment or ATM, national or foreign.
When you return from your trip they can also be used for online purchases, being much safer than conventional cards. If someone accesses your numbering and password, at most, they can misuse up to the limit of the balance charged to the card at all times, while if the numbering and passwords of a conventional card are stolen, fraudulent use will reach the balance of your current account. Therefore, it is recommended to keep on the prepaid card a minimum balance necessary to make payments and maximum not to be exposed to a risk of misuse in case of theft of your password.