Wallet accounts vs free prepaid cards, what is the difference?

The traditional banking sector is constantly changing. There are more and more innovations and possibilities offered to the user to make their banking operations more comfortable and close. Digitization brought with it multiple alternatives to the use of physical credit cards and improved conditions for their use and maintenance. This is how neobanks arise, free prepaid cards and wallet accounts, without registration fees, commissions, conditions or maintenance. There are more and more VISAs that add to this new way of conceiving banking. They are already among us neobanks digital.

What is the difference between a wallet account and a free prepaid card?

Although it may seem the same to many, when we talk about a prepaid card without bank account free we refer to those reloadable cards what do they serve to buy online or in physical stores and that have a maximum balance equivalent to the money that the user has previously recharged. These cards are very useful for certain operations such as online purchases since in case of being «cloned«, they will only be able to use the balance assigned to it.

The big problem of prepaid cards is in the acceptance of them. There are more and more shops that do not accept them both in online purchases and in physical stores. For this reason, since Fazil we operate with debit cards issued by VISA and associated to an electronic money account or wallet account. To some it might seem the same but it is not. A reloadable wallet account It allows having an account with an amount of money determined by the user and operable from different cards associated with it. These cards or payment methods can be both physical and virtual with the Possibility to cancel a card and issue a new one associated to the same account as many times as necessary.

Therefore, the big difference between a wallet account and a prepaid card lies in the account-card(s) relationship. In the case of a prepaid card the relationship is 1-1 and in a wallet account the relationship is 1-n.

What advantages do bills purse and free prepaid cards?

There is a wide variety of free prepaid cards and wallet accounts. This new form of payment offers the user comfort, time savings and the possibility of managing and administering their expenses in a simpler way. Below we highlight some of the many advantages offered by these payment methods:

  • Many prepaid cards and wallet accounts are free, without registration costs, maintenance or commissions. Below we tell you which are the best.
  • Account without bank. You do not need to open a new account associated with any traditional bank to be able to use it. 
  • Control your expenses from the app or webapp. The boredom of looking at your bank's payment history and trying to figure out what each operation corresponds to is over. With the prepaid cards and wallet accounts you will control all your expenses from the app, very easy.
  • Eco friendly. Some entities maintain a commitment to the environment, we are aware of reducing the use of plastic and CO2 emissions while offering a new banking experience.
  • operated by VISA or Mastercard. They are secure cards. rechargeable, to buy online with support against cyber-crime.
  • They offer the user different services through their marketplace or online product store. Some cards without bank account They offer the user products of interest at a very low price. Travel insurance, smartphone or game console, purchase and sale of crypto-assets, etc.

Five ways to take advantage of your prepaid card or wallet account

Reloadable cards and accounts They may seem like a specific alternative to your credit cards, a way to separate your expenses, but its functionalities go much further. Don't think like a boomer, here are five ways to take advantage of them.

  • Pay Netflix, Spotify, HBO, Twitch… The virtual reloadable cards They are perfect for ordering your subscriptions to online services and paying monthly payments in a quick and organized way.
  • Online shopping. All the security of VISA or Mastercard added to the limited funds they have will make the online purchase process fully controlled.
  • Trips. The free wallet accounts and prepaid cards They are an essential tool on your travels. Enter what you need, pay in other currencies or withdraw money at ATMs in the country you visit.
  • Festivals or events. Assign a maximum balance to your mondero account or rechargeable card and don't worry about festivals or events. You spend only what you recharge. Also, if you lose it you can cancel it with a click from the app.
  • For any physical purchase. Your movie ticket, your Saturday dinner with friends, the weekly purchase... In other words, all kinds of expenses.

Both bills purse with their virtual cards or physical like prepaid cards They can be used for your daily purchases, at events, trips, to pay for services, to buy online... They are an effective, fast and secure way to organize your payments and control your expenses. 

¿What are the best prepaid cards and free reloadable accounts?

The offer of prepaid cards in Spain is increasing and it is normal for users to wonder "What is the best free prepaid card?". They do not have registration fees, commissions or maintenance. However, each card responds to a specific consumer profile. The key is to find the free prepaid card that meets your needs. Here we present the best.

  • Fazil: We are a wallet account and free VISA virtual debit card. Without commissions or conditions, sustainable and committed to the environment since we do not issue plastic cards, you have a free digital 100% card. You can make all your payments from your mobile with the additional security of Apple Pay and Google Pay and without the need for a physical card.
  • N26: Operating from Berlin, it works as a wallet account associated with a physical card and it allows recharging with card and transfer in addition to contracting certain financial products.
  • Bnext: You can save on your trips, withdraw money from global ATMs and they return the commissions with certain maximum limits. You can lock and unlock it from the app, with just one click.
  • Revolut: Allows you to operate in more than 130 currencies, buy shares and cryptocurrencies and make transfers to any country in the world (applying some commissions in currency exchange). It also allows you to withdraw money from any ATM with certain limitations on your free account.

Ultimately, the reloadable wallet accounts as well as prepaid cards are a new way to control your expenses and manage your money. Far from being a mere complement to your usual credit card, its functionalities are endless. From easy we want to invite you to the experience of a digital 100% wallet account, without a bank, safe, without commissions or conditions and committed to the environment. Plus it's totally free. If you want to know more about this booming trend, we invite you to read our post about the best Spanish neobanks.

Transfer cash to Fazil and pay your daily expenses with your mobile

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Transfer cash to Fazil and pay your daily expenses with your mobile

Create your account in 4 minutes.

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Dear Boomer

If you see that easy is not for you, you will always have the classics...

Those old glories that they have their bank branches, You already know how they work and they will not take you out of your comfort zone. 👴🏽

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