Prex review

The monthly fee is UYU 0, and the account sits on a no monthly fee model. That makes it a cheap place to hold a prepaid card, and any other charges come from what you spend rather than from holding the account.

It is a prepaid card on the mastercard network. Because it is prepaid, the balance you top up is what you can spend, which suits users who want a set limit rather than an open account.

Funding is Credited to your Prex account instantly. There is no waiting period described, so a user can top up and use the balance in the same sitting.

The legal entity is Econstar S.A., with headquarters in Uruguay. The licence listing names Banco Central del Uruguay as the regulator, so the account is supervised there rather than in the UK or Europe.

Support runs on email, chat and phone. That gives a choice of channels rather than a single route, though the account itself works from the Prex app, per 24/7 access from the Prex app, balance usable at any time.

The feature list includes multi-currency, crypto and travel. That suits users who want one prepaid card for spending abroad and digital assets rather than separate accounts per currency.

The audience covers kids and business users. Parents can set up spending for a child, and small business users can keep spend separate, which is why the prepaid format is a good fit for both.

It is a direct lender offering personal lending. Borrowing is therefore personal rather than secured or business, so readers wanting an investment property loan would need a different provider.