10 Oct Spain fails in financial education
On the first Monday of October, World Financial Education Day is celebrated, an event organized since 2015 by the Bank of Spain and the National Securities Market Commission (CNMV) under the objectives of the OECD. The day aims to raise awareness among citizens of the importance of being financially well informed.
However, how informed are the Spanish about it? The latest estimate of a well-known online comparator, based on data from the INE, shows that 25% of the spanish population has no knowledge of financial products. That is, more than 7 million Spaniards have no knowledge of finance and are confused by terms such as T.A.E, Euribor, Risk premium, etc.
And specifically, almost 50% of young people between 18 and 24 years have admitted that they don’t know the conditions or commissions of their financial products.
From Bitsa we consider important to promote this financial education, but we also believe in an easier life, without fine prints and without ties. Therefore, we position ourselves as the alternative to traditional financial institutions.
Why pay to save your own money in your bank? Why pay exaggerate commissions to get your money at ATMs, and especially when traveling abroad?
Discover the differences between credit, debit and prepaid cards and cross into the universe of rechargeable cards without bank accounts.
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Bitsa prepaid card
Card without bank account for those looking for a life without unnecessary worries
No catches, no gimmicks. Bitsa prepaid card allows you to manage your money in a convenient and simple way from the App. Recharge money instantly and enjoy how, when and where you want.
You currently have several ways to recharge the Bitsa prepaid card:
- From another card
- With vouchers that can be buy, with cash, in hundreds of shops or ATMs
- By transfer
- Even with cryptocurrencies!
Are you one of those who thinks that saving money in the bank is safer?
We regret to inform you that you are wrong. If one day your bank declares bankruptcy, the EU regulations stipulate Deposit Guarantee Schemes by which you would recover up to a defined limit of your money.
But what would happen if you have your money in Bitsa? Well, exactly the same! We are also part of the European Deposit Guarantee Schemes.
The money in your Bitsa account is deposited in one of the 5 Electronic Money Entities recognized by the Bank of Spain. Your money is deposited in an Electronic Money Entity and not in a bank, so we cannot do business with it, nor lend it to other clients, as banks do.
In addition, to the Bitsa prepaid card you pay € 0 maintenance, creating an account is free, you can also get a free virtual card (the physical card has a unique cost of € 19.95) and you have no maximum balance limit.
What if you need to get money abroad? If you are in the SEPA zone (Single European Market área) the limit is € 1,500 per day.
Agree! It is important to pass in financial education, but it is not necessary to complicate our life.
Don’t keep wondering why Bitsa and join the Bitser Revolution now.
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