If you are looking for a solution of teen banking for your children, or you are a teenager looking for a way to have your own card, you are in the correct place. Today we are going to analice Cashee Tech FZE, a technology provider that offers a Visa prepaid card and banking application for teens. Keep reading!
What is Cashee?
Cashee is a fintech that provides debit card for teens, in this case a Visa card (and it’s free!). Their main differential factor is in the fact that they don’t just provide access to minors into the banking system. They aim for financial education too, in stuff like saving, expense management etc.
It’s precisely that educational vision what made us decide to write this post about them. Moreover, that has been one of the reason why they obtained several prizes and recognition, like the “Leaders in Fintech 2021” award, last year.
Cashee has several cool features like the expense management and the possibility for the teens to get paid by their parents for complete certain task, like cleaning the house. That way, they can learn the importance of money, and how to administrate it for their expenses, like saving for purchase something they are interested in.
Is it secure?
It’s as secure as it can be. Cashee cards are made by Magnati, that is a subsidiary company of First Abu Dhabi Bank, who is the owner of the license by VISA International. They operate according with the guidelines, requirements, directives and conditions issued by the Central Bank of the UAE as well as First Abu Dhabi Bank.
The funds are located in the First Abu Dhabi Bank, so it’s protected by the UAE banking rules. Additionally to that, they also take actions to check the risk in all their platforms, and they have constant back up and firewalls in place to keep your data always safe.
Who can join?
This can be a little turndown for some of our readers. However, at the moment of writing this article Cashee only accepts clients with an UAE ID. This is because it’s a security measure of the banking system they are part of.
However, maybe you have such ID (it’s enough to be a resident in the UAE) or you plan to obtain it in the future for you and your family, as part of your migration strategy, and this interest you.
For the children, they must be 13 years old or older to be able to open the account, and it’s free. If you have the UAE ID, the rest of requirements are not complicated, as you can see.
Why should teens have their own card?
Responsibility is something that it’s learned by having it. Many people complains that in most schools children doesn’t learn financial education. However, you don’t need to rely on schools for teach your children about money.
The basis of teen money management spins around concepts like the value of money. That it’s learned in the need to earn that money, and the importance of saving and invest wisely the resources that you have. All of this can be learned thanks to this tool. You can see it in more detail in the following video.
Conclusions
If your are looking for a good banking solution for teenagers that also offers a debit card, Cashee is a good candidate. This platform it’s also secure and it has several tools that allow you to educate financially your children in good values. If you meet the requisites, you should try it. It’s free!