Revolut, which now has more than ten million customers, has made Revolut Junior available in Hungary today, offering a brand new money management platform for teenagers that is much more diverse than banking.
JUNIOR SPENDING ASSISTANT [19659parentsandotherlegalguardianscanapplyeffectivelycreatingasub-accountfortheirownRevolutaccount(providedtheyhaveatleastaPremiumpackage)Theserviceforchildrenaged7-17alsocomeswithacreditcardthetransactionsofwhichcanbetrackedandregulatedbyparentsinmanyways
According to the company
Using their own Revolut Junior account, children can gain experience in using money that will be extremely useful. for them when they become financially independent from their parents.
The product consists of three main elements, so children get their own Revolut app (this is the same name as Revolut Junior), a new section appears in Parents' Revolut application that allows parents to to manage the children’s expenses, a Revolut Junior card is also included with each sub-account.
In addition to keeping track of their children's expenses, parents can open a Revolut Junior account for several of their children. the use of the card (no financial transaction can be initiated with the Revolut Junior app, such as a transfer to another Revolut account or a bank transfer). Among other things, cash withdrawals from ATMs or online shopping can be banned.
Revolut also seeks to make credit card purchases as secure as possible by automatically banning the types of merchants that the company thinks are ” are not suitable for children in terms of age “. Examples include merchants who sell only alcohol, cigarettes, or gambling-related products. When blocking, Revolut relies on the type of merchant’s registered business (also known as an “MCC code”) rather than what products are actually purchased with the Revolut Junior Card (which also means that in a supermarket, it is still only at the cashier). it depends on whether you serve alcohol to a young person.)
POCKET MONEY FROM THE ATM
Revolut Junior accounts and card usage may have individual conditions and fees. Although the account opening itself is free of charge, a fee corresponding to the parent's Revolut card (for Premium and Metal levels) must be paid after applying for the Revolut Junior card. An important difference with Revolut Junior cards is that the free cash withdrawal is only up to HUF 15,000 / rolling month, regardless of the parent's card type, after which a 2% cash withdrawal fee must be paid.
The daily ATM cash withdrawal limit is HUF 45,000, regardless of the parent's card type. there can be 3 cash withdrawals in one day and up to 6 in a week with Revolut Junior cards. The service provider also sets a daily spending limit, which is HUF 187,500, which can consist of a maximum of 15 transactions. The parent can top up Revolut Junior accounts with a maximum of HUF 1.5 million per year, and the maximum amount that can be stored on them at any one time is HUF 1.125 million.
The Revolut Junior account can be used by a child over the age of 18 until the 19th birthday or you can continue until the card expires, whichever comes first. Revolut will not issue a new card to people over the age of 18, however, from the time you become an adult, your child will be entitled to open their own full Revolut account.
Gellert is Technology Editor at Counting News Media and contributor at other major tech publications. Her interests includes testing new gadgets and reading.