Revolut Junior - How Does Revolut Junior Work?
Many kids around the world cannot apply for a debit card from traditional banks Many online banks have been created solely to serve credit cards to kids. Now, Revolut is dipping its feet into the pool of kids debit card providers with its Revolut Junior package.
What is Revolut?
Revolut has long been the standard for online banking for travellers, small and medium business owners and just the average joe. The company allows you to spend, withdraw and send funds in different currencies.
Revolut began as a multi-currency bank account with the goal of reducing the number of bank fees and commissions associated with international transactions. It was a success in the EEA region, raising several million euros, and it now aspires to become a true online bank. Revolut has expanded outside the United Kingdom's boundaries and currently operates in a number of European countries, as well as the United States, Canada, Singapore, and a number of other countries.
Revolut has four different offerings to cater to different types of people. It also has a professional bank account (business). Furthermore, you will receive both a real and a virtual card. Within the Revolut app, you may control a “Freeze/Unfreeze” option on both cards. Other important features include adjusting the security settings and creating a monthly spending limit. Every few months, account holders can delete the virtual card, making it more difficult for hackers to duplicate your data or clone your card. Revolut also provides a “disposable” virtual card that cleanses and resets the user's information after each transaction.
Revolut has an Askawallet trust score of 3.11/5, You can learn more about it in our full revolut review.
What is Revolut Junior?
Revolut Junior is a simplified account for children aged 7 to 17. Through the smartphone app, parents can monitor tasks and allowances, establish spending restrictions, and receive fast notifications. It may be used by children to log chores, construct a budget, and set savings objectives.
Unlike other prepaid cards for children, Revolut Junior is free. However, depending on the Revolut personal plan you select, you may still be charged a monthly cost. The Standard plan, for example, is free but only includes one Junior account. The Premium plan includes two Junior accounts, but it costs $9.99 per month. Finally, the Metal plan costs $16.99 per month but includes up to five child accounts.
What's the difference between Revolut and Revolut Junior?
In a nutshell, Revolut Junior is a money app that parents can use as a bank account for their kids. You can put money into it and then give them an allowance every week (or any period you choose) based on their behavior. When they receive money, they don't see what you have given them. When they spend money, they will only be able to spend using the card or app that comes with it and there are no additional charges attached. The app also contains additional features so that parents can control exactly how much their child spends and when: through specific parental controls, set upper limits (for example, €5 per week) and activate extra security alerts for suspicious transactions.
However, Revolut is essentially a digital bank account without all of those pesky fees. They offer great exchange rates and charge zero commission on foreign exchange transfers. Revolut app lets you send money abroad instantly and if you're travelling soon, you can even preload up to 20 different currencies onto your card before you leave home.
Revolut Junior Features
Here's a short rundown of the main Revolut Junior features:
- Designed for minors aged 7 to 17.
- All Revolut Junior accounts may be set up and managed by parents straight from the main Revolut app.
- Parents can immediately deposit funds into their child's account.
- Complete security control for peace of mind.
- Alerts may be set up to track Revolut junior spending.
- From an early age, children may acquire healthy money habits thanks to the user-friendly design.
- All Revolut Junior debit cards have card information printed on the back in case it is shared on social media or mailed to friends.
- Unique cards created for kids
- Helping kids build more healthy money habits
- The card's flexibility to be used both online and offline is especially important. Especially if you have previously given your youngster cash
- Children can keep track of their spending by utilizing the Revolut Junior app. Visualizing this helps to educate children about budgeting, which is a crucial life skill
- Money may be promptly deposited into a Revolut Junior account. This is important in situations, such as when your child has to travel home quickly but does not have any money
- Revolut Junior is now only accessible in the United Kingdom
- Some functions are missing, such as the option to customize your child's debit card
How Much Does Revolut Junior Cost?
To have access to Revolut Junior, you must have a Revolut Premium or Metal account. The price is £6.99 for the first and £12.99 for the second. When you consider all of the features and perks that come with these Revolut accounts, this is quite a reasonable pricing.
Is Revolut Junior Safe?
As a parent or legal guardian, you may monitor your child's spending activities directly using the Revolut app. When a transaction occurs, you will be notified by notification. Budgets can also be created to help your youngster to spend their money responsibly.
It goes without saying that age-restricted transactions, particularly those conducted online, are prohibited, providing you with additional peace of mind. One design feature which we are particularly impressed with is the fact that Revolut has had the foresight to put the account details on the rear side of the Revolut Junior debit card.
How To Get Started With Revolut Junior
So, you have decided to get a Revolut Junior account for your offspring. Well here is a step by step to help you set up an account in a matter of minutes:
- If you don't already have a Revolut Account, you may join up for one here.
- Once you have the app installed on your phone, go to the "Junior Accounts" area.
- Then, fill out the details for each kid who will be using Revolut Junior.
- Once completed, the Revolut Junior debit card will be mailed to you and should arrive within 5 business days.
- You may finance a child's account immediately using the Revolut app.
Revolut Junior is aimed at children from 8 years old and above, but younger children can also join. From their app, children can play games such as saving money in a virtual piggy bank or completing money challenges such as counting how many coins they have in their pocket. There are also plenty of opportunities for parents to talk to their children about where their money has come from and how it’s being used, hopefully creating positive attitudes toward money earlier on in life.
Your Revolut child account has the following limitations that your Revolut personal account does not. These restrictions apply to each individual Revolut Junior account, not to all of your Revolut Junior accounts if you have more than one:
- Each day, from a Revolut junior card only $150 may be withdrawn from an ATM. Furthermore, only three ATM withdrawals are permitted.
- A Revolut Junior card may only be used for $600 in purchases and 15 transactions per day.
Yes, the Revolut Junior card, like any other card on your Revolut personal account, may be used to make online or in-person purchases as well as ATM withdrawals. You can do so by logging into your Revolut app, going to your child's profile, and tapping 'Withdraw.' You will be able to input the amount you wish to withdraw, and the transfer will take place immediately.
To set up a Revolut for Kids account, first, you need to download the Revolut app and register a new account using one of our devices. Once you’ve done that, it’s time to create an Account for your child! Click on ‘Kids’ within the app and follow these four steps:
- In the app, go to your Dashboard and select 'Junior accounts.'
- Fill up the details for the kid or adolescent who will be using the account.
- Order a Revolut Junior card.
- Transfer funds from your account to their Revolut Junior card.
Of course. Contactless is one of its core features, so all Revolut Juniors cards are contactless. However, if you’re worried about your child spending their pocket money on something they shouldn’t have, you can easily set a pin for their card. That way they won’t be able to use it without your permission.
Yes, Revolut’s Apple Pay support gives you a fast, easy, and secure way to pay at retailers that accept contactless payments.
Yes, you can have 2 junior Revolut accounts. One for each of your kids. You can set up two separate Revolut cards and add them both to one Revolut account. Your children will be able to see their transactions and balances on their own cards on their own card details page. They will also be able to make payments with these cards just like any other card in your account.
Debit Cards for Children are not a novel notion. Similar products are available from other firms such as GoHenry and Greenlight. Revolut Junior may be missing in features when compared to competitors, but this is expected to improve very soon.
Apart from teaching your children the importance of money, Revolut Junior is really simple to use and easily connects to Revolut premium or metal, both of which are similarly good products. We encourage giving Revolut Junior a try; who knows, maybe the whole family may wind up utilizing Revolut as their primary method of everyday spending!