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Looking for a simple, secure money account for your child or teen? The Revolut Junior account, now called Revolut <18, could be the ideal solution.
It’s an account specially designed for young people aged 6 to 17, by popular online money company Revolut. But what is it, how do you order it for your child, and how does it work abroad? We’ll answer all of these questions right here in this handy guide.
So, let’s get started.
Formerly known as Revolut Junior, Revolut <18 is a money card and app for young people, for everyday spending and saving.
Account holders can access the following features:
Revolut <18 also comes with a physical, contactless card that works with Apple and Google Pay. This can be custom designed by the account holder for an extra personalisation fee.¹
Parents can also keep an eye on things by setting up custom spending limits, alerts and in-app card controls.
A Revolut <18 account must be opened or approved by a parent or guardian. There are a couple of different ways to get started, depending on the age of the child or teen.
Here’s how it works for children aged 12 and under:¹
Teens over the age of 12 can open their own Revolut <18 account, by downloading the app. However, they’ll need a parent or guardian to approve it.¹
It’s free to open a Revolut <18 account.¹
If you’re heading off on a family holiday and your teen wants to use their Revolut card, there’s good news.
Revolut <18 does work abroad. Your teen can use their card to make purchases while travelling.²
The currency conversion works in just the same way as with an adult Revolut account. But as children can’t hold foreign currency balances, the money can’t be exchanged and held in the account beforehand. This means the conversion will be carried out using the exchange rates at the time of the transaction.²
Parents can check the exchange rates in their own Revolut app, along with any fees which may apply. A few important things to note though:
With these additional fees, especially for spending at weekends, the Revolut <18 card may not be the cheapest way to give your teen some holiday spending money.
You might want to look into an alternative, the Wise card. This lets you spend and withdraw cash abroad for low fees and fair exchange rates every day of the week. It’s only for adults, but it could be a money-saving way to cover the travel expenses of the whole family.
Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.
Sources used:
Sources last checked on date: 20-Apr-2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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