Revolut <18 Account

These Revolut <18 Terms apply from 30 August 2023. Please click here to see the previous Revolut <18 Terms that apply until 30 August 2023.

1. Why this information is important

This document sets out the terms and conditions for the use of Revolut <18 and other important things that you need to know about it. We call this document the Revolut <18 Terms.

To set up Revolut <18, you must have a Revolut personal account. These Revolut <18 Terms apply on top of our Personal Terms when you choose to use Revolut <18, but our Personal Terms still apply as well. If there is any inconsistency between the Personal Terms and these Revolut <18 Terms, these Revolut <18 Terms will apply.

If you do choose to use Revolut <18 these Revolut <18 Terms will form part of the legal agreement between you (the account holder) and us (Revolut Bank UAB). There is no legal agreement between us and any Revolut <18 Users you allow to use your Revolut <18 account.

In these Revolut <18 Terms:

• When we say “Lead Parent”, we mean the Revolut personal account holder who originally set up the Revolut <18 account.
• When we say “Co-Parent”, we mean any Revolut personal account holder who the Lead Parent has selected to have certain limited access to the Revolut <18 account.
• When we say 'Revolut <18 User’, we mean any person who the Lead Parent has allowed to use the Revolut <18 account.

If the Lead Parent does not add a Co-Parent, any terms applying only to Co-Parents do not apply.

Where the same terms apply to both Lead Parents and Co-Parents alike, we just use the term “you”. Where terms apply to Lead Parents and not Co-Parents, or vice versa, we specify who we mean by “you” in these instances.

When we say the “Revolut app” in these Revolut <18 Terms, we mean the Revolut app that the Lead Parent uses to access their personal account. When we say the “Revolut <18 app”, we mean the app that Revolut <18 Users use to access the Lead Parent's Revolut <18 account. These are separate apps. You cannot access the Revolut <18 app and Revolut <18 Users cannot access the Revolut app.

You can ask for a copy of these Revolut <18 Terms through the Revolut app at any time.

2. What is Revolut <18?

Revolut <18 is designed for parents and guardians who want their children to gain financial skills and to learn how to use and manage money. If you use Revolut <18 for something else, you may breach the Revolut <18 Terms.

Revolut <18 account is a sub-account of the Lead Parent's Revolut personal account that they allow a Revolut <18 User to use. As it is a sub-account of the Lead Parent's personal account, the Lead Parent is responsible for everything a Revolut <18 User does using it as if they had done it themselves.

The Revolut <18 can view any transactions made on their Revolut <18 account using the Revolut <18 app.

The Revolut <18 User will also be issued with a card linked to the account that they can use to spend and withdraw cash. They may be able to add it to Apple Pay or Google Pay as well.

Revolut <18 Users (who meet the minimum age requirements and subject to the Lead Parent’s approval) can also make transfers to other Revolut <18 Users (who meet the minimum age requirements) by using the Revolut <18 app (“Revolut <18 Payments”).

Revolut <18 Users cannot make or receive any other kinds of transfers by using the Revolut <18 app.

The Lead Parent can send money to (and from) the Revolut <18 account, and keep track of how the Revolut <18 User is spending that money, using the Revolut app.

The Co-Parent can send money to the Revolut <18 account and keep track of how the Revolut <18 Users are spending their money. However, the Co-Parent will not be able to withdraw that money once it has been sent to the Revolut <18 account. The Lead Parent can withdraw any money that the Co-Parent has sent to the Revolut <18 account.

The Lead Parent or the Co-Parent can also control how Revolut <18 Users can use their card.

A Revolut <18 account and card can only be used to spend the money you, whether as Lead Parent or (if applicable) Co-Parent or another Revolut <18 User (if your Revolut <18 User is eligible for for Revolut <18 Payments), have sent to the Revolut <18 account. If your Revolut <18 User attempts a transaction using your Revolut <18 card and there are insufficient funds in the Revolut <18 account then the transaction will be declined, even if there are sufficient funds in your Revolut personal account (whether you are the Lead Parent or the Co-Parent).

Revolut <18 Payments

In some countries, there is a minimum age for Revolut <18 Payments. This means that a Revolut <18 User may meet the minimum age for the Revolut <18 app but may not be able to use Revolut <18 Payments. The minimum age for Revolut <18 Payments varies based on your country of residence. Please check our FAQs to get information on the minimum age for Revolut <18 Payments in your country.

To make and receive Revolut <18 Payments, both Revolut <18 Users must meet the minimum age requirements in their respective countries. If the Revolut <18 User wishes to make a Revolut <18 Payment, the first payment will require the Lead Parent’s approval. By approving the first payment to the other Revolut <18 User, the Lead Parent will also be approving all subsequent payments sent by the Revolut <18 User to the same Revolut <18 User. This means that if the Lead Parent rejects the first Revolut <18 Payment to another Revolut <18 User, subsequent Revolut <18 Payments to the same Revolut <18 User will not be allowed (until the Lead Parent has agreed to it).

Revolut <18 Users can make or receive Revolut <18 Payments only if the currency of the Lead Parent’s personal account for both Revolut <18 Users is the same.

3. Who can use a Revolut <18 account?

The Lead Parent can create a Revolut <18 Revolut account at any time in the Revolut app. When you do so, you must nominate the Revolut <18 User who you are giving access to the account. If we ask, you also must provide us with the information we need to verify the identity of the Revolut <18 User. You can only give a person access as a Revolut <18 User if they are aged between 6 and 17 and you are their guardian or otherwise have legal responsibility for them.

You can create more than one Revolut <18 account, up to a maximum of five, depending on your plan. However, each Revolut <18 account can only have one Revolut <18 User linked to it, and the Revolut <18 User you nominate to have access to the account cannot be changed.

As mentioned above, the Lead Parent can also appoint a Co-Parent to have access to the Revolut <18 accounts. Each Revolut <18 Revolut account can have a maximum of one Co-Parent attached to it. The Lead Parent can remove the Co-Parent at any time and can replace the Co-Parent attached to a particular Revolut <18 account up to three times in one year.

If as the Lead Parent you have multiple Revolut <18 accounts, you can appoint different Co-Parents to those accounts. A Co-Parent can be attached to a maximum of five Revolut <18 accounts (whether in their capacity as a Lead Parent or Co-Parent).

4. Who is the legal owner of a Revolut <18 account and card?

This section only applies to Lead Parents.

As a Revolut <18 account is a sub-account of the Lead Parent’s Revolut personal account, the Lead Parent is the legal owner of it. You, as the Lead Parent, are responsible for everything a Revolut <18 User does using your Revolut <18 account as if you had done it yourself.

This includes any Revolut <18 card. Each card issued for your Revolut <18 account is issued to you as the Lead Parent and you authorise your Revolut <18 User to use it on your behalf. You, as the Lead Parent, are responsible for it and everything a Revolut <18 User does using it as if you had done it yourself.

This also includes any Revolut <18 Payments. Each Revolut <18 Payment initiated by the Revolut <18 User is seen as a payment instruction from you.

Although we provide you as the Lead Parent with tools to assist you to control your Revolut <18 User's use of Revolut <18 account and card (like preventing ATM withdrawals or online purchases, and by adding or removing money), you remain responsible for that use.

Only you, as the Lead Parent, and we (Revolut Bank UAB) have rights under these Revolut <18 Terms. Revolut <18 Users do not. This agreement is personal to you and you cannot transfer any rights or obligations under it to anyone else.

5. What are my responsibilities?

This section only applies to Lead Parents.

As your Revolut <18 account’s legal owner, you, as Lead Parent, are responsible for it and all actions taken by your Revolut <18 User with it. We do not accept any liability for how or where the Revolut <18 card is used by your Revolut <18 User or for any Revolut <18 Payments . You are also responsible for:

• explaining to your Revolut <18 User how to use your Revolut <18 account and card in line with these Revolut <18 Terms (and must do so before they start using it);
• ensuring that your Revolut <18 User's use of your Revolut <18 account (for example, the things they buy with it) is acceptable to you;
• ensuring that you have agreed to your Revolut <18 User’s use of the Revolut <18 Payments feature (if applicable) by approving the first and all subsequent transfers to the other Revolut <18 User;
• making sure that the money in the Revolut <18 account is sufficient (but not excessive) for your Revolut <18 User and in line with the account limits on your Revolut <18 account;
• keeping your Revolut <18 cards and their PINs and details safe, and freezing them and reporting them to us if they are lost or stolen;
• contacting us to resolve any issues with or ask questions about the account (customer support is not offered in the Revolut <18 app).

Remember as Lead Parent, the rules on account, sending money and receiving money and card use set out in the Personal Terms apply to your Revolut <18 account as well because it is a sub-account of your Revolut personal account. This means you are also responsible for ensuring that your and your Revolut <18 User's use of your Revolut <18 account is in line with those Personal Terms. If you have appointed a Co-Parent, you are also responsible for ensuring that their use of the Revolut <18 account is in line with the Personal Terms.

6. Who can use a Revolut <18 card and what for?

The Lead Parent can order one Revolut <18 card for each Revolut <18 account. This card must be used by, and only by, the Revolut <18 User you have nominated to have access to the account. The Co-Parent cannot order any Revolut <18 cards.

The Revolut <18 card can be used like any other card (on your Revolut personal account) to make purchases online or in person and to make ATM withdrawals. You, whether you are a Lead Parent or Co-Parent, can turn these features on and off from the Revolut app.

The Revolut <18 card may also be eligible for Apple or Google pay (subject to Apple Pay or Google Pay’s terms and eligibility requirements). This means that your Revolut <18 User may be able to use the card through their Apple or Android device, as well as just by using the physical card. Bear this in mind if you want to take your Revolut <18 User's card away from them for any reason. We suggest you freeze the card in the Revolut app if you want to stop the Revolut <18 User from using it.

To make the Revolut <18 card as safe and secure as possible, we block merchant types which we think aren't age appropriate for Revolut <18 Users. For example, merchants who only sell alcohol, cigarettes and gambling products. To do this, we rely on the merchant's registered business type (also known as an ‘MCC code’), not the actual details of what is being bought on a Revolut <18 card. This means Revolut <18 Cards are not restricted from, for example, buying alcohol at a supermarket (because the category of ‘supermarket’ is not restricted) or at a merchant with an inaccurate registered business type. If we turn a merchant off, you can't turn it back on.

7. Can I use Revolut <18 in more than one currency?

The Lead Parent can only open Revolut <18 accounts in the base currency of the Lead Parent’s Revolut personal account. This is normally the currency of the country of the address of the Lead Parent’s Revolut personal account. The Lead Parent can only send money to Revolut <18 accounts in this currency. The Co-Parent can also only send money to the Revolut <18 account in the currency of the Lead Parent’s personal account.

Revolut <18 Payments can only be made or received by your Revolut <18 User in the currency of the Lead Parent’s personal account and only if the currency of the Lead Parent’s personal account for both Revolut <18 Users is the same.

If you or your Revolut <18 User uses a Revolut <18 card to make a purchase in a currency other than your base currency (as the Lead Parent), we'll perform a currency conversion in the same way as we would for a transaction on your Revolut personal account.

8. Are there any fees or limits on a Revolut <18 account?

It is free to create a Revolut <18 account.

The use of your Revolut <18 account is subject to the same fees as for your Revolut personal account, other than the following exceptions:

• If the Lead Parent orders a Revolut <18 card, the Standard Revolut personal account delivery charges apply (see Delivery Charge for Revolut Cards).
• If the Lead Parent wants to design and order a customised card (“Revolut <18 Custom Card”), we’ll tell you what fee applies before you order your card in the Revolut app. A card customisation fee only applies if you are on a Standard plan and we’ll show you that fee before you order your card in the Revolut app. Card delivery fees may also apply and this will depend on what plan you are on:

- If you’re on a Standard plan, a delivery fee applies and we’ll show you that fee before you order your Revolut <18 Custom Card in the Revolut app.

- If you’re on a Plus plan, standard delivery of a Revolut <18 Custom Card is free but you will need to pay a fee to ship a Revolut <18 Custom Card by express delivery (we will tell you the fee in the Revolut app).

- If you’re on an Ultra, Metal or Premium plan, standard delivery and express delivery of a Revolut <18 Custom Card is free.

If you need to replace a Revolut <18 Custom Card, the same fees will apply. The Revolut <18 Custom Card is available on all plans but is subject to card stock availability.

The value of free ATM withdrawals allowed before a fee applies is less. ATM withdrawals are free on each individual Revolut <18 card up to EUR 40 (300 HRK) per rolling month. After that, a 2% fee applies.

The value of foreign exchange allowed before a high-frequency fee applies is less. A high- frequency fee will apply for any foreign exchange over EUR 300 (1900 HRK) on each individual Revolut <18 account per rolling month.

The use of your Revolut <18 account also has the following limits, which your Revolut personal account does not. These limits apply to each individual Revolut <18 Account separately, not across all your Revolut <18 Accounts if you have more than one:

Only EUR 7200 (54250 HRK) can be sent to a Revolut <18 account in any one year and only EUR 6000 (45200 HRK) can be held in it at any one time.

Only EUR 120 (900 HRK) can be withdrawn at an ATM per day. Also, only 3 ATM withdrawals can be made per day, and 6 per week, in total.

Only EUR 1200 (9050 HRK) can be spent on a Revolut <18 card, and only 15 transactions can be made, per day.

Any other limits that apply will be shown in the Revolut app.

9. What happens if a Revolut <18 account balance is negative?

Just like your Revolut personal account, Revolut <18 accounts are not designed to have a negative balance. However, this can happen (for example, because there isn’t sufficient money to cover fees owed to us or because an offline transaction).

Where this happens, we will contact you (if you are the Lead Parent) to remediate the negative balance. If you as Lead Parent do not, we will transfer the amount of the negative balance from your Revolut personal account to your Revolut <18 account. If this results in a negative balance on your Revolut personal account, our Personal Terms will apply in the ordinary way.

10. How can a Revolut <18 account or card be closed or cancelled?

The Lead Parent can stop the use of a Revolut <18 account at any time by:

Freezing or cancelling the Revolut <18 card in the Revolut app.

Withdrawing some or all of the money from it back to the Lead Parent's Revolut personal account.

However, if you want to permanently close a Revolut <18 account, you can do so in the Revolut <18 settings in the Revolut app or by contacting Customer Support. Upon closure, any remaining money in the Revolut <18 account will be returned to your personal account (if you are the Lead Parent) and the relevant Revolut <18 Card will be cancelled. Remember, the rules for account closure in our Personal Terms also apply to your Revolut <18 account.

If you are the Co-Parent and the Revolut <18 User’s account is closed, any remaining money in the Revolut <18 account at the point of closure will be returned to the Lead Parent rather than to you.

What happens when a Revolut <18 User turns 18?

When a Revolut <18 User turns 18, they can continue to use the Revolut <18 account until the earlier of their 19th birthday or the card expiring. We won't issue any new card to a Revolut <18 User who is over 18.

Once a Revolut <18 User turns 18, they will be eligible to sign up for a Revolut personal account.

They can choose to sign-up to Revolut by downloading the Revolut app or by following the account migration steps set out in the Revolut <18 app. If they select the account migration process, they will be able to transfer any remaining balance and goals from their Revolut <18 account to their new Revolut account.

If, for some reason you would prefer for Revolut <18 User not to migrate from the Revolut <18 account to a Revolut account, the Lead Parent can close the Revolut <18 account before the migration process is initiated. Upon closure, any remaining balance in the Revolut <18 account will be returned to your personal account (if you are the Lead Parent).

Once the migration process is initiated the Revolut <18 User will be able to transfer the remaining funds from the Revolut <18 account to their new Revolut account. If you would prefer they do not transfer the Revolut <18 account balance to their new Revolut account, the Lead Parent can withdraw the remaining funds from the Revolut <18 account to their own Revolut personal account before the Revolut <18 User initiates the account migration process.

If, as Lead Parent, you do not close the Revolut <18 account or withdraw the remaining funds from the Revolut <18 account by the time the Revolut <18 User initiates the migration, you will be deemed to have authorised the account migration or any transfer they chose to make.

Once the account migration is completed, we will automatically close the Revolut <18 account and cancel the associated Revolut <18 card.

If the Revolut <18 User decides not to migrate the Revolut <18 account to the Revolut account, the Revolut <18 account will be automatically terminated on the Revolut <18 User’s 19th birthday.

What happens if a Parent closes their Revolut personal account?

As a Revolut <18 Account is a sub-account of a Lead Parent's personal Revolut account, closing the personal Revolut account of the Lead Parent means the Revolut <18 Account will be closed too. If a Co-Parent closes their personal Revolut account, the Revolut <18 Account will continue.

11. What happens if I move countries?

If as the Lead Parent you plan to permanently move to another country, please contact us. You may need to provide us with the information we need to determine if we can continue to offer you Revolut <18 in that country. If we can't, your Revolut <18 account may need to be closed. Please also be aware that different fees may apply to your Revolut <18 account in your new country.

12. Personal data

To provide services under this agreement we need to collect information about Revolut <18 Users. Under data protection law, we are what is known as the controller of Revolut <18 Users’ personal data. For more information about how we use personal data for the Revolut app , please see our Privacy Notice.

We also have a specific Privacy Notice for Revolut <18 Users which you, as Lead Parent,you should ask your Revolut <18 User to read and, where necessary, help them understand. This Privacy Notice is made available to Lead Parents and Revolut <18 Users during the creation of any Revolut <18 account. It is also available to Revolut <18 Users through the Revolut <18 app and the Revolut website (www.revolut.com).

Where allowed by data protection law, we will ask older Revolut <18 Users to provide some limited personal data to Revolut. However, Lead Parents will be required to confirm this personal data. For all other Revolut <18 Users, Lead Parents will be required to submit necessary personal data to facilitate the setting up, and operation, of a Revolut <18 account.

By entering into these Revolut <18 Terms you, as Lead Parent, understand that Revolut will gather, process and store your Revolut <18 User's personal data to provide requested services to you and them. This doesn't affect any rights and obligations you, your Revolut <18 User, or we have under data protection law.

You can direct Revolut to close a Revolut <18 account for which you are a Lead Parent. This will not affect the Personal Terms for your Revolut personal account which will remain in place. When you close a Revolut <18 account, we will stop using your Revolut <18 User’s personal data to provide them with a Revolut <18 account. However, we may be required to retain their personal data after Revolut <18 account closure under relevant laws and regulations. See Section 10 for more information about how you can close a Revolut <18 account.

13. Everything else

Remember, except as expressly modified in these Revolut <18 Terms, our Personal Terms apply to your use of Revolut <18. This means that all the rights you and we have under our Personal Terms also apply to your use of Revolut <18. For this reason, you should read these Revolut <18 Terms and our Personal Terms together.