Revolut <18 Account (MCB Program)

Revolut <18 Terms and Conditions

1. Why is this information important?

This document sets out the terms and conditions for the use of Revolut <18 (the "Revolut <18 Terms"), and other important things that you need to know about it.

To set up Revolut <18, you must have a Revolut personal account. These Revolut <18 Terms apply in addition to our Personal Terms when you choose to use Revolut <18. If there is any inconsistency between the Personal Terms and the Revolut <18 Terms, these Revolut <18 Terms shall 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 Technologies Inc.). 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 “Revolut <18 User” we mean any person between the ages of 6 - 17, who you have allowed to use your Revolut <18 account.

When we say the 'Revolut app' in these Revolut <18 Terms, we mean the Revolut app that you use to access your personal account. When we say the 'Revolut <18 app', we mean the app that Revolut <18 Users use to access your 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 who want their children to gain financial skills and to learn how to use and manage money. (Your use of a Revolut <18 account for any other purpose may breach the Revolut <18 Terms.)

A Revolut <18 account is a sub-account of your Revolut personal account that you allow a Revolut <18 User to use. As it is a sub-account of your personal account, you are responsible for everything a Revolut <18 User does using it as if you had done it yourself.

The Revolut <18 User can view any transactions made on their Revolut <18 account using the Revolut <18 app. They will also be issued with a card linked to the account that they can use to spend and withdraw cash. Revolut <18 Users cannot make or receive transfers using the Revolut <18 app.

You can send money to and from the Revolut <18 account, keep track of how Revolut <18 Users are spending that money, and control how Revolut <18 Users can use their card using the Revolut app.

A Revolut <18 account and card can only be used to spend the money you have sent to the Revolut <18 account. If your Revolut <18 User attempts a transaction using their Revolut <18 card and there are not sufficient funds in the Revolut <18 account then the transaction will be declined, even if there are sufficient funds in your Revolut personal account.

3. Who can use a Revolut <18 account?

You can create a Revolut <18 account at any time in the Revolut app. When you do so, you must assign 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 parent, legal guardian, or otherwise have legal responsibility for them.

You can create more than one Revolut <18 account. However, each Revolut <18 account can only have one Revolut <18 User linked to it, and the Revolut <18 User you assigned to have access to the account cannot be changed.

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

As a Revolut <18 account is a sub-account of your Revolut personal account, you are the legal owner of it. You 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 and you authorize your Revolut <18 User to use it on your behalf. You are responsible for it and everything a Revolut <18 User does using it as if you had done it yourself.

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

Only you and we (Revolut Technologies Inc.) 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?

Remember, the rules on account 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 use and your Revolut <18 User's use of your Revolut <18 account is in line with those Personal Terms.

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

You 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 assigned to have access to the account.

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 can turn on and turn off certain features and purchase types from the Revolut app (though to disable chip payments, you must freeze or cancel the card).

To make the Revolut <18 card as safe and secure as possible, we block merchant types which we think are not 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?

You can only open and send money to a Revolut <18 account in the base currency of your Revolut personal account. This is normally the currency of the country of the address of your Revolut personal account.

If you use a Revolut <18 Card to make a purchase in a currency other than your base currency, 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?

There is no fee 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 you order a Revolut <18 card, the same fees apply as for the tier of the Revolut personal account which you hold (e.g. Standard or Premium). If a fee does apply, you'll be shown it in the app before you incur it, and it will be charged to your Revolut personal account. (see Delivery Charge for Revolut Cards).
  • If you want to design and order a customized card (“Revolut <18 Custom Card”), please refer to the Cardholder Agreement for applicable fees.

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 ATM withdrawals allowed before a fee applies is less. We do not charge a fee on ATM withdrawals from each individual Revolut <18 card up to $60 per rolling month. After that, a 2% fee applies for all withdrawals.

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 $325 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 $12,000 can be sent to a Revolut <18 account in any one year and only $10,000 can be held in it at any one time.
  • Only $120 can be withdrawn at an ATM per day. Also, only 3 ATM withdrawals can be made per day, and 7 per week, in total.
  • Only $1,000 can be spent on a Revolut <18 card per day, 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 if, for example, there are not sufficient funds to cover fees owed to us or because of an offline transaction.

When this happens, we will contact you to remediate the negative balance. If you 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?

You can stop the use of a Revolut <18 account at any time by:

  • freezing or canceling the Revolut <18 card in the Revolut app; or
  • withdrawing some or all of the money from the Revolut <18 card back to your Revolut personal account.

You can permanently close a Revolut <18 account by canceling the Revolut <18 account within the app, or by contacting us via in-app chat. Upon closure, any remaining money in the Revolut <18 account will be returned to your Revolut personal account and the relevant Revolut <18 Card will be canceled. Remember, the rules for account closure in our Personal Terms also apply to your Revolut <18 account.

11. 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 until the card expires. 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. If they do, you should let us know so that we can close the Revolut <18 account and cancel the associated Revolut <18 card.

12. What happens if a Parent/Legal Guardian closes their Revolut personal account?

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

13. What happens if I move to another country?

If you plan to permanently move to another country, please contact us. You may need to provide us additional information so that we can determine if we can continue to offer you a Revolut <18 account in that country. If we can't, your Revolut <18 User account may need to be closed.

Legal bits and pieces

14. Permission for us to process your Revolut <18 User's personal information

To provide services under the agreement we need to obtain your verifiable consent and collect information from you, about your Revolut <18 User. Under Children's Online Privacy Protection Rule ("COPPA"), we are what is known as the 'operators' of your child's personal information. For more information about how we use personal information generally, please see our Privacy Policy).

By entering into these Revolut <18 Terms, you are giving us permission to collect, use and store your Revolut <18 User's personal information for the purpose of providing our services to you and them. This doesn't affect any rights and obligations you, your Revolut <18 User, or we have under applicable laws including COPPA.

You can withdraw your permission to us processing your child's personal information by closing your Revolut <18 account, which will end your agreement to the Revolut <18 Terms between you and us. However, the agreement and the Personal Terms will remain in place between you and us, for your Revolut personal account.

If you end your agreement to these Revolut <18 Terms, we'll stop using your Revolut <18 User's information for the purpose of providing our services, but we may need to keep their information for other legal reasons.

15. Everything else

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