Have you heard about Pockets? 💰

I’d love to try n26 but it’s not here in the UK any more.

I did sign up to the waiting list so maybe they will return.

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Almost sounds like you want bunq where you can have an account with (25) subaccounts each with their own IBAN that can be used to do transactions for specific budgets.

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So, still the same problems with Pockets. They’re next to useless. In my country (Australia) vanishingly few merchants tag their payments with this elusive “recurring” flag. I can capture Adobe, Amazon, Apple, Google, JetBrains, Github, and Proton - and only because every single one of those are big Euro or American companies. Not even Stripe supports it. Not a single Australian company does it, and since I work directly with teams that deal with payment processors for our SaaS product - it’s because it’s not supported at all. There was a “mark this payment as recurring” for arbitrary payments option, but it literally does nothing. In a few cases there’s an option under help for payments saying “How do I cancel my subscription?” (meaning it knows it is one) but it still won’t allow you to allocate it to a pocket.

And yet - Ubank (a neobank founded by National Australia Bank) does work like this detecting recurring payments by the fact that they, you know, recur, and then paying them out of your “Bills Account”.

Why can Revolut not simply tell that a payment is recurring by the fact that it recurs, allowing you to assign it to a pocket that way? Or even allowing you to just dictate that all payments to a particular merchant come from a specific pocket?

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I haven’t tried bunq yet. What I really like about Revolut, what many others aren’t doing for some reason, is that it lets me see my spending stats for the entire year. Really helps with doing taxes :sweat_smile:
The others always make me go through every month separately …
And next thing is that Revolut just looks very nice and modern (imo). A lot of the others have apps that look like they’re straight from 2010.
n26 is also pretty nice looking though some of their more recent design decisions irk me a bit.

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At the moment the pockets are only used to put money aside and not see it in the balance. In fact it is not a very smart thing that to pay with that money you have to move it into the balance. At the moment for subscriptions I create a dedicated card so that I can eventually block the payment, it would be convenient to be able to assign a card to a pocket

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This is how pockets are supposed to work:

You look for a card payment, from Netflix for example. You mark this payment as a “subscription payment”. Then you set up a pocket, type “Bills”. You then can link all payments the app recognizes as recurring payments – like the payment from Netflix that you just marked accordingly – to this pocket.

Future payments for Netflix will then come out of the pocket instead of the main account.

With Revolut, you’re not linking a card to pockets, you’re linking the payment.

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I can confirm what Frank is saying as i have this setup for a few payments, however it would be great if i could use this functionality for groceries for example and not for recurring payments(subscriptions)
I want to set a monthly budget for groceries and add these funds to a pocket and every time when i make a payment to a business like this, the money to be taken from that particular pocket

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Just to say, that use of pockets would not be helpful for me at least.
I like how revolt let’s you categorise merchants and build up a profile of spending. They also let you set a category budget: That easily handles any need I have for spending management.
I don’t myself use the existing special purpose pockets, but think of these as places to save for a specific purpose.

I can see the sense in what you say, but just saying it would be another unused feature for me and more likely to cause confusion/errors than to serve a purpose in my case at least

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Thanks. After setting up Bills pocket, how to link all payments to this pocket?

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Apologies, I currently don’t use pockets.

What I remember is that you can add payments to the pocket during the setup process of the pocket itself. It’s critical that the app recognises the card payment as a subscription payment. So make sure to change this before you want to link a specific payment to a pocket. It was also fairly obvious how to change linked payments after the initial setup. I don’t remember it being tricky at all.

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you can only link recurrent payments (subscriptions) you need to flag the transaction as subscription. also you need different pockets if the currency is different for som subscriptions ( GBP, EUR for example)

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You can’t flag transactions as subscriptions. They either are or aren’t. There’s a “mark this as subscription” but it doesn’t work and Pockets still won’t recognise it - it only works for transactions that have some mythical “recurring” flag on them set by the merchant (according to CS)

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This is not how the app works for me.

I’ve just tested it. I marked a random card payment as a subscription payment. It then does show up in the list of payments that I can link to a pocket. Only online payments have the toggle to mark them as subscription payments.

The flag for “recurring” card payments on the merchant side isn’t really “mythical”. It’s what allows merchants to charge you again without authorising the payment another time.

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You can with revolut, but needs to be card not present (online), in person transactions won’t allow.

Admittedly some banks recognise it and you can’t force it generally.

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