several accounts with same currency


#1

Hi,

thank you for the “one account per currency” feature, that’s nice
on the same way, I would love to have several accounts in euros.

use case:
I have several personnal projects, and I would like each one to have an account. I want to block spendings on one project if it spends too much, while the other projet is not impacted.
currently I can have one card per projet, but the spendings are limited per month, and that’s not what I want.
I would also love to have a spendings history per project.

Today, I have to review my bank account and check which spending belongs to which project.
1 - This is boring.
2 - if a project is spending too much money, I know it too late.

So I hope this would be possible for you.
If you ask me: for each pay card I would like to choose on which account I want to link it.

By the way, this would allow to have one account per child, and be the 18+ legally responsible one.

thanks !


#2

Hey. What kind of projects?


#3

Hi! While I agree having multiple accounts of the same currency could be sometimes useful (especially if they one day allow family accounts), I’m not sure what you mean by “project”.
Revolut accounts are personal, you’re not supposed to use them for business.

Revolut for Business does allow you to hold multiple accounts for each currency, if that’s what you’re looking for.


#4

This idea might be required for some but I am afraid several accounts in the same currency will just confuse plenty of average users and lead to funds spend from wrong accounts, etc.


#5

Very true… many users are already confused, not sure how things work with the different accounts in GBP/USD/EUR.
They could (and should) read the FAQ, but people simply don’t.

That kind of feature could be a bit hidden, so that only people with advanced use find it.
Definitely not a priority in my opinion anyway.


#6

Hi,
I think here the problem is the name “account”
I think the idea proposed is to have one account( that we can think as a big box) that can be divided in several compartment: each compartment can be used to store money with a specific purpose.

The different compartment cannot communicate between them( or even better, you have the option to choose which compartments can communicate and which not), so that if I’m using the whole amount of money I have set for clothing this month, the money in the “New motorbike dream” compartment is safe and soon I’ll ride my baby through Europe :laughing:.

BTW, I’d love this feature


#7
  • “Telephony” is an example.
    That’s for shops that have a direct access to my bank account.
    I know how much it must cost me each month as I have a fixed fee for telephony, so I can put enough money on this “account” or “project” at the beginning of the month but if I spend more than expected for some reason, I would love to have pay-error-poppup-please-check-now

It’s same with electricity, water, but also google play, apple store, paypal, ebay and the list grows regularly. If there is a problem with one of these shops, today they can dig my bank account pretty deeply… I would like to have control on that. With the “several account idea”, for example I will create an account dedicated to “smartphone apps”, then I will put €10 on the google play account, and I will know that google play will never take me more than €10 until I put more money on this account again.

  • “current car” project (or account) is an example. Usage

This account will be used to pay gas, repair, and everything related to the current car. It’s easy to spend a lot of money on this. I would like to put a fixed amount of money on this every month, say €150, because that’s how much I think it costs me average per month. If I don’t use this money one month, I would like to be still able to spend it later, meaning I can spend 300 the next month.

  • “next car” project (or account) is an example. Saving

I save for the next car here, and nothing else. I will put a regular amount of money on this one. On the other hand, if I can put more, once in a while, I would like an easy way to keep track of that. One account listing makes it clear.

  • “domotics” project is another example. Investment.

I would like to spend some amount of my money per month on something that will improve my house and make it more valuable when I sell it. So that’s small amounts here and there and I would like to keep track and manage that with a dedicated account for it.

Other projects are usage/saving/investment or mix, I can think about “food”, “fashion”, “photography hobby”, “children hobbies”, “yet another hobby”, “parties”…

Some /projects/ are more like “savings” for a one shot big spend (like the new car). Some others /projects/ are more like “day-to-day use” (like food).

But you know the success of leasing: some people want to know they will spend a fixed amount of money for their car, and no more. They like to know they will spend a fixed amount of money for their phone, and no more. And so on.

To do that today, one would have to open one account into several banks. I don’t. So I spend from one account… but I have no idea about how much my car costs me per month, and I don’t know if my son spent money with games from his android tablet because I was too lazy/occupied to check the bills.

Ps: my examples are not perfect… of course I can avoid my son to spend money, with several other alternatives.

I hope now you get the idea of my idea, I would like to know how much this or that costs me per month (like a leasing), and be quickly and efficiently notified when there is an unexpected spend that I-me-myself didn’t expect.

And it would be nice to have one bank one interface for all these accounts/projects.

That’s a use case.

I can test the feature if Revolut needs testers ^^

I think for each project a virtual card would be good for internet shopping.

For physical card, an option in the app to select the project before buying with the card seems fine (can be done while waiting for the cashier)

For iban, well I would love one Iban per project, at least when the iban can be used to take money from my account. Otherwise I can spread the incoming money where it belongs (if it’s the only one remaining thing I have to review, that will be fine!)

Of course other implementation are possible for my use case. For example, revolut allows to limit spending per card.

As spendings are realtime, we could think to implement a spending limitation per category (let the user select the category in the app before using his physical card), and use categories to simulate those ‘account’… and block the spending when the amount in the category is exhausted.

Of course these features will same my personnal time. Business have dedicated people for that. Not me. So I can pay for that.

Thanks.


#8

You understood it ^^
Reply was in draft but not sent.


#9

You can kinda already do this, by setting up a virtual card and setting some monthly limits on it.
Revolut doesn’t currently support direct debit, so there is no risk of anyone taking too much money directly from your account.

The only problem at the moment is the limit of 5 virtual cards at any given time. If the limit was higher (at least… 20?), we could do what you say. (one card per usage, with a limit)


#10

I would like the ideea of having 2 eur accounts, one liked to the card and the second one not. Second account to be like a virtual account in Revolut from where i can transfer eur to the card account


#11

Hi, until there is such an option you could also use an app like Bankin’ to keep track of your expenses, I use my main account for the big and regular expenses (rent, groceries, phone, Internet, Netflix, etc) and Revolut for the daily expenses so they are updated in real time, this way I don’t loose track of how much I spend.


#12

+1 for Bankin’

You might have to go through their website to link your Revolut account though, last time I checked the mobile app didn’t let people add Revolut (but once added, it works fine).
They finally sorted the bug with crypto currencies too, so it’s all good.


#13

You aren’t scared of the way they integrate ? Seems like they are logging in as the user to get data.


#14

Yeah I am, I opened a topic on this forum about it, but never had a response.
That’s why I removed the connection in Bankin’ for now :smiley: I use Revolut 99% of the time anyway, so their app is enough :slight_smile:

I think they login that way for all banks though… they’ve been around for a long time though, should be safe.


#15

Just tried using it, it sent a text code to me, no place to enter it, so thats that :slight_smile: I’ll steer clear for now.


#16

You have to open the Bankin’ app at the same time, it will show a popup to enter the code. I told them already that their process is a bit sh*t …


#17

Ahh. I’ll wait until Revolut does their own API. Then it should be quite simple to build something like Bankin.


#18

I am a bit scared too, but I really need to keep an eye on my expenses, and I’m too lazy to do it otherwise (I tried), so this is my best option at the moment ! BTW, I was able to add my Revolut account directly from the mobile app


#19

Hello,

If my expenses exceed my budget, I want to know it before buying. Does Bankin’ can do that in realtime ?

I think Emanuele understood very well and did a good summing up of what I want… and wants that too ^^

what I call “projet account” can be called “compartment”, or sub-account if you like.

I want to think “budget” instead of “limit per month” because:

guess I want to buy that “useless-but-cool €70 stuff”. And I decided a €50 per month budget for that. but I did spent only €40 last month, and €45 the two other monthes before.

so in the 3 last monthes, I “saved” €20 for “useless-but-cool stuffs”.

so if my maths are good, I have €20 + €50 available today in my “useless-but-cool stuffs sub-account”

so I want revolut to allow me to buy the €70 stuff, but to block me if I want to buy a €71 stuff before I buy

is that more clear ?


#20

What you are describing is exactly what they presented at RevRally as their Budgetting feature. Hopefully that will come very soon.