Virtual Card Payments through a Vault

This means for example subscription payments like Prime, Audible, iTunes that are linked to a virtual card will be able to come directly from a vault.

Monzo has this. I’m surprised HyperJar doesn’t. But Revolut doesn’t have this either! I don’t think anybody else has this feature.

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My guess is this feature was introduced first by Bunq.

Another guess: from Revolut’s perspective, this seems to be something they might add to “Pockets”. They make the clear (and in my opinion unnecessary) distinction that Pockets are for budgeting and Vaults are for saving.

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I forgot about pockets. They are hidden in Revolut. However I can’t even try pockets. Keep getting an error setting up one.

Pockets just plain don’t work. No transactions show as eligible for linking to a pocket and Revolut just claims that it’s the merchant’s fault for not flagging the payment as recurring or something.

Adding virtual cards to pots would significantly improve the budgeting experience. I could pay all my in-store shopping directly from this pocket without the faff of paying with my main account and then withdrawing an equivalent amount from my ‘shopping’ pocket.

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As said in the Vault development propositions subject, the real credit cards of an account and the virtual cards, should be editable to be linked to some subparts of accounts.

The credit cards have a Parameters menu option, allowing lot of things… But there should be a new category of personnalisation, for sort of use. For example, if the card is a physical one, it number should NEVER be used on internet. If the website is sure as Google Pay or Apple Pay (others parodies of Bill !T, only the Virtual permanent credit card should be used… If this is a website for transportation means such as Fairtiq (https://www.fairtiq.ch, another parody of Bill !T, the card should be named automatically and used only for public transportation means. And after these basic cases, each physical card can be linked to specific uses, like where the money should be taken on the account to pay restaurant bills, where the money should be taken from to pay professional tools, where the money should be taken from to pay other specific categories of spenings. For each category, while pressing on it, it should open a submenu showing the different currencies owned and the value of each of them. Of course, the same currency is always prefered, if not requested differently by the user and till there is no fee for him (spendings under the monthly limit defined in his general conditions for the subscription he uses for now. Never constraint your user to anything! And the different Pockets owned by the user, and the Vaults owned or accessible for spendings by the user should be shown, allowing him to select money from there… EJFJ Positive Contextualisation of titles and categories should be done automatically for you, by MediSecure International PSC, sparing any risk, any misuse and any problem for you and any user… All items should be preceeded with a checkbox, and then a number when selected, showing the order in the payment means in the list, allowing theuser to understand that only the selected currencies accounts, only the selected Pockets and only the selected Vaults can be used as source for payment from the current physical card which properties are edited. In each selected money source, the maximum to spend at once can be defined, either with a % sign allowing to select for example maximum 5% of the total amount of this source so allowing minimum at least 20 payments successive with this credit cards till emptying the amount on this source. Then when a payment need to be done use first money of the sub accounts in specific currency, first the one in which the paiement need to be done, then the selected pockets, then the selected Vaults, and finally if the available money on all these accounts is not enough, the payment is done by using other currencies… The account owner should always be able to decide while using the card, if he cancels the payment and keep his money or if he uses what he owns to really make the most efficient payment with less fees possible, and without wasting what was put aside for a long time on Vaults. So, for example, if the maximum amount allowed to be used per each payment on the first Currency/Pocket or Vault is defined at 23.12 €, and maximum 17.34€ defined for the second Currency/Pocket/Vault and the third Currency/Pocket/Vault the maximum value to spend is defined to - meaning anything available, this will be respected on any payment. So when paying 56.20€, 23.12€ will be discounted from the first Vault in the list, 17.34€ will be discounted from the second item (Pocket) in the list, and the 3rd item in the list (Vault) will pay the rest, if available on it : 15.74€. If money is missing, the application should ask the owner if he wants to cancel the payment, use another credit card to put more money on his Revolut account, or if he wants to use money from others sources of his account. This allows to keep a maximum on some vaults even if they are the mostly used to assume unsuspected spendings when the main capital is not enough on the account… And the sources of money need to be first sorted by currency, and then by value owned and credited in the last month… Think of useability, and of investments efficiency for creditors… All should only earn… Spending money allow to spare subsidiary fees after delay… Money belongs to all and need to be used many times per day… According to this, in another field, allow investments in USDT and others solutions to get more benefits…

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Just registered to upvote this!

I would also really like the ability to link a physical / virtual card to a certain Vault. For example, each month we buget €600 for groceries. After receiving my salary, I can just transfer €600 to a Vault called ‘groceries’ and then use a specific virtual card to pay directly from that Vault. That way, I’ll always know how much budget is left.

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This would really overtake the competition and their offering if the ability to assign a virtual/physical card to a specific pocket.

You can assign a card spend limit individually, so to add this in would be top notch.

:pray:

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Hi Rowdy, Just wondered did you get to the bottom of this one ?

I am new to Revolute and i am trying to understand ways in which it can help us with our budgeting at the start of each month. I know there are both vaults and pockets but i dont know the difference between these two and how best to use each. I was imagining that what would be great is that as you have suggested the money gets transferred to a groceries vault each and every month automatically from my main bank account and then each time we purchase food the money comes out of the groceries vault. Also was wondering if say you had other vaults within the same revolute account (for instance - family fun, home improvements, rainy day/emergency etc etc), when you make a purchase of groceries how does revolute know which vault to deduct the money from? The ideal situation would be that when you make a payment via your revolute card you have to authorise it via the app and its here where you have to tell revolute which vault you wish the money to be deducted from … is this the case ? Sorry for the length of this message but i just really want to get the best out of it because i see the potential in it !

Many thanks
Declan

Vaults are for saving. There’s no budgeting functionality available whatsoever. You can set up recurring payments to a vault, but the intended use is recurring savings. There’s no functionality that allows you to pay from vaults.

Pockets are Revolut’s concept for envelope budgeting. But in my own experience, their functionally is limited and it’s not very reliable. It depends on the system identifying recurring payments. And since this is unreliable and limited in user configuration options, it doesn’t work for me at all.

More flexible are Revolut’s budgets in the analytics section. You can train the system to recognise transactions from certain merchants. You can add individual categories and you can set budgets based on categories, including your own. The app can show you where you are with regards to various budgets, but it’s not limiting spending.

Cards also can have budgets. In case you want to set a budget for streaming services for example, you could create a dedicated virtual card, change all subscriptions to this card and define a card budget accordingly.

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Frank thanks for this… the virtual card system … im wondering could a work around be that i have a virtual card for the likes of groceries and home improvements etc … and both my wife and i could both access these ?

Technically, sharing account passwords, card numbers and card security codes is a breach of the T&Cs. Revolut does not offer shared accounts at the moment. This might not seen super relevant, but I would be cautions.

Hello Declan (and Frank and everyone else)

It is as Frank says: vaults are nice to save money for something big, but there is no other functionality.

Pockets seem better suited, but as Frank says, they are severely lacking in functionality.

For a pocket to be useful, it would need three additional features, in my opinion.

  1. You can have 10 Revolut cards, either physical or virtual. It would have to be possible to assign a card to a pocket
  2. You should be able to assign any transaction to a pocket afterwards. For example, if you pay an invoice or you made a payment with the ‘wrong’ card, tapping on a transaction should have the option to assign in to a pocket. When you do that, the amount of the transaction is automatically moved back from the pocket to the main account (so it is as if it had been paid from the pocket right away)
  3. It would also be nice if you could assign an iban to a pocket, so it can be used with that as well. N26 has this option, for example.

Option 1 is very, very high on my wish list. Options 2 and 3 are nice to haves.