Yeah. The biggest drawback is payments in different currencies, eg a VPN service that takes payment in USD (and the bank converts it to Ā£) donāt work with this.
I also make a lot of recurring international transfers and these donāt work either.
Seems like it would be very easy to implement it but they havenāt done, hopefully it will improve in the future.
Also one off payments that are frequent but at irregular times eg if I order a protein powder every time it runs out from their website Iād like those payments to come from the same Pocket even those itās not setup as a subscription at an exact regular interval.
The ability to connect it to credit card direct debits would be a massive plus too. Then any credit card balance I have I can just stick it into the Pocket and it will take it when the payment is due.
I use Revolut but due to the Pockets not being perfect (still good though) I utilise my other bank account as āPocketsā too for things like regular car payments etc.
Be good to do it all in one place though.
Side note. Revolut has Vaults and Pockets. Vaults are for saving and Pockets for āEnvelope budgetingā. The Pockets feature is new and the most rare I think only Monzo offers a similar feature. For me these envelope budgeting type Pockets are a game changer even more than simple Savings Pots.
So do you use the Vault for saving up for big things, and then the Pockets for your monthly spending? E.g you might have a pocket for groceries, transport, and then a Vault for Holidays?
I think the pocket idea could be really cool for us. Do you think youād have a pocket set up for each of your budgeting categories?
Yeah Vaults are for savings whatever that maybe for. And every month right after payday all my āPocketsā fill up every month, eg mortgages, car finance, insurance, all go into separate Pockets and fill up every month so I know all these expenses will be covered and I donāt accidentally spend it. Itās a game changer for me. You could set them up for each budgeting category but I prefer to set a different Pocket for each exact expense they are easy to setup. Well it depends I guess, I have buildings insurance monthly payments for 2 properties coming out of the same Pocket.
