A UK financial company called Revolut is making it easier than ever for people to donate to charity after announcing their new plan to let you round up your purchases, donating the extra change to the charity of your choice.
This service doesn’t cost you a single thing extra, and the charities they partner with don’t pay any fees to receive your money. The idea of ‘rounding up’ every dollar for savings has been around before, this is a new take that helps more than just your bank account.
What is Revolut, Anyway?
If you’re not in the UK you probably haven’t heard of them, but that’s okay. Revolut is a start-up that was founded in 2015 to change the way you bank. It’s all based online, so applying for an account takes 10 minutes and a phone number.
They offer no-fee ATM withdrawals to a certain limit, unlimited currency exchange, and a whole lot more. They have plans to bring their concept to the US soon (There is a waitlist on their website for potential US customers), but right now they are only available overseas.
In April of 2018, the company received an influx of money and support and officially became what is called a ‘unicorn’ in the startup industry. In this context, a unicorn is not a mythical creature based on a horse, but a startup whose valuation has reached over $1 billion.
Round-Up and Donate
Many banks have a similar feature. If you spend $16.25 at the store, your card will be charged a flat $17, and the .75 cents will be put into a savings account. It doesn’t seem like a lot, but if you do it twice a day that’s $1.50. In 30 days, that’s $45 extra dollars.
Revolut has offered this feature for a long time, where the rounded up change goes to the ‘vault’, or basically a savings account. It’s like finding bonus money, and the idea really is great for those who struggle with saving a consistent amount every month.
Instead of putting it in the vault, Revolut has started ‘Revolut Donations’. This will donate the money that you round up directly to the charity of your choice, with no extra fees to either party involved.
Within their app, you can click on the charities to see how much you’ve donated so far, how much has been donated total and stop the service at any time. They also have made it very easy to donate other amounts – you can make a one-off donation at any time, or set up reoccurring donations for once a day, week, month, or year. There are still no fees with either of these options.
What Charities Can You Donate To?
Right now there are only three – Save the Children, WWF, and IGLA-Europe. In their press release, Revolut says they chose these charities because of how impactful they were overall. Helping impoverished children, championing for LGBT+ rights, and protecting the planet were are causing the company truly believed in.
Revolut does say that within the coming months more charities will be added and that they want user input on just who should be included.
In a year where personal charitable donations are down, it is great to see a company taking charge and helping make it easier than ever for people to donate to a great cause.