Revolut given thumbs up by Ukrainian deputy PM as helps refugees open accounts

By John Reynolds on Tuesday 15 March 2022

Digital BankingSavings and Investment

Refugees of any nationality fleeing from Ukraine will be able to set up accounts on the neobank’s app without needing to meet all the documentation demands, like proof of a right to reside in Europe.

Revolut given thumbs up by Ukrainian deputy PM as helps refugees open accounts
Image source: Ukranian flag/ Pixabay

Revolut is making it easier for refugees escaping Ukraine to open Revolut accounts and waiving some FX transfer fees- a move that has been given the thumbs up by the Ukrainian deputy prime minister.

Refugees of any nationality fleeing from Ukraine will be able to set up accounts on the neobank’s app without needing to meet all the documentation demands, like proof of a right to reside in Europe.

Once their account is set up, those fleeing Ukraine will be able to link any Ukrainian bank card with their Revolut account and can then immediately begin topping up their account in a variety of currencies, Revolut said.

It is also "waiving a number of FX transfer fees to ensure there are no additional charges for individuals displaced by the invasion exchanging their Ukrainian Hryvnia into another currency” but Revolut did not give specific details of which charges.

Revolut has pledged that friends and family of refugees will be able to transfer funds “quickly” and “securely” through the app.

Welcoming the news, Ukraine's vice prime minister Mykhailo Fedorov posted on Twitter: “Today @RevolutApp offers its services for Ukrainians in the EU who fled their homeland because of the Russian invasion. Thank you @NStoronsky for supporting Ukrainians and world peace."

Vlad Yatsenko, co-founder and CTO of Revolut, who called Vladimir Putin a “brazen liar”, said: “With the war in Ukraine displacing more than two million people already, we felt it was imperative to help those most affected by providing a service that gives them easy, quick access to their money. 

“Bank transfers are often slow and expensive so we hope this Revolut initiative provides a simpler alternative. I am immensely proud to be part of a British fintech that can quickly help the Ukrainian people in their time of need.”

Revolut says that more than €10 million has been raised by its customers and the neobank through a charity appeal to help those impacted by Russia's invasion of Ukraine.

Revolut CEO Nik Storonsky has called Russia’s invasion of Ukraine “abhorrent”.

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