Revolut will offer payment services to refugees fleeing Ukraine

To ensure those displaced by the invasion have quick and easy access to their money, Revolut has relaxed many of the requirements needed to create an account as well as a number of exchange and top-up fees.

More than two million refugees have already crossed Ukraine’s borders in search of safety, many with limited possessions and documentation. In order to purchase basic necessities, quick and easy access to cash has become imperative for thousands of families. Revolut allows those who have crossed its borders to access their money by linking the app to their Ukrainian bank account, opening up a corridor for easier access to money. Revolut offers payment services to anyone fleeing Ukraine, providing access to additional currencies and savings mechanisms.

The standard account has no monthly fees and can be used to send/receive money as well as to exchange currencies. The Revolut card will be able to be used anywhere in the EEA and Ukraine, with a limit of €1,500 per day per outgoing bank transfer and Revolut peer-to-peer. Friends and relatives already in Europe will also be able to transfer money to them quickly and securely. Standard plan fair usage limits apply.

The creation of an electronic money account in the EEA generally requires proof of a right to reside in Europe. With many people displaced by the invasion unable to provide this information due to a lack of documentation, Revolut has relaxed this requirement to ensure that as many refugees as possible can open an account quickly and access their funds. Although access to accounts has been made easier, Revolut has put in place all the necessary measures, via a dedicated team, to ensure that regulatory requirements are properly followed and met.

Once their Revolut account is created, those fleeing Ukraine will be able to link any Ukrainian bank card to their Revolut account and can then immediately begin topping up their account in various currencies. To support this initiative, Revolut is also waiving a number of currency transfer fees to ensure there are no additional costs for those displaced by the invasion who exchange their Ukrainian hryvnia to another. currency.

Vlad Yatsenko, co-founder and CTO of Revolut, said: “With the war in Ukraine having already displaced more than two million people, we felt it was imperative to help those most affected by providing a service that gives them quick and easy access to their money. . Bank transfers are often slow and expensive, so we hope this Revolut initiative provides a simpler alternative. I am extremely proud to be part of a UK fintech that can quickly help the people of Ukraine when needed.