Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

UK-based fintech firm Revolut has announced that it will simplify onboarding requirements for all refugees from Ukraine.

The move is aimed to provide the affected people with quick access to their money.

Usually, people in the European Economic Area (EEA) need to furnish proof of a right to reside in Europe to set up an e-money account.

Revolut will drop this requirement for the refugees to facilitate on boarding. However, the fintech platform said that it has implemented necessary measures to ensure that regulatory requirements are met.

Once the account becomes active, the user can link any Ukrainian bank card and transfer money in multiple currencies.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Revolut has also waived off several FX transfer fees for such transactions made by the refugees.

Additionally, the affected people can link Revolut app to their Ukrainian bank account to access money.

The standard account carries no monthly charges. It can be used to send/receive money as well as exchange currency.

The customers will also get a Revolut card for use within EEA and Ukraine with a €1,500 daily limit.

The Revolut app is available in multiple languages. The company said that it is working to add Ukrainian language option soon.

Notably, more than two million people have crossed Ukraine’s borders seeking refuge in neighbouring countries after Russia launched an invasion.

Revolut co-founder and CTO Vlad Yatsenko 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.”

Last month, it was reported that Revolut acquired India-based international money transfers company Arvog Forex for an undisclosed sum.

The move was aimed to bolster its footprint in the country.