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March 15, 2022updated 23 Mar 2022 10:02am

Revolut to simplify onboarding requirements for Ukrainian refugees

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.

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.

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