Revolut to ease requirements for refugees from Ukraine to open an account
The app is also waiving fees to exchange Ukrainian Hryvnia to other currencies.
Revolut has announced that requirements are being eased for refugees of all nationalities fleeing Ukraine to set up an account.
The financial app is also waiving a number of FX and top up fees to allow users to exchange Ukrainian Hryvnia to another currency at no extra cost.
Setting up an e-money account in the European Economic Area (EEA) usually requires proof of a right of residence in Europe.
This requirement has been eased, so those leaving Ukraine can set up an account and link it with their Ukrainian bank account.
“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," Vlad Yatsenko, co-founder and CTO of Revolut said.
"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.”
If you have been displaced by the invasion, here's how you can open an account:
- Download the Revolut mobile application.
- Click “Sign up” and provide the phone number you are currently using. It can be any phone number, including your Ukrainian phone number, as long as you can receive a text on this number.
- Select the country you are currently in as your country of residence, such as Poland or Slovakia.
- Provide your current address outside Ukraine, such as the address of the shelter, and fill out your personal information.
- Confirm your identity by selecting and uploading your Ukrainian passport or identity card, as these are the documents that allow Ukrainian refugees to open an account.
If you are of another nationality coming from Ukraine, you can follow the same steps and upload your passport as well as your Ukrainian visa to open an account.
The app is not yet available in Ukrainian, which is planned to be added to the service as soon as possible.
More than €10 million has been donated to the Red Cross in Ukraine by Revolut users since the conflict began.