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Revolut launches payment services for Ukrainian refugees

Monday 14 March 2022 14:37 CET | News

Revolut has launched payment services to refugees, regardless of nationality, fleeing Ukraine following the Russian invasion, the company states in a blogpost

To ensure individuals displaced by the invasion have quick and easy access to their money, Revolut has eased many of the requirements needed to set up an account as well as waiving several FX and top-up fees.

Over two million refugees have already crossed Ukraine’s borders seeking safety, many with limited possessions and documentation. To purchase the basic necessities, quick and easy access to money has become imperative for thousands of families. Revolut is enabling those who have crossed its borders to access their money by linking the app to their Ukrainian bank account, opening a corridor to give them access to money. Revolut is offering payment services to anyone fleeing Ukraine, providing access to additional currencies and savings mechanisms.

The standard account has no monthly fee and can be used to send and receive money, as well as exchange currency. The Revolut card can be used anywhere in the EEA and Ukraine, with a limit of EUR 1,500 a day via outbound 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.

Setting up an e-money account in the EEA usually requires proof of a right to reside in Europe. With many of those displaced by the invasion unable to provide this due to a lack of documentation, we've eased this requirement to make sure as many refugees as possible can set up an account to access their funds. Although the access to accounts has been eased, we've put all the necessary measures in place, through a dedicated team, so that all regulatory requirements are properly followed and satisfied.

Once their Revolut 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. To support this initiative, Revolut is also waiving several FX transfer fees to ensure there are no additional charges for individuals displaced by the invasion exchanging their Ukrainian Hryvnia into another currency.


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Keywords: Revolut, Russia Ukraine War, online banking, e-money, FX
Categories: Banking & Fintech
Companies:
Countries: Europe, Ukraine
This article is part of category

Banking & Fintech






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