Revolut Eases Requirements to Set up Account for All Ukrainian Refugeesby Fintech News Singapore March 15, 2022
Revolut has eased many of the requirements needed to set up an account for all refugees regardless of nationality, fleeing Ukraine following the Russian invasion.
The company has also done away with a number of FX and top-up fees to ensure these displaced individuals have quick and easy access to their money
Revolut is enabling them to access their money by linking the app to their Ukrainian bank account, opening a corridor to facilitate access to money.
Once the account has been set up, users can then immediately begin topping up their account in a variety of currencies.
The standard account has no monthly fee and can be used to send and receive money as well as exchange currency.
The Revolut card will be allowed to be used anywhere in the EEA and Ukraine, with a limit of €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 where the standard plan fair usage limits apply here.
Revolut said that although the access to accounts has been eased, it has put in place all the necessary measures, through a dedicated team, to ensure that the regulatory requirements are properly followed and satisfied.
Vlad Yatsenko, Co-founder and CTO of Revolut 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.”
Featured image: Edited from Unsplash