Following Russia’s invasion of Ukraine in 2022, over one billion euros have been sent to the latter using Revolut, the global financial app. To make sending money easier to Ukraine, Revolut has expanded its services to Ukraine with a new international donation campaign.
This is the latest in a line of moves done by Revolut to support Ukraine following the attack from Russia. It has helped to raise over £10M for the Red Cross Ukraine appeal, including a £1.5million company’s donation. Revolut has also partnered with various charities in the UK and EEA to help with crisis relief efforts.
Following the latest announcement, Ukrainian residents will now be able to open a Revolut account and benefit from instant, fee-free P2P transfers. Furthermore, the fintech will offer Ukrainian customers foreign exchange and remittance capabilities in 30+ currencies, including competitive exchange rates when spending with card or sending money abroad and borderless money transfers worldwide, free between Revolut customers.
Over the last three years, funds have been transferred into Ukraine from Germany, UK, Ireland, Poland and the Netherlands, with over 700,000 Ukrainian residents residing in the UK/EEA already using Revolut services. Customers won’t need to worry about paying expensive fees when looking to send money to Ukraine. As a result of a partnership between Revolut and Diia, the Ukrainian e-government platform, customers in the country can be confident of a secure onboarding process too.
Vlad Yatsenko, co-founder and CTO of Revolut said: “I am immensely proud of Revolut’s continuous support for Ukraine. A record number of Ukrainians have joined our waiting list to be among the first to get their Revolut account. Interest in Revolut and digital banking services is soaring in the CEE region. Starting today Ukrainians can open a Revolut account and access our most popular products, with even more coming soon.”
The Clear Sky VISA debit card
Revolut will also be offering customers in Ukraine virtual and physical debit cards. In addition to this, it will also be offering a special card for UK users to support Ukraine: the Clear Sky Card. Created by Revolut’s Ukrainian design team, the card mirrors the Ukrainian flag with a transparent blue and powerfully symbolises the hope for a clear and safe sky over Ukraine.
UK/EEA customers will have to donate a minimum of €/£5 to get the card unlocked, while Ukrainian customers will be able to order the card without making a donation. Revolut will match donations from customers, up to £200,000. One hundred per cent of donated funds will go to Revolut’s charity partner, UK for UNHCR, the UN refugee agency, which provides extensive support to Ukrainians displaced by the war, both inside Ukraine and in neighbouring countries.
According to UNHCR latest data, 3.7 million people are currently displaced within Ukraine and 6.7 million Ukrainians remain abroad, having fled the war as refugees and asylum-seekers in need of humanitarian assistance and support. UNHCR provides Ukrainian refugees protection and essential aid, to help with things like emergency cash assistance and shelter repairs.
Dmytro Strelchuk, Revolut’s head of new markets launch said: “We are delighted that our technology will allow Ukrainians to open European bank accounts. It will facilitate free and instant money transfers across Revolut’s global community of 50 million users and will help to increase the flow of funds into Ukraine for people who want to support their families and relatives at this challenging time.“
Revolut services for Ukrainian residents are provided by Revolut Bank UAB, based in Lithuania and supervised by the European Central Bank and Bank of Lithuania.
