Revolut offers payment services to Ukrainian refugees

UK FinTech Revolut has announced it will offer payment services to all refugees, regardless of nationality, fleeing Ukraine following the Russian invasion.

The company said it was easing many of the requirements needed to set up an account to make it easier for those fleeing the war, as well as a number of FX and top up fees.

Setting up an e-money account in the EEA typically requires proof of a right to reside in Europe.

But Revolut said that with many of those displaced by the invasion unable to provide this due to a lack of documentation, it has eased this requirement to "ensure as many refugees as possible can set up an account quickly and access their funds".

“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,” said Vlad Yatsenko, co-founder and chief technology officer of Revolut 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.”

Two weeks ago the company's Russian-born chief executive Nik Storonsky publicly condemned Russia's invasion of Ukraine.

In a blog post he said he wanted to make clear what he had felt privately since the beginning of the invasion, that "war is never the answer", describing the attacks on Ukraine as "wrong and totally abhorrent".

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