Residents of Ukraine can now open European multi-currency accounts through Revolut Bank.
UK-based fintech company Revolut launched its services in Ukraine on Feb. 11. The firm will operate in the country through Revolut Bank UAB, which is based in Lithuania and supervised by the European Central Bank and the Bank of Lithuania.
With the new offering, Ukrainian users can open European accounts, make fee-free international transfers in more than 30 currencies, receive free virtual cards usable in more than 150 countries, and access alternative financial services like cryptocurrency trading.
The company also introduced a unique “Clear Sky” debit card. It is free of charge for Ukrainian citizens and can be ordered via the Nova Poshta delivery service. However, delivery fees from Europe apply. UK and EEA customers can also get the Clear Sky card upon donating £5 (or equivalent) to the UN Refugee Agency (UNHCR). Revolut enhances this charitable initiative by matching donations up to £200,000.
Currently, account verification in Revolut is facilitated through the Ukrainian digital identification app “Diia,” a video recording, and a passport photo. Therefore, people who are not registered in Diia cannot avail of Revolut’s services. As for other limitations, account funding is available only from USD and EUR cards now, though support for UAH cards is also expected in the near future. Users may now transfer money from their Revolut cards to Ukrainian bank cards, and the transfer is automatically converted. Besides, Ukrainian users working abroad can also receive salaries in foreign currencies via SWIFT payments.
In order to support local bank cards directly as well as introduce comprehensive financial services in the national currency, including deposits and lending for individuals and businesses, Revolut is also seeking a banking license from the National Bank of Ukraine. It would enable the fintech company to operate officially as a bank in the country.
At the same time, along with the expected license, Revolut services available to Ukrainians will face new limitations. For instance, Revolut does not follow the same limits as Ukrainian banks (e.g., the 100,000 UAH monthly limit on foreign currency transfers) because it uses a European bank account. Although some restrictions may still be enforced by Ukrainian banks involved in the transaction, with the proper license, Revolut will operate as a local bank, including in terms of foreign currency restrictions.
Revolut’s head of the new market launch, Dmytro Strelchuk, said that the company is seeking to obtain a Ukrainian banking license by the end of the year. He also revealed that Revolut had already onboarded over 450,000 Ukrainian residents, with 100,000 using the app monthly, which makes Ukraine one of the priority markets for the UK-based neobank. The company stated that Ukrainian customers formed the largest waitlist for the beta testing of the service it witnessed globally.
Founded in 2015 by Nikolay Storonsky and Ukrainian Vlad Yatsenko, Revolut now serves 50 million users globally, including 700,000 Ukrainians in the UK and EU.
