Revolut is an e-money institution platform that provides a wide range of banking and financial services through its mobile app and web platform. Launched in 2015, Revolut initially started as a service for managing multiple currencies but has since grown into a comprehensive financial platform used by millions of people globally.
Moreover, one of Revolut’s main features is its multi-currency accounts, which allow users to hold, exchange, and spend in various currencies at competitive exchange rates. This service is particularly popular among frequent travelers and those who need to manage money across different countries.
Beyond traditional banking services, Revolut also enables users to engage in cryptocurrency trading, stocks and comodities directly within the app.
In this article, we will uncover Revolut’ availability and expansion plans in Ukraine.
Is Revolut available in Ukraine?
Yes, Revolut just launched in Ukrainian territory. It is currently known that the European neobank Revolut has opened registration for users living in Ukraine. To pass verification, you must use the Diia application.
The introduction of Ukrainian as a supported language is a significant milestone in Revolut’s efforts to provide a better customer experience for its rapidly growing base of Ukrainian customers throughout Europe. The app interface is now fully accessible in Ukrainian language, improving the customer’s journey for Ukrainian speakers.
As the world of digital banking evolves, Ukrainian residents looking for sophisticated and user-friendly banking platforms have a variety of options. Revolut has gained popularity in over 38 countries for its innovative features, transparent operations, and a strong commitment to social and environmental responsibility.
If you would like to read our full review of Revolut just click here!
How to register in Revolut through the Diia Application?
Revolut is available on Android and iOS, allowing Ukrainians to open accounts quickly and conveniently:
- Transfer Personal Data: Use the Diia app to securely transfer your personal information.
- Upload an ID: Submit a photo of your identity document for verification.
- Provide Details: Enter your residence address and taxpayer registration number.
- Choose a Card: Select between a physical (€3.99 issuance fee) or virtual card.
- Set Up Your Account: Create a unique username and choose from multi-currency options (e.g., Euro, USD, CAD, GBP). Note: UAH is not yet supported.
- Pick a Plan: Start with a free Standard account or opt for paid plans like Premium (€5.99/month) or Metal (€10.99/month).
What services does Revolut offer in Ukraine?
Revolut is actively working to expand its services in Ukraine, eventhough it still offers right now:
- Transfers
- Payment planning
- Professional accounts
- Cashback rewards
- Budget planning
- International transfers
- Currency exchange
- Investments
- Cryptocurrencies
- Disposable cards
Since 2022, over €1 billion has been transferred to Ukraine using Revolut, with most of the funds coming from Germany, the UK, Ireland, Poland, and the Netherlands. Nearly 700,000 Ukrainians in the UK and EEA rely on Revolut, with the largest communities in Poland (27%), Germany (17%), and the UK (6%).
Revolut remains committed to providing seamless and user-friendly financial services to support Ukrainians facing the challenges of displacement.
Final Thoughts
Revolut, founded in 2015 by Ukrainian Vlad Yatsenko and Russian Nikolay Storonsky (currently CEO), has made multiple efforts to enter the Ukrainian market.
In late 2021, Revolut registered an office in Ukraine, and by March 2022, it allowed Ukrainians abroad to link the app to local bank accounts for fund access. However, this feature was discontinued in July 2023, requiring Ukrainians to confirm EU residency to obtain a card.
This year’s beta test offers access to over 30 currencies, fee-free international transfers, virtual cards usable in 150+ countries, and account top-ups with foreign currency cards (USD or EUR). Topping up with hryvnia cards remains restricted due to central bank regulations.
Revolut operates under a Lithuanian license, enabling services across the EU.
Why use a digital bank?
Affordable fees and attractive pricing
With their digital-first approach and reduced operating costs, neobanks often offer highly competitive fees compared to traditional banks. Many neobanks minimize or eliminate fees for services like account maintenance and transactions, and some even provide enhanced interest rates on savings and loans. This cost-efficiency appeals to individuals and businesses focused on maximizing financial value without the typical expenses of traditional banking.
Quick account setup and hassle-free onboarding
Opening an account with a traditional bank is often a slow, paperwork-heavy process. Neobanks streamline this experience by using technology to offer a quick, fully online onboarding. Some even provide instant approval, allowing users to start banking within minutes. This efficiency and ease make neobanks an attractive option for people who want fast, paperless access to financial services.
Intuitive design for easy navigation
Advanced budgeting and financial tracking tools
Neobanks often come equipped with advanced financial tools built right into their apps, giving users insights into spending patterns, budgeting help, and real-time transaction categorization. For businesses, this translates into improved financial control and clear visibility over cash flow. With features like expense tracking and financial analysis, neobanks empower individuals and businesses to make informed, data-driven financial decisions, setting them apart with their strong focus on financial management.
Responsive support and community involvement
Neobanks focus on customer satisfaction with quick, accessible support through multiple channels like in-app chat, email, and even social media. Traditional banks can sometimes have slower, more bureaucratic service, but neobanks use technology to deliver faster, more tailored responses. Many also build a sense of community through online forums and events where users can exchange tips and insights, fostering a collaborative approach to banking.
