Revolut in Ukraine: Is the new online bank worth using?

British fintech giant Revolut has officially launched in Ukraine, giving Ukrainians access to its cutting-edge financial services.

Now, Ukrainian residents can open European accounts with Revolut Bank, send instant and free transfers between app users, and easily pay for purchases made abroad.

Why would Ukrainians start using a new banking app when they already have the familiar Privat24 and Monobank?

But unlike its competitors, Revolut is a European bank and guarantees the return of deposits in the amount of 100,000 euros, which at today's exchange rate is 4,300,000 hryvnia.

While Ukrainian bank clients, in the event of bankruptcy, can receive compensation from the deposit insurance fund of only 600,000 hryvnias, or seven times less, European guarantees are still more reliable than Ukrainian ones.

In addition, Revolut is more than just a bank; it offers expanded investment options in securities, precious metals, and cryptocurrencies.  

What is Revolut?

Founded in 2015 by Nikolai Storonsky and Vlad Yatsenko, Revolut offers a wide range of financial services through a mobile app without having any physical branches.

Key features include multi-currency accounts, currency exchange at the interbank rate, international transfers, and much more.

Benefits of using Revolut in Ukraine

Multi-currency accounts and cards: Users can hold and exchange over 30 currencies at the Revolut rate without additional fees on weekdays within the limits of their selected tariff plan.

A multicurrency card allows you to automatically convert funds at a favorable rate when paying in different countries, making it especially convenient for travelers and those shopping abroad.

Convenient registration through "Diia": Revolut is the first foreign bank to integrate document sharing through the "Diia" app for user identification, making the registration process quick and secure.

An affiliate program that lets you recommend the app to your friends and earn between €30 and €55. Register for the Revolut affiliate program.

You can connect a child card for children under 18 years of age, which will teach your child how to use banking services under your complete control.

Additional features of the Revolut mobile app

Budgeting and Spending Analytics: The app provides tools for budgeting, spending tracking, and financial management, helping users effectively manage their finances.

Investment opportunities: Registering with Revolut gives you access to trading stocks, bonds, cryptocurrencies, and other investment instruments directly from the app.

However, it's worth noting that fees for such transactions can be significantly higher than with traditional brokers. Therefore, for active trading on the exchange, it's recommended to use specialized brokers .

Insurance Services: Users can purchase travel, shopping, and ticket insurance directly through the app, providing additional protection for a variety of life situations.

Revolut Bank tariff plans

Registering with Revolut offers several pricing plans, which determine the amount of free ATM withdrawals, the commission on investment transactions, and some other fees.

Standard: Free plan with basic features for everyday use.

Plus: For €3.99 per month, users receive additional benefits such as priority support and purchase protection.

Premium: For €9.99 per month, you can access advanced features, including higher currency exchange limits and additional insurance services.

Metal: For €15.99 per month, you get premium features like exclusive metal cards and higher withdrawal limits with no fees. Travel insurance and lounges are also included.

The launch of Revolut in Ukraine opens up new opportunities for personal finance management, offering modern tools and a user-friendly service. Sign up for Revolut