Revolut stops serving Ukrainian customers: accounts will be closed

Revolut ceases services in Ukraine: account closure period is 60 days.

British neobank Revolut announced it would cease services for its customers in Ukraine due to new legal requirements. Users began receiving relevant notifications on December 22.

Accounts opened since the beginning of the year will be closed, and customers are given 60 days to withdraw their funds.

During this time, users will be able to use the accounts in full. However, the company warned that after the expiration of the period, the accounts will be closed.

The company noted that it is currently unable to provide services to Ukrainian users but does not rule out a return in the future.

“While we are currently unable to serve residents of Ukraine, we hope that this will become possible in the future. We will inform you of any changes,” the company said in a statement.

Before closing the account, users are advised to withdraw all balances and save bank statements. After 60 days, the account will be officially closed. Customers will only be able to transfer the remaining funds to another bank account.

After closing the account, users will not be able to top up the balance, make purchases with a card, withdraw money, or transfer funds.

The company explained that the remaining funds after the account is closed will be automatically converted to euros and transferred to the international account specified by the user.

Customers must also independently sell open positions in cryptocurrencies or precious metals before closing the account. If this is not done, the company will automatically sell the funds received and convert them into fiat currency, then credit them to the main account.

For those who paid for a plan but did not have time to use it due to a service outage, Revolut promises to refund the funds.

When the account is closed, all incoming payments or transfers will be automatically rejected and returned to the sender.

It is worth noting that one of Revolut’s founders, Vlad Yatsenko, was included on this year’s list of the richest Ukrainians.