Financial Institutions in Eastern Europe Open Doors to Ukrainian Refugees

The military events in Ukraine have led to civilian casualties and destruction, forcing thousands of people to leave their homes in search of safety and protection. More than half a million refugees from Ukraine have already crossed into neighboring countries, and there is a clear sense that many more people are on the way. Host countries are focusing on providing critical protection and humanitarian services while the needs continue to grow exponentially.

In the circumstances, many financial institutions have timely responded with assistance. The support activity includes the removal of financial barriers like opening a bank account and providing the most favorable service conditions.

“Accessing financial services and opening a bank account is an urgent priority for refugees. Without a bank account, they cannot earn income, pay bills, or rent a home. According to recent information, EU officials plan to give Ukrainians the right to stay up to 3 years. In this regard, opening a basic bank account is vital for refugees to lead fuller lives and become more integrated into society,” — said Eugene Bazhan, Head of Partnerships at Finscanner.

Getting started

Western Europe intends to provide refugees with basic banking accounts that enable all kinds of transfers and payments, as well as the opportunity to withdraw cash at a credit institution or ATM.

In support of the Ukrainian people, several financial institutions have introduced simplified procedures for drawing up a current account and payment card for Ukrainian refugees who have found a safe haven in neighboring countries.

In order to open an account and issue a payment card, it is necessary to come to the bank's customer service center in person usually upon the previous appointment, bringing a Ukrainian passport and documents proving refugee status. In some cases, it is possible to open a bank account online via a mobile app, only by confirming identity with a valid Ukrainian passport.

Please note: While Finscanner aims to provide the most accurate information, you should not hesitate to consult The Refugee Council to review all available options.

Where to open a bank account?

1. SEB Global Services in Riga (Bank)

Banking service: Current account, payment card, and the internet bank (mobile app)
Monthly fee: Free of charge
Way to open an account: Physical presence

To open an account with SEB, it is necessary to book an appointment at the branch and bring a valid identification document. No proof of refugee status is required to open an account. A free payment card can be prepared, issued, and delivered to the address specified by the customer free of charge.

2. Bunq (Neobank)

Banking service: Current account, the internet bank (mobile app)
Monthly fee: Free of charge
Way to open an account: Online

To open an account one must download the bunq app (App Store / Play Store), sign up and choose an Easy Bank account. A valid Ukrainian passport is needed to verify identity, after that a free account will be automatically opened. Any Ukrainian citizen currently in the EEA that has had to flee Ukraine is eligible for a free Easy Bank account that’ll be operable for 3 months and the total balance will be limited to €20.000,00. Learn more about Bunq here.

3. Bankera (E-money Institution)

Banking service: Current account, payment card, and the internet bank (mobile app)
Monthly fee: Free of charge
Way to open an account: Online

To open an account one must download the Bankera mobile app (App Store / Play Store). There are no monthly maintenance, account opening, or card issuing fees, while transfers within Europe (SEPA) are free and instant. Learn more about Bankera here.

4. Swedbank (🇱🇹 Lithuania, 🇱🇻 Latvia, 🇪🇪 Estonia)

Banking service: Current account and the internet bank (mobile app)
Monthly fee: Free of charge
Way to open an account: Physical presence

To open account it is necessary to book an appointment before visiting a branch of the bank. Being an asylum-seeker, a person needs to present an identity document issued in Ukraine and an asylum-seeking person’s document issued in Latvia. Being a refugee, a person needs to present a travel document issued in Latvia (a passport) and the permanent residence permit. Also, according to applicable procedures, such customers will be subject to the standard Know Your Customer (KYC) due diligence process.

5. Wise Payments

Banking service: Current account, payment card, and the internet bank (mobile app)
Monthly fee: N/a
Way to open an account: Online

To open an account, a person must be located in one of the countries where Wise offers the card. It is necessary to present an Ukrainian passport, ID card, or driving licence. To get started, one must download the mobile app (App Store / Play Store). Learn more about Wise Payments here.

6. Industra Bank in Riga

Banking service: Current account, payment card
Monthly fee: Free of charge
Way to open an account: Physical presence

To open an account and receive a payment card, a person needs to come to the nearest Industra Bank's customer service center, bringing his Ukrainian passport. Book a visit in advance by calling +371 67019393.

Finscanner was established with a goal to provide easy access to financial services and chip away the biggest hurdles in the information and communications flows. We are committed to providing informational aid and solving financial inclusion for those affected by conflicts and anyone in need.

To find out more about available financial services in your region, feel free to go to our marketplace or contact us directly to get a consultation.