Newswires | July 11, 2022
One of the few banks in the U.S. that allowed refugees to use alternative documentation.
With the war in Europe in its fifth month, over 8 million refugees – 90% women and children – have left Ukraine. In March, President Joe Biden announced the United States would welcome up to 100,000 Ukrainian refugees. As of June, more than 71,000 Ukrainians have arrived.
A major challenge for refugees is opening a bank account, as they do not have a social security number or permanent U.S. address. This leaves many financially handicapped.
“We recognized the immediate needs of this growing refugee community. We are excited to have engineered an expedited, yet safe and secure way to open bank accounts for Ukrainian refugees in the U.S.”
— Dennis Larionov
Re:Start, a digital bank focused on financial inclusion, has developed an innovative account opening procedure that allows refugees to open an account using nontraditional documentation. Re:start’s CEO Dennis Larionov announced “We recognized the immediate needs of this growing refugee community. We are excited to have engineered an expedited, yet safe and secure way to open bank accounts for Ukrainian refugees in the U.S.”
Denys P, a Ukrainian refugee, said, “When we arrived to the US, the first problem we faced was opening a bank account so that we could receive financial support. The banks we visited either refused to open an account without a social security number or had a monthly fee that we simply couldn’t afford. I was lucky to learn about Re:start. Using our mobile phone, with just a few documents, in a couple of minutes we were able to open a bank account that had zero fees, and immediately I was able to receive funds in my account! The best thing is the bank’s app is in my native language!”
Re:Start is a social impact digital bank that serves the underbanked and unbanked.