Is it possible to force Excel recognize UTF-8 CSV

Question

I'm developing a part of an application that's responsible for exporting some data into CSV files. The application always uses UTF-8 because of its multilingual nature at all levels. But opening such CSV files (containing e.g. diacritics, cyrillic letters, Greek letters) in Excel does not achieve the expected results showing something like Г„/Г¤, Г–/Г¶. And I don't know how to force Excel understand that the open CSV file is encoded in UTF-8. I also tried specifying UTF-8 BOM EF BB BF, but Excel ignores that.

Is there any workaround?

P.S. Which tools may potentially behave like Excel does?

---

UPDATE

I have to say that I've confused the community with the formulation of the question. When I was asking this question, I asked for a way of opening a UTF-8 CSV file in Excel without any problems for a user, in a fluent and transparent way. However, I used a wrong formulation asking for doing it automatically. That is very confusing and it clashes with VBA macro automation. There are two answers for this questions that I appreciate the most: the very first answer by Alex https://stackoverflow.com/a/6002338/166589, and I've accepted this answer; and the second one by Mark https://stackoverflow.com/a/6488070/166589 that have appeared a little later. From the usability point of view, Excel seemed to have lack of a good user-friendly UTF-8 CSV support, so I consider both answers are correct, and I have accepted Alex's answer first because it really stated that Excel was not able to do that transparently. That is what I confused with automatically here. Mark's answer promotes a more complicated way for more advanced users to achieve the expected result. Both answers are great, but Alex's one fits my not clearly specified question a little better.

---

UPDATE 2

Five months later after the last edit, I've noticed that Alex's answer has disappeared for some reason. I really hope it wasn't a technical issue and I hope there is no more discussion on which answer is greater now. So I'm accepting Mark's answer as the best one.

Answer 1

A truly amazing list of answers, but since one pretty good one is still missing, I'll mention it here: open the csv file with google sheets and save it back to your local computer as an excel file.

In contrast to Microsoft, Google has managed to support UTF-8 csv files so it just works to open the file there. And the export to excel format also just works. So even though this may not be the preferred solution for all, it is pretty fail safe and the number of clicks is not as high as it may sound, especially when you're already logged into google anyway.