In a post on X (formerly Twitter) Revolut mentioned that it hopes to return to the Canadian market at some point in the future.
What is Revolut?
Revolut is a digital bank based in the United Kingdom, with operations in the US, Europe and Asia. It aims to break down the borders of banking and offer hassle-free global spending with free international money transfers, fee-free global spending and access to a cryptocurrency exchange.
Compare digital banking products that are similar to Revolut
Although Revolut is not available in Canada, you can sign up for these alternatives offering many of the features that makes the Revolut app so popular in other countries – features like easy money transfers, spending analytics, online card management and the ability to set up monthly budgets.
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How does Revolut work?
Once the Revolut app is again available in the Canada, you’ll be able to sign up and request a contactless Revolut card.
The Revlolut app is simple, easy to navigate and streamlined. Features include:
Accounts. View the balance and transaction history on your accounts and set up monthly budgets in the app.
Payments. The app enables you to transfer money to more than 160 countries in over 70 currencies.
Pay friends. Pay friends with ease or use the split bill feature to divide a group spend.
Analytics. View your spending habits categorized by type of transaction, merchant or country.
Manage your cards. Freeze a card if you lose it, unfreeze your card if you find it, set monthly spending limits and enable additional security.
In the UK, Revolut offers five plan options: Standard, Plus, Premium, Metal and Ultra. All of the plans, with the exception of the free Standard plan, come with a fee ranging from £3.99 to £45 per month.
Using Revolut abroad
Revolut enables in-app currency exchanges in 36 currencies and the ability to send money to more than 160 countries. You can also spend internationally with the Revolut card at competitive exchange rates and comparatively low fees.
In which countries does Revolut Bank operate?
Residents of the following countries can open a Revolut account:
Australia
Brazil
European Economic Area (EEA)
Japan
New Zealand
Singapore
Switzerland
United Kingdom
United States
British Indian Ocean Territory
Isle of Man
Jersey
Guernsey
Virgin Islands
French Guiana
Guadeloupe
Mayotte
Martinique
Reunion
Saint Martin
Is Revolut safe?
The Revolut fintech app is safe to use the countries where it is offered. It uses award-winning AI-based models for fraud detection. To prevent online scammers from stealing your information, Revolut also offers a single-use virtual card with card details that are automatically deleted and refreshed after every online purchase.
For US-based Revolut clients, money deposited into your Revolut account is FDIC protected.
The smartphone app is protected by a password or fingerprint ID. You can immediately freeze or unfreeze your card in the app if it’s been misplaced, lost or stolen. Add further control by turning online, ATM and contactless payments on or off.
Revolut also has location-based security — if your card is used in a different location than your phone, you’ll get a notification and the purchase can be blocked.
How does the Revolut app look in other countries?
Real-time info
Even contactless payments show up instantly in the app.
Visualise your spending
See exactly how much you have left to spend and see your transactions broken into categories.
Split the bill
Split a bill with anyone from your phone contacts. Divide it up evenly or choose specific amounts.
Freeze your card if it gets lost
If your card is lost or stolen, you can temporarily freeze the card in the app and stop anyone using it.
Revolut offers a limited version of its app, called Revolut Lite, in countries where the full app is not supported. Revolut Lite enables basic features such as sending and receiving funds and, in some countries, the ability to buy, hold and sell cryptocurrencies. Revolut Lite is available in:
Armenia
Azerbaijan
Bangladesh
Chile
Kazakhstan
Kuwait
Macao SAR, China
North Macedonia
Oman
Qatar
Republic of Moldova
Saudi Arabia
Sri Lanka
Vietnam
What is Revolut cryptocurrency?
When it comes to cryptocurrencies, Revolut stands out from its competitors. In 2017, it became the first challenger bank to let customers buy cryptos in its app. UK users are currently able to buy and sell five major cryptocurrencies and track market fluctuations in the app, but it’s too early to tell if Canadian users can expect the same features.
Pros and cons of Revolut
Pros
Spend abroad in 160 currencies with no or low fees
24-hour customer service
User-friendly app with control over accounts and cards
No maximum currency exchange limit
Transfer money at competitive exchange rate
Instant top ups from your main account
Cons
At weekends, when the markets are closed, Revolut applies a markup to foreign currency transactions
Out-of-network ATM withdrawals
Some foreign currencies have an additional unspecified markup
You can only make up to 100 exchanges per 24 hours
No physical branches, which can put off those who prefer face-to-face customer service
If cryptocurrency isn’t what you’re in for, or you just want to get a good look at what your other options are, compare your mobile banking options before joining the waitlist.
How does Revolut compare to other international money transfer services and banks?
When it comes to money transfers and international spending, one of the most competitive alternatives to Revolut in Canada is Wise. Read our full guide to Revolut vs. Wise to learn more here.
What is the Revolut Ultra plan?
Revolut Ultra is the fintech company’s most premium subscription plan in the UK. It comes with several exclusive features, including:
Airport lounge access
Up to 10% cashback on accommodation bookings
Cashback on purchases abroad
Travel insurance
Of course, customers have to pay for these add-ons. Basic account holders pay no monthly or yearly fee.
Revolut Ultra gives customers a concierge service. Make requests to the concierge in the app and a member of the team will answer your request via email. You might want a restaurant suggestion or you need to book a last minute trip. The concierge sets up the transaction, but won’t process the deal until you’ve accepted to the final price.
You also get the same perks of Revolut premium, like its comprehensive travel insurance. This covers worldwide emergency medical and dental treatment. On top of this you get compensation for delayed flights and luggage.
How to order a Revolut Metal card
If you’re already on Revolut Premium, then you can upgrade to Metal instantly. Under the “More” section of the app, go to “Upgrade” and press “Go Metal!”.
Whether you’re on the monthly or annual Premium subscription, Revolut will refund you for the month or months you didn’t use your Premium account. If you have a Revolut Standard account, go to the “Upgrade” section to make the request.
Revolut App FAQs
Plus, Premium, Metal and Ultra subscribers pay a monthly fee, and Revolut also earns money from merchants every time you spend on your Revolut card. It also makes money on out-of-network ATM withdrawal fees, card delivery fees and exchange rates. Business customers also pay fees depending on their top-up limits.
Yes, Revolut is accepted in all retail outlets that accept prepaid Mastercards.
Yes, Revolut is a great option for travelling to multiple countries. You can top up your card in your home currency. Revolut is geared toward travelers and lets you spend in over 160 currencies.
No, Revolut will automatically exchange your money to the local currency of wherever you use your card.
Yes, you need the app installed on your Android or iOS device.
Revolut supports over 160 currencies, so you can travel and use the card around the globe. Europe, South America, North America, Africa, Asia and Australasia are all covered to some extent.
Yes, it is possible to link a Revolut card to a PayPal account.
Charlie Barton was a publisher at Finder. He specialised in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach. See full bio
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