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8 Revolut Canada alternatives
While Revolut isn't available in Canada (yet), we've done the leg work and found the best alternatives.
Revolut is a widely known and used digital money app based in the UK. As a challenger to traditional banking, Revolut offers clients a debit card attached to an account that can hold multiple currencies. That’s why many Canadians are wondering if they too can use Revolut for global money transfers or as a multi-currency account.
Is Revolut available in Canada?
Despite its global popularity, Revolut is no longer available in Canada. The company pulled out of the Canadian market in March of 2021.(1) But even if you can’t use Revolut in Canada, there are several other fintech or online banking options Canadians can choose if they want an alternative to the Big Five Banks.
In this guide we breakdown 8 of the best Revolut Bank alternatives that offer features and accounts comparable to Revolut Canada.
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Top 5 Revolut Canada alternatives for online banking
If you’re looking for an easy and low-cost way to manage your money with online banking and through mobile apps that are similar to Revolut Canada, consider the following alternatives:
Simplii: A Revolut alternative in Canada
Simplii is a solid Revolut alternative because it offers one of the highest promotional rates for savings accounts in Canada along with a host of other banking products like an everyday chequing account, no-fee credit card, mortgage, loans and investment opportunities.
Simplii’s no-fee banking model means that you can focus on meeting your financial goals without having to spend loads of extra money on banking fees.
Like Revolut, you can manage all of your banking from Simplii’s website or mobile app, including ordering foreign currency for over 60 currencies.
Simplii High Interest Savings Account
4.6%
Interest Rate
Interest Rate
$0
Account Fee
Account Fee
$0
Transaction Fee
Transaction Fee
The Simplii High Interest Savings Account offers an impressive introductory interest rate of 4.6% for 5 months. A tiered interest rate kicks in once the promo period ends, where you can earn anywhere between 0.75% and 1.45%, depending on how much money you have in your account.
- $0 account fee
- $0 transactions
- $0 minimum balance requirement
- Earn interest rates up to 4.6%
- Set up automatic deposits to help your balance grow quickly
- No physical branches for in-person service
- Low ongoing interest rate after the promo ends
| Min. Age | 18 |
|---|---|
| Account Fee | $0 |
| Transaction Fee | $0 |
| Interac e-Transfer Fee | $0 |
| NSF Fee | $45 |
| International ATM Fee | $3 |
EQ Bank: A Revolut alternative in Canada
You can’t go far when comparing Revolut alternatives without looking into EQ Bank. Like Revolut, EQ Bank offers a number of web-based banking options like savings accounts, investment accounts, international money transfers and even mortgages.
Plus, the EQ Bank Personal Account offers perks you wouldn’t find with a Revolut account – like the functionality of both a savings and chequing account simultaneously. It comes with unlimited transactions and Interac e-Transfers with an ongoing interest rate of up to 3.5%.
EQ Bank Personal Account
Earn 3.50%
Bonus Offer
Bonus Offer
$0
Monthly Account Fee
Monthly Account Fee
unlimited
Free Transactions
Free Transactions
Opt for the EQ Bank Personal Account account if you want a chequing account that helps you save big. Enjoy high interest with no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes. You'll earn up to 3.5% interest on your balance.
- Higher than average interest rate
- No fees for everyday transactions
- No minimum balance required
- Connect multiple accounts to your EQ account
- Manage all accounts and transactions through EQ Bank's comprehensive online banking system
- 100% online bank with no bank branches
| Min. Age | 18 |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $0 |
KOHO: A Revolut alternative in Canada
KOHO offers a seamless, web-based banking experience, comparable to Revolut. KOHO offers Canadians various banking products to help them save, borrow and build credit all from the convenience of the KOHO app, which is available in the Apple App Store and Google Play Store.
Similar to Revolut’s Saving Vaults account, KOHO offers an Earn Interest account, where you can earn a relatively high interest rate of up to 5% on your balance.
You’ll also get a linked, reloadable prepaid Mastercard for purchases with a solid cash back offer: Earn up to 5% cashback on spending.
Like Revolut, KOHO also offers a suite of budgeting tools to help you track your spending and save more money. Plus, it provides access to a line of credit that you can use to build your credit history.
KOHO Earn Interest
Up to 5.00%
Interest Rate
Interest Rate
$0 - $19
Account Fee
Account Fee
$0
Transaction Fee
Transaction Fee
KOHO offers an online savings account with a host of added perks. There are free and paid plans available, allowing you to earn between 0.5% and 5% interest. .
- $0 account fee
- $0 transactions and eTransfers
- Earn up to 5% cashback on spending
- Opt-in to earn more interest
- Must opt-in to a monthly plan to earn higher interest
| Min. Age | 18 |
|---|---|
| Account Fee | $0 |
| Transaction Fee | $0 |
| Interac e-Transfer Fee | $0 |
| NSF Fee | $0 |
Neo Financial: A Revolut alternative in Canada
Neo Financial works like an online bank account attached to a cashback credit card. In addition to their banking products and services, Neo Financial offers mortgages and credit cards. Like Revolut, Neo provides easy and accessible online and mobile banking at a no or low cost to Canadians.
The advantage of Neo Financial is that the cashback credit card allows cardholders a chance to earn money on their everyday spending. Even better, retail partners across Canada tend to offer Neo cardholders higher cashback rates.
For instance, stay at a partner hotel and pay using your Neo Financial mastercard and you could get as much as 20% cashback.
Like Revolut, Neo Financial offers clients with seamless online and in-app banking access.
Neo Everyday Account
0.10%
Interest Rate
Interest Rate
$0
Account Fee
Account Fee
$0
Transaction Fee
Transaction Fee
The Neo Everyday Account allows you to spend, save, and earn from one account. You'll earn interest on your savings and there are no minimum deposit requirements, account fees or transaction fees. Download the Neo app and sign up in a matter of minutes, all from the comfort of your own home.
- Hybrid account that works like a chequing and savings account
- High ongoing interest rate
- Free unlimited transactions
- No minimum balance
- No account fee
- Online only with no physical branches
- Doesn't come with a debit card, though does come with the Neo Money Card
- Not available to residents of Quebec
| Min. Age | 18 |
|---|---|
| Account Fee | $0 |
| Transaction Fee | $0 |
| Interac e-Transfer Fee | $0 |
| NSF Fee | $0 |
| International ATM Fee | $0 |
Tangerine: A Revolut alternative in Canada
Tangerine offers a full suite of banking products and is one of the most well-known online banks in Canada. So if you were wondering if Revolut is available in Canada because you wanted a bank with a similarly strong a reputation, look no further than Tangerine.
Tangerine offers loads of financial products – from everyday chequing and savings accounts to loans, lines of credit and mortgages – all through a seamless online and in-app experience.
You can often get a higher promotional interest rate with the Tangerine Savings Account than you’d find with the Revolut Saving Vaults account.
Tangerine Savings Account
5.4%
Interest Rate
Interest Rate
$0
Account Fee
Account Fee
$0
Transaction Fee
Transaction Fee
You'll earn 5.40% for 5 months, then 0.30% thereafter on your savings. Tangerine also offers on-going promotional interest rates for existing customers, which means you'll often be able to accelerate your savings with a higher interest rate. There are no minimum balances and no extra fees.
- $0 account fee
- $0 transactions
- No Interac e-Transfer fees
- Earn 5.40% for 5 months, then 0.30% thereafter interest on your balance, and 0.3% thereafter
- No physical branches for in-person service
| Min. Age | 16 |
|---|---|
| Account Fee | $0 |
| Transaction Fee | $0 |
| Interac e-Transfer Fee | N/A |
What is Revolut?
Founded in the UK in 2015, Revolut is a Fintech app that aims to break down traditional borders to banking with a suite of hassle-free mobile money management features.
While you cannot use Revolut in Canada, it currently operates in the UK, the EEA, Australia, New Zealand, Singapore, Switzerland, Japan, Brazil, and the US.
As a digital banking alternative, customers using the Revolut app can easily connect their bank accounts to a centralized dashboard to spend and transfer funds.
The app lets users set monthly spending limits, enable security features, track money transfers and freeze their bank cards in the event of loss or theft. Revolut offers both personal and business banking solutions.
Revolut also offers different card options. Customers can get up to 13 personalized Revolut cards – which can be physical, virtual or disposable cards – and hold more than 150 currencies on the card.
In addition, Revolut offers access to cryptocurrency trading and international money transfers in 30+ currencies with no markup on the midmarket rate for exchanges between major currencies.
Customers can enjoy fee-free transfers when sending money between Europe, the US, Japan, Singapore, Australia and several other countries. Customers can sign up for Revolut’s premium-tier service and receive a Revolut Metal Card with special perks like concierge services, cashback on international purchases, airport lounge access and travel insurance.
When did Revolut come to Canada, and when did it leave?
Revolut first came to Canada in November 2019 with a limited offering of financial products. After a short stint, Revolut withdrew from the Canadian market in March of 2021. The company is still active in other countries worldwide, including the UK and US.
Why did Revolut pull out of Canada?
According to Revolut’s official X (formerly Twitter) account,(2) the company had hoped to develop its Canadian offerings, but as of early 2021, it said: “We are not able to offer the range of services we had hoped at this stage.” That doesn’t mean Revolut has completely abandoned its plan to expand into Canada. The company made it clear that it hopes to return to the Canadian market at a later date.
Does Revolut work in Canada?
Yes, even though you can’t open a Revolut account in Canada, if you have a Revolut account based in another country, your Revolut card will work in Canada anywhere Visa or Mastercard are accepted.
So, let’s say you’re travelling from the UK to Canada. You can load money in GBP (or 36 other currencies) onto your multicurrency Revolut card and then spend in CAD while using your card in Canada.
What is the Canadian equivalent of Revolut?
There are several financial institutions in Canada offering similar or nearly equivalent products, services and app experience as Revolut including Simplii Financial, EQ Bank and KOHO. You can see a full breakdown of these options above. All of these Canadian alternatives provide an online banking experience similar to Revolut’s.
What countries have Revolut Bank?
Even though Revolut does not operate in Canada, it currently operates in the following countries:
- European Economic Area (EEA)
- Australia
- New Zealand
- Singapore
- Japan
- Brazil
- Switzerland
- The United Kingdom
- The United States
Is Revolut a real bank?
Revolut is a challenger to the bank industries that combines financial services with new technology. In Britain it’s known as a neobank — the equivalent of a fintech, in Canada. Revolut Bank is headquartered in London, UK, but licensed and regulated by the Bank of Lithuania, within the European Union.
Is Revolut a safe bank?
While Canadians cannot use Revolut, the fintech is safe to use in the several countries around the world where it is offered. Revolut uses award-winning AI-based models to detect fraud. It also offers a single-use virtual card where your card details are automatically deleted and refreshed after every online purchase, so online scammers can’t steal your information.
For US clients, money deposited into your Revolut account is FDIC protected. In the UK, Revolut has a 4.2/5 star user rating on Trustpilot based on over 150,000 reviews.
Your Revolut Reddit questions answered
We gathered some of the top questions from the r/Revolut subreddit, so it’s easier than ever to find out how Revolut works in Canada.
Advantages of money management apps like Revolut
- Low fees. Online banking platforms don’t have the overhead cost of physical branches. Plus, these platforms rely on technology that makes it easy to transfer money, make purchases, pay bills and more from anywhere. The resulting savings are often passed on in the form of low fees and lower markups on exchange rates.
- Great deals and rewards. Compared to the Big Banks, online banks in Canada and money management apps like Revolut don’t have tons of customers. You may therefore find great rewards, super low fees and quick application processes in an attempt to attract more clients.
- Convenient mobile and online platforms. Digital money management services are available online and (often) via mobile app, making it easy to manage your money anytime, anywhere.
What to watch out for
- No physical presence. Similar to what you would encounter with Revolut, if you pick an online-only bank in Canada you can’t just pop into a branch and speak to a representative. You’ll have to settle with phone, email or live chat options.
- Narrow range of products and services. Big banks have a range of accounts, credit cards, mortgages, loans and investment products under one roof. Many online banking platforms offer a narrower range of products and services, although this trend appears to be changing over time.
- Not good for managing physical cash. If you handle cash regularly, you’ll have a harder time making deposits and withdrawals to and from an online bank account. With non-bank financial apps, using cash is impossible unless you deposit it to your linked bank account first.
Top 3 Revolut Canada alternatives for money transfers
Revolut is popular as both a money management app and a money transfer service. The following apps offer either of these services with low or no fees and convenient mobile platforms for managing your account.
$0
Transfer Fees
Transfer Fees
24 hours
Fastest Transfer Speed
Fastest Transfer Speed
$200 – Unlimited
Transfer Amount
Transfer Amount
Send money in 50+ currencies from Canada with OFX, which is more than the 29 countries available through Revolut. Fix your exchange rate in advance when you make a money transfer, enjoy no maximum sending limits, and pay no transfer fees for transfers over $10,000.
- Go with this platform if you need to send a lot of money since OFX has no limit on how much you can send.
- Look elsewhere if you need to make a fast, time-sensitive transfer.
| Transfer Amount | $200 – Unlimited |
|---|---|
| Payout Method | Bank account |
| Pay By Method | Debit card Bank transfer |
| Transfer Methods | By phone call Through app Online |
From $0
Transfer Fees
Transfer Fees
Within minutes
Fastest Transfer Speed
Fastest Transfer Speed
$1 – $999
Transfer Amount
Transfer Amount
Remitly money transfer services focus on offering quick and easy ways of sending money abroad. It allows people in Canada, the US, Europe, Australia and the UK to send money to 100+ countries. If your country is supported, Remitly is a Revolut Canada alternative worth checking out. It has a 2-speed system which gives you the choice between speed and fees—depending on your transfer needs. But keep in mind, it only supports money transfers from 17 sending countries.
- Go with this platform if you're look for competitive exchange rates and a great promotional offer for first-time users.
- Look elsewhere if you need to send more than $60,000 or want to pay in cash.
| Transfer Amount | $1 – $999 |
|---|---|
| Payout Method | Cash pickup location Bank account Mobile wallet Home delivery |
| Pay By Method | Credit card Debit card Bank transfer |
| Transfer Methods | Online Bank Account to Bank Account |
From $0
Transfer Fees
Transfer Fees
Within minutes
Fastest Transfer Speed
Fastest Transfer Speed
$10 – No limit
Transfer Amount
Transfer Amount
RemitBee is a cross-border money transfer and currency exchange platform for personal and business users. Send money in 80+ currencies from Canada with RemitBee. RemitBee also offers a money-back guarantee.
- Go with this platform if you need to send a low cost transfer within 1-3 business days (or sometimes minutes).
- Look elsewhere if you need to send over $20,000 in one day.
| Transfer Amount | $10 – No limit |
|---|---|
| Payout Method | Cash pickup location Bank account Mobile wallet e-Wallet |
| Pay By Method | Debit card Bank transfer Interac e-Transfer Online bill payment Direct debit (EFT) Interac Online |
| Transfer Methods | Online |
Other money transfer services
If you were hoping to use Revolut in Canada as a money transfer service, you might also be wondering if some of these other popular money transfer services are available to Canadians.
Can Canadians use Cash App?
No, unfortunately, Cash App is not available in Canada.(3) It is only available to customers in the US and UK. If you’re looking for small, short-term loans similar to the Cash App Borrow feature, check out these alternatives already available in Canada in our full guide to loans like Cash App here.
Can Canadians use Venmo?
No, unfortunately, you cannot use Venmo in Canada. To use Venmo, you have to be located in the US and have a US phone number and bank account at a US bank.
Can Canadians use Zelle?
No, Zelle is not available in Canada. It is only available to people who have a US bank account. Typically, American banks require people to be a resident of the US to open an account, which means Zelle is not an option for most Canadians.
Top 4 Revolut alternatives globally
Best Revolut alternative in the US: Chime
Chime is a fintech app that offers many similar features to Revolut. Designed to make it easy and affordable to manage your money, the Chime mobile banking app has no monthly fees and no minimum balance requirements.
Fee-free overdraft protection of up to $200 is available, and Chime also provides access to direct deposits (like your paycheque) up to 2 days early. Chime also offers a savings account if you want to build a bigger bank balance, and a secured credit card if you’re looking to improve your credit score.
For more information, check out the Chime review on Finder USA.
Best Revolut alternative in the UK: Starling
Starling is an online-only bank aiming to shake things up in the traditional world of banking. It offers a personal account for GBP and euro customers, and it’s easy to open and manage your account via the Starling mobile app.
There are no monthly fees to worry about and your account comes with a linked debit card. App features include tools to categorize and track your spending, virtual piggy banks to help you squirrel away savings, and an overdraft facility. And if you ever have a problem with your account, you can rely on 24/7 UK-based customer support.
To find out more, check out the Starling Bank review on Finder UK.
Best Revolut alternative in Germany or Europe: N26
German neobank N26 is the best Revolut alternative in Europe. With the N26 Standard account you get a virtual card, mobile and contactless payments, and a suite of money management tools.
There’s no monthly fee to worry about, and you get 3 free ATM withdrawals per month. Upgrade to an account with a monthly fee to access features like a physical card, additional free ATM withdrawals at home and abroad, perks like travel insurance, and sub-accounts to help you organize your money.
Best Revolut alternative in Australia or New Zealand: Wise
Wise is well known for its international money transfer services, offering the mid-market exchange rate when you need to send money overseas. You can use a Wise account to send funds in 50 currencies, and you can hold funds in your account in major currencies like USD, GBP and EUR.
The Wise card linked to your account can be used to pay for purchases around the world, while you can easily manage your money online or via a mobile app. And if you need help, multilingual support is available 24/7.
For the full rundown of what Wise has to offer, check out the Wise review on Finder Australia.
Risks associated with sending money overseas
Each year, Canadian residents send more than $5 billion in cash transfers to friends and family overseas, according to Statistics Canada.(4) The average amount sent, in 2017, was just over $2,800. However, data from the Finder: Consumer Sentiment Survey Q1(5) shows that this amount increased in the last few years.
Survey results from more than 1,845 respondents show that the average value of an international wire transfer increased 65.5% from 2017 to 2023, to just over $4,635. Men were more likely to send a larger amount with the average money transfer sent by male respondents at just under $7,450, compared to just under $2,045 sent by female respondents.
One risk, when sending money overseas, is to pay for the service but to make a mistake on who and where to send the money. According to data from the Finder: Consumer Sentiment Survey Q1, 26% of respondents admitted to sending money to the wrong person overseas, at least once. While just over half (54%) were able to get the wire transfer money back, 46% were not.
Bottom line
Revolut is a powerful money management app that will hopefully return to the Canadian market soon. If you’d like to read more about it check out our full Revolut review here. While you’re waiting for it to come back to Canada, there are a host of competitive alternatives with features ranging from low (or no) fees, quick and easy transfers and rewards for spending and saving. Ultimately, the right option for you depends on what features you need the most.
Check out our guide to digital banking in Canada here to learn more about your options.
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