Best 3 Revolut Canada alternatives (+ top substitutes) in June 2023

Although Revolut stopped operating in Canada as of March 2021,⁽¹⁾ there are other online banking options Canadians can choose if they want an alternative to the Big Five Banks. Check out these other online banks offering features and accounts comparable to Revolut Canada.

Top 4 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:

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Simplii No Fee Chequing Account

0.01%
Interest Rate

$0
Account Fee

$0
Transactions

• Pros and Cons
• More Info
• Details

• Earn a welcome bonus of up to $400
• Enjoy unlimited free transactions and e-Transfers
• No monthly account fee
• Simplii's online banking platform is convenient and secure
• Earn 0.01% to 0.1% interest on your balance
• No minimum deposit requirements
• Earn a referral bonus

• You can only earn the welcome bonus if you're a new Simplii customer
• Residents of Quebec cannot open a Simplii account

The Simplii No Fee Chequing account comes with no monthly account fee, no transaction fees, no e-Transfer fees, no minimum deposit requirements and a chance to earn interest on your account balance — and a welcome bonus. Simplii Financial's online banking is fast, secure and convenient.

Minimum Age	18
Account Fee	$0
Interac Fee	$0
NSF Fee

Go to site Read review

EQ Bank Savings Plus Account

2.5%
Interest Rate

$0
Account Fee

$0
Transactions

• Pros and Cons
• More Info
• Details

• 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

• You can only hold up to $200,000 in your account
• No bonus interest rate offered
• Residents of Quebec cannot use EQ Bank

Enjoy zero everyday banking fees, free transactions and no minimum balance. You'll earn 2.5% interest on your savings.

Minimum Age	18
Account Fee	$0
Interac Fee	$0
NSF Fee	$0

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KOHO Save

2%
Interest Rate

$0
Account Fee

$0
Transactions

• Pros and Cons
• More Info
• Details

• Earn 2% interest
• Earn CashBack rewards
• Get a prepaid card
• Unlimited Free transactions
• No minimum balance required

• Interest rate and account fee differs depending on your plan
• You'll need to load money onto your prepaid card

KOHO Save is a prepaid card account where you can earn 2% interest on your savings, plus 1% cashback rewards on any purchases you make. With no hidden fees, no e-transfer fees, no minimum balance and no minimum deposits, KOHO Save is one of the top prepaid cards on the market today.

Minimum Age	18
Account Fee	$0
Interac Fee	$0
NSF Fee	$0

Read review

Tangerine Savings Account

5% for 5 months,
1% thereafter
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

You'll earn 5.00% for 5 months on your savings, and then an on-going interest rate of 1%. Tangerine also offer on-going higher interest rates for existing customers, which means you can occasionally accelerate your savings with a higher interest rate.

• $0 account fee
• $0 transactions
• N/A Interac eTransfers
• Earn 5.00% for 5 months interest on your balance, and 1% 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. 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.

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.

Is Revolut available in Canada?

No, Revolut is no longer available in Canada. It first came to Canada in November 2019 with a limited offering of financial products. However, 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 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.

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 Neo Financial, 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.

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.

• I'm soon visiting Canada, will Revolut be ok for the trip?

  This is a great question asked by Reddit user, matalke. The short answer is: Yes! You can absolutely use Revolut when travelling to Canada. You can use your Revolut card at any store or website that accepts Visa and Mastercard, just like you would at home. You’ll be charged the real exchange rate plus any applicable fees.

  If you exceed your monthly withdrawal limit, you’ll be charged an exchange fair usage fee of 1.0% for the Standard plan and 0.5% for the Plus plan. You might also be charged a fee if you attempt to exchange money outside market hours (like on weekends or in the evenings).

  You can see a full breakdown of the exchange costs in the Revolut app before making a payment.

• Can I use Revolut after moving to Canada?

  WorldPlastic2194 asked if it’s possible to keep using Revolut when moving from the EU to Canada. Unfortunately, since Revolut is not offered in Canada and your account is linked to your permanent address, you’ll have to close your Revolut account and open a new account based on your new Canadian address.

  The only way to keep your Revolut account open is if you plan to split your time between the EU and Canada and keep your EU home address active. However, if you plan on spending a lot of time in Canada, opening a Canadian bank account is still advisable. You can check out our guide to the best banks in Canada for newcomers to learn more about your options.

• I'm expecting a money transfer from Canada. How long does it take?

  Curious about the timeline for a money transfer from someone in Canada to their Revolut account based in another country, samwell0505 asked the Reddit community. According to Revolut, international SWIFT transfers to a Revolut account can take up to five business days to process. That time frame begins when the sender’s bank initiates the transfer, which often happens instantly but could delay the transfer beyond the standard five-day processing time.

• How can my family transfer money to me from Britain to Canada?

  For those with family members outside Canada, thatirishdave asked if it were possible to send money to Canada using Revolut from another country, such as Ireland or England. Unfortunately, the short answer is: No! Revolut doesn’t work in Canada, which means your family will have to use another method to transfer the money. Good Revolut alternatives that work in both England and Canada are XE Money Transfers and Wise (TransferWise).

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 and money management apps 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. If you pick an online-only bank, 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.

Other money transfer services

If you were hoping to use Revolut as a money transfer service, you might also be wondering if some of these other popular money transfer services are available in Canada.

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.

• What is Cash App?

  Cash App is a finance app similar to Revolut that provides peer-to-peer money transfers, everyday banking and investing services to customers 13 years of age or older in the US and the UK. Cash App does not work in Canada.

  Once your Cash App account is created, you can link it to your bank account, credit card or debit card. At that point, you can send and request payment to and from other Cash App users with their phone number, email, $cashtag or via a QR code directly in the app. Cash App allows you to send or receive money, stocks, or bitcoin within the app.

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.

• What is Venmo?

  Similar to Revolut, Venmo is a US-based, peer-to-peer money transfer app that allows you to send and request money from other people after you’ve created a Venmo account and linked your bank account. You can send or receive money using the recipient’s username, phone number or email address. You can use the Venmo app to split a restaurant or utility bill, pay back a friend, or make purchases.

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.

• What is Zelle?

  Zelle, like Revolut, offers the option for peer-to-peer money transfers through its US-based payment processing network.

  Zelle is available either through partnered mobile banking apps or as a standalone app. As long as both the sender and recipient have accounts with Zelle-partnered banks, they can transfer money instantly using their email or phone numbers. However, if either of you isn’t a member of a participating bank, you’ll have to transfer money through the standalone Zelle app, which can take up to three days to process.

Best substitutes: 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.

Go to site
More info

OFX

Send money in 50+ currencies with OFX. 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.

Go to site
More info

Wise (TransferWise)

Wise (TransferWise) offers a user-friendly app where you can transfer money both domestically and internationally to 110+ countries with no markup on the exchange rate. It also offers a multi-currency account that lets you make purchases and receive funds in 10 currencies, including CAD, USD, GBP and euros.

• Go with this platform if you want the convenience of holding multiple currencies in an account to make purchases, send money and receive funds.

• Look elsewhere if you want to earn interest on your savings.

What countries have Revolut Bank?

Revolut currently operates in the following countries:

• European Economic Area (EEA)
• Australia
• Singapore
• Switzerland
• Japan
• United Kingdom
• United States

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 online banking apps in Canada here to learn more about your options.

Revolut Canada alternatives FAQ

• Is Revolut available for Canadians?

  The Revolut app is still available for Canadians to download on iOS, but you won't be able to open any accounts. If you have a Revolut account based in another country, you'll be able to use your Revolut card in Canada like you would in any foreign country.

• Does Revolut work in Canada?

  As long as you have an open Revolut account, you can use your Revolut card anywhere that Visa and Mastercard are accepted in Canada.

• How much can you withdraw from Revolut Canada?

  You won't be able to withdraw or deposit money from Revolut Canada because Revolut has pulled out of the Canadian market.

• Is Revolut an actual bank?

  While Revolut offers non-Canadians the ability to manage some banking products, it is not technically a bank. It allows users to use a centralized dashboard to spend and transfer funds between accounts. Revolut is a trustworthy financial institution with an average rating of 4.3 stars out of 5 based on more than 130,000 customer reviews on Trustpilot.

• How do I get a Revolut card?

  Outside of Canada, where Revolut is available, users can get a Revolut Metal Card when they signup for Revolut's premium-tier service. This tier also comes with special perks like cashback on international purchases, exclusive concierge services, airport lounge access and more.

• When is Revolut coming to Canada?

  UK spending and money transfer app Revolut has still not given a launch date for its Revolut Canada product. In the meantime, you can check out these Revolut alternatives here, which offer similar features and accounts and are now available in Canada.

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