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Revolut alternatives in Canada

Looking for alternatives to Revolut? These digital banks and financial apps may be just what you need.

Popular UK spending and money transfer app, Revolut, is coming to Canada soon. In the meantime, check out these Revolut alternatives for managing your money and transfer funds across Canada and internationally.

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.

Using the Revolut app, customers can connect their bank accounts to a centralized dashboard to spend and transfer funds easily. 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.

Furthermore, 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 a number of other countries.

Customers can signup for Revolut‘s premium-tier service and receive a Revolut Metal Card, which comes with special perks like concierge services, cashback on international purchases, airport lounge access and travel insurance.

Revolut alternatives in Canada

Simplii High Interest Savings Account

0.1%
Interest Rate
$0
Account Fee
unlimited transactions
Transactions
  • Go with this platform if you want to earn interest on your account balance.
  • Look elsewhere if you don't want to online bank only.
Grow your savings by earning interest on every dollar in your Simplii High Interest Savings Account. This account has no minimum balance requirements and no monthly or transaction fees.
Minimum Age 18
Account Fee $0
Interac Fee N/A
NSF Fee

KOHO Earn Interest

1.2%
Interest Rate
$0
Account Fee
$0
Transactions
  • Go with this platform if you want a competitive interest rate on your savings plus cash back rewards on your purchases.
  • Look elsewhere if you don't want to set up direct deposit to start earning interest on your balance.
KOHO Earn Interest is a prepaid card account with a 1.2% on your savings plus 0.5% cashback rewards on your purchases. With no hidden fees, no account opening fee, no e-transfer fees, no minimum balance and no minimum deposits, KOHO Earn Interest is one of the top prepaid cards on the market today.
Minimum Age 18
Account Fee $0
Interac Fee $0
NSF Fee $0

Neo Financial High Interest Savings Account

1.3%
Interest Rate
$0
Account Fee
Unlimited, free
Transactions
  • Go with this platform if You want unlimited free transactions, zero NSF fees and streamlined mobile banking.
  • Look elsewhere if you want a more established financial management app with a larger number of customer reviews.
The Neo Financial High Interest Savings Account comes with a competitive interest rate. Start earning interest right away with no minimum deposit requirements or monthly account fees. Neo financial was founded in Alberta in 2019. Two of its three founders were co-founders of the popular food delivery app, Skip the Dishes.
Minimum Age 18
Account Fee $0
Interac Fee $0
NSF Fee $0

Other financial apps to consider

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.

XE Money Transfers

XE is a digital international money transfer service that offers bank-to-bank transfers in 98+ currencies with low transfer fees and easy online tracking. Most transfers arrive within the same business day.
  • Go with this platform if You want to send same-day, fee-free international money transfers over $500 (a flat fee of $4 applies for transfers under $500).
  • Look elsewhere if you want a bank account to manage your money, or you want to earn interest on your savings.

Stack Prepaid Mastercard

Stack offers an app that lets you load funds on to a prepaid credit card and manage your spending. The Stack Prepaid Mastercard can be used like a regular debit card or Debit Mastercard. Enjoy a $0 monthly fee, a $0 annual fee and get discounts and cash credits when you shop at partner stores.
  • Go with this platform if you want the convenience of a Debit Mastercard and the possibility of earning cash back on your purchases.
  • Look elsewhere if you want to send international money transfers or want to earn interest on your savings.

Advantages of money management apps

  • Low fees. Digital money management 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 is often passed on in the form of low fees and lower markups on exchange rates.
  • Great deals and rewards. Compared to the Big Banks, digital 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 any time, 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 a range of accounts, credit cards, mortgages, loans and investment products under one roof. Many digital money management 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 hard time making deposits and withdrawals to a digital bank account. With non-bank financial apps, it’s impossible to use cash unless you deposit it to your linked bank account first.

Compare digital banking apps

Name Product Interest Rate Promotional Interest Rate Min. Bal / Min. Deposit Account Fee
Simplii High Interest Savings Account
Simplii High Interest Savings Account
0.10%
2.20%
$0 / $0
$0
Earn 2.20% interest on eligible deposits until April 30, 2022. Conditions Apply.
KOHO Earn Interest
1.20%
N/A
$0 / $0
$0
Opt into earning interest for free and earn 1.2% on your entire balance in KOHO plus an additional 0.5% in cash back on every purchase you make.
Neo Financial High Interest Savings Account
1.30%
N/A
$0 / $0
$0
Get a competitive interest rate and unlimited free transactions with no monthly fees or minimum balances.
EQ Bank Savings Plus Account
1.25%
N/A
$0 / $0
$0
Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank.
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Compare up to 4 providers

Bottom line

Revolut is a powerful money management app that will soon make its debut on the Canadian market. But 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 learn more about digital banking apps in Canada.

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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