Top 5 Revolut Alternatives in Canada 2024
Revolut is a financial technology company which offers multi-currency accounts and cards for customers in many regions globally, including the US, UK, EEA, Australia and Singapore.
However, at the time of writing, Revolut is not available to customers with a registered address in Canada.
Where it’s available, Revolut serves personal and business customers with a selection of digital accounts, including some with no ongoing fees. For the time being, if you’re in Canada you’ll need to pick a Revolut alternative if you want to hold foreign currencies, get cash back or to manage your money from your phone.
The right Revolut alternative for you will depend on the services you need. This guide covers 5 great Revolut alternatives like Wise and KOHO, suited to different customer needs.
In our comparison we discovered that:
Wise - offers a powerful multi-currency account with no ongoing fees, which you can use to hold and exchange 40+ currencies, and spend with linked Wise card
KOHO - has 4 different account plans, including some with monthly fees which waive foreign transaction charges
Neo Financial - provides several good accounts with payment cards which offer cash back, with or without a monthly fee
EQ Bank - has personal accounts with no foreign transaction fee making this a good choice for CAD spending overseas
Canada Post Cash Passport - supports 7 currencies and can be used for spending around the world
Is Revolut available in Canada?
At the time of writing, Revolut is not available for customers based in Canada.
Revolut is a financial app which has millions of customers in the countries and regions in which it offers services.
Where it’s offered, Revolut accounts can hold 25+ currencies, and come with linked debit cards for spending and withdrawals globally. You can choose from several account plans which offer different features and fees, depending on your spending needs.
Revolut is still expanding to new countries around the world, so it’s worth keeping an eye out to see if it appears on the Canadian market. However, for now, you’ll need to choose a Revolut alternative. As the alternative you need could vary depending on how you want to transact and what matters to you in a digital account, we’ve picked out several different options you can compare, each with their own unique features.
Online banks like Revolut in Canada: A comparison
This guide walks through 5 alternatives you might want to consider instead of Revolut. These are digital account and card providers, which include banks, non-bank alternatives - and even Canada Post.
We’ve picked out a selection of different options, each with their own unique features, so you can choose the best Revolut alternative for you, depending on the types of transaction you need to make.
| Provider | Best features | Account and card | Fees |
|---|---|---|---|
| Wise | Accounts support 40+ currencies with mid-market rates and no foreign transaction fee | No ongoing account fees, with Wise international debit cards you can use globally | Free to spend a currency you hold, exchange fees from 0.43% for currencies you don’t have in your account |
| KOHO | 4 different account plans with different features and fees | Accounts hold CAD, and all come with a linked debit card and variable cash back up to 5%, based on account type | Account monthly charges from 0 CAD - 19 CAD 1.5% foreign transaction fee for Easy and Essential plans |
| Neo Financial (Neo Money Account and Card) | Innovative digital provider with accounts, investments, credit services and cards | Neo Financial offers various accounts including the Neo Money Account and Card which can come with or without monthly fees and which offers a good Revolut alternative | 4.99 CAD monthly fee for the Premium Neo Money card 2.5% foreign transaction fee |
| EQ Bank (Personal Accounts) | Backed by Equitable Bank, EQ offers Personal Accounts, Joint Accounts and more | EQ Personal Accounts come with linked debit cards and very few fees | No foreign transaction fee No ongoing fees |
| Canada Post Cash Passport | Multi-currency digital account with a card you can collect instantly in a Post Office branch | Hold 7 currencies and spend any currency you hold overseas easily | 15 CAD order fee 2.8 CAD monthly inactivity fee may apply after 12 months 1.5% fee to spend in Canada 3.25% foreign transaction fee applies if you don’t have the currency needed |
Here’s a quick summary:
Wise - a good alternative to Revolut if you want a flexible multi-currency account and card with no ongoing fees
KOHO - a good alternative to Revolut if you want to earn cash back as you spend with your card
Neo Financial - a good alternative to Revolut if you want a choice of card types, including one with no ongoing fees
EQ Bank - a good alternative to Revolut if need a debit card linked to a CAD personal account with no foreign transaction fee
Canada Post Cash Passport - a good alternative to Revolut if you want a multi-currency card you can collect in person, instantly
1. Wise
Wise offers multi-currency accounts and linked debit cards which can hold and exchange 40+ currencies, with the mid-market rate and low fees from 0.43%. You can open an account for yourself or your business, with no ongoing fees to pay.
Manage your money online or in the Wise app, send payments to 160+ countries, and spend in 150+ countries globally with your Wise card. Accounts offer local details to get paid for low or no fee from around the world, in several major currencies including CAD, USD, GBP and EUR.
You’ll also get some free ATM withdrawals monthly and there’s no minimum balance to maintain, making this a flexible account for occasional or everyday use.
Best Wise features
Wise multi-currency account supports 40+ currencies for holding and exchange
Debit card available, with expense cards to issue to team members for business customers
Fees are transparent and split out from the exchange rates you get, making it easy to see what international transactions cost you
Exchange rate - all currency exchange uses the mid-market exchange rate
Wise business account available, for Canadian registered businesses, freelancers and sole traders
| Wise pros | Wise cons |
|---|---|
| ✅Accounts support 40+ currencies ✅ Debit cards have no foreign transaction fee ✅ Mid-market exchange rates ✅ Send money overseas to 160+ countries | ❌ Transaction and currency conversion fees apply ❌ No cash back option |
Is Wise available in Canada?
Yes, Wise is available in Canada. You can open a Wise multi-currency for personal use or for your business, get a linked Wise debit card, and send money to 160+ countries with Wise.
2. KOHO
KOHO is a Canadian provider of account services and payment cards, with several different digital account products available for personal use. All accounts come with cash back on card spending, but the exact details of the account and card will depend a lot on the tier you select. You can choose an account with no monthly fee but with more limited features, or trade up to get more options and pay a monthly fee of up to 19 CAD.
Best KOHO Features
Choose from 4 different account types depending on spending needs and preferences
Account plans with no ongoing fees are available - just pay for the services you need
All accounts come with cash back on card spending
If you choose an Extra or Everything account there’s no foreign transaction fee
| KOHO pros | KOHO cons |
|---|---|
✅4 different account tiers ✅All accounts have a linked card ✅Some accounts have no foreign transaction fee ✅Earn cash back of up to 5% on all spend ✅Extras like credit building services available | ❌ Monthly fees of up to 19 CAD ❌ 1.5% foreign transaction fee applies unless you have an Extra or Everything account |
3. Neo Financial
Neo Financial is a financial technology company which offers credit services, investments, cards, and different account plans which come with their own features and fees. As a Revolut alternative we picked out the Neo Money account and Neo Money card. You can earn cash back on your spending, and if you choose to upgrade to an account plan with a monthly fee you’ll unlock more benefits too. Accounts pay interest, so there’s a decent chance you can earn both when you spend and when you save.
Best Neo Financial features
Lots of different accounts and services available including Neo Money accounts which we selected as a good Revolut no-fee chequing account alternative
Debit cards available, including some with no ongoing charges
Fees include a 2.5% foreign transaction fee and monthly fees for the Premium Neo Money card
Exchange rate includes a foreign transaction fee
Business solutions including BaaS and card services are available - contact Neo Financial to learn more
| Neo Financial pros | Neo Financial cons |
|---|---|
✅ 2 different Neo Money cards available, as well as many other account products and services ✅ Earn cash back on Neo Money card spending ✅ Cards are available with no monthly fee ✅ Neo Money accounts may pay interest depending on the product selected | ❌ Monthly fees apply to upgrade to a Premium Neo Money card ❌ 2.5% foreign transaction fee |
4. EQ Bank
EQ Bank is backed by Equitable Bank and offers personal and business services in Canada. EQ Personal Accounts hold CAD and come with linked debit cards you can use at home and abroad. There are no EQ Bank foreign transaction fees when you use your card overseas, making this our pick as a potential Revolut alternative.
Best EQ Bank features
Personal, joint, savings and USD account options available
Debit card available with very few charges
Low fees - personal accounts have pretty much no ongoing fees to worry about
No foreign transaction fees
Business account available
| EQ Bank pros | EQ Bank cons |
|---|---|
✅ Several different account and card options ✅ No foreign transaction fee ✅ Personal accounts have very few charges to worry about ✅ Backed by Equitable Bank | ❌ Accounts can not hold foreign currencies ❌ Not all account features available in Quebec |
5. Canada Post Cash Passport
Our final choice as a Revolut alternative is the Canada Post cash Passport which might be a good choice if you want a card you can get instantly, which offers multi-currency holding options. You can hold and exchange 7 currencies, and there’s no extra fee to spend internationally as long as you have the currency you need in your account already. It’s worth noting that a few fees do apply including charges for using the card in Canada.
Best Canada Post Cash Passport features
Multi-currency account supporting 7 major currencies
Debit card available
Fees - 15 CAD order fee; 2.8 CAD monthly inactivity fee may apply after 12 months; 1.5% fee to spend in Canada
Exchange rate - a 3.25% foreign transaction fee applies if you don’t have the currency needed
Business account services not available
| Canada Post Cash Passport pros | Canada Post Cash Passport cons |
|---|---|
✅ Get a card instantly at a Post Office branch ✅ Supports 7 currencies for global spending ✅ Secure and easy to use ✅ No fee to spend a currency you hold | ❌ 15 CAD order fee ❌ 3.25% foreign transaction fee |
Cards like Revolut
Where services are available, Revolut accounts are offered across several different plan types. Some have no ongoing fees, but more limited features, while others have monthly charges but come with more perks. All accounts come with cards, which often offer some no-fee ATM withdrawals. The Revolut alternatives we’ve picked out all also have cards for spending and withdrawals - but the right one for you might vary based on the type of transactions you make frequently.
Need a Revolut card alternative? Here’s a summary of the cards offered by the providers we looked at earlier as a reminder and comparison:
Wise - spend globally with the mid-market rate, low conversion fees from 0.43%, and no ongoing card costs. Learn more: Wise card review
KOHO - choose from 4 different cards, and earn up to 5% cash back depending on the plan you select. Higher tier cards have no foreign transaction fees
Neo Financial - earn cash back on spending - upgrade to a Premium Neo Money card for get even higher earning rates
EQ Bank - cards can offer no foreign transaction fee and more or less no other ongoing charges to worry about
Canada Post Cash Passport - hold 7 currencies which you can spend overseas conveniently
Online banking apps like Revolut
Let’s round out our review with a comparison on each of our chosen alternatives against Revolut, and a few final words on why we’ve selected them.
Wise vs Revolut
Thinking of Revolut because of the multi-currency features on offer? Try Wise instead if you need an account to spend internationally, with no ongoing fees and some free international ATM use.
Wise accounts can hold 40+ currencies and have no ongoing fees
There’s no foreign transaction fee to pay and currency conversion uses the mid-market exchange rate
Get some free ATM withdrawals globally every month
KOHO vs Revolut
If you were considering Revolut because of the choice of different card and account tiers, KOHO may be a good alternative for you. Check out Revolut if you’re mainly interested in choosing the right account tier for your needs, with a card for spending and withdrawals which comes with cash back.
KOHO has 4 different card and account plans, including some with no monthly fees
Extra and Everything accounts have no foreign transaction fees
Get up to 5% cash back on spending, as well as optional extras like credit building services
Neo Financial vs Revolut
In some countries, Revolut accounts which have monehly fees may also offer cash back on card spending. Compare Neo Financial to Revolut if your priority is getting cash back on your card spending, and you don’t mind paying a monthly charge.
Earn cash back on your card spending, including higher rates if you upgrade your account to a monthly fee option
Lots of different account and card types offered so you can compare and select
Business solutions including BaaS and card services are available
EQ Bank vs Revolut
Mainly expect to manage your mnoney in Canadian dollars? EQ Bank might be a great Revolut alternative for you if you want a low cost, low commitment CAD account with no extra fee for international use.
No foreign transaction fee to pay when using your card abroad
Backed by Equitable Bank
Different account options available including personal, joint and USD accounts
Canada Post Cash Passport vs Revolut
Revolut cards are good for overseas spending. Take a look at the Cash Passport if you want a multi-currency account for overseas use, and don’t have time to wait for a card to arrive by mail.
Multi-currency account which supports 7 currencies
Get a card instantly by calling into a Post Office branch
No fee to spend a foreign currency you hold in your account
Does Revolut work in Canada?
Revolut is not available in Canada. If you’re a Canadian resident, you can look at alternatives like Wise and KOHO.
However, if you already have a Revolut card, you can use it for spending and withdrawals in Canada.
Are these Revolut alternatives safe?
Yes. All the providers we’ve picked as Revolut alternatives are safe. Some are backed by major Canadian banks - others are financial technology companies which may be licensed and regulated slightly differently, but which still need to follow stringent rules to keep customers and their money safe.
Revolut alternatives in Canada: Conclusion
Revolut offers powerful international accounts and cards which let you hold, exchange, send and spend 25+ currencies. However, Revolut has not yet rolled out services to Canadian customers - which means you need a Revolut alternative.
The best Revolut alternative for your needs will depend on how you want to transact. If you need to send and receive foreign currencies, or you’d prefer an account with no foreign transaction fee you might like Wise as a Revolut alternative. Or, if you’re more concerned about earning cash back you may decide to look at Revolut vs KOHO or Neo Financial.
Use this guide to help you pick a Revolut alternative which might suit your needs - whether that’s for international transactions with low or no fees, or to get cash back as you spend with your card.
Apps like Revolut in Canada FAQs
Can I open a Revolut account in Canada?
You can’t open a Revolut account in Canada. Revolut is not yet available for Canadian residents. Instead you can open a Wise or KOHO account in Canada.
What is the best alternative to Revolut in Canada?
Revolut is not available in Canada - and there’s no single best Revolut alternative, as what suits you will depend on how you like to transact. If you’re considering a Revolut alternative to cut out foreign transaction fees you might like Wise or the Canada Post Cash Passport for example, while other Revolut alternatives like Neo Financial could be a good bet for people looking for cash back options for card spending.
What is the catch with Revolut?
Revolut is a reputable and trusted provider - but the catch is that it’s not yet available in Canada. The good news is that there are plenty of providers on the Canadian market which can help instead. Use this guide to check out Revolut alternatives to see if there’s something better for you out there, such as Wise for multi-currency features or KOHO for cash back on card spending.
When is Revolut coming to Canada?
When Revolut is going to be available in Canada is not yet known. Currently, Revolut is available in the European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, the United Kingdom and the United States.