Alternatives to Revolut Business in Canada 2024
Looking for Revolut Business alternatives, to help you manage your money and make local and international payments?
Apps like Revolut are often specialists in their field, and can offer cheap and flexible business account products. However, if you’ve been eyeing up Revolut as an option for your Canadian business, you’re out of luck. At the time of writing, Revolut Business is not available in Canada.
The good news is that there are plenty of great alternatives in Canada, such as Wise and OFX. Here’s a look at some of the best Revolut Business alternatives to consider.
Key points: Alternatives to Revolut for Businesses in Canada
Here are the providers we will cover in this Revolut alternatives review:
| Provider | 💡 Great for |
|---|---|
| Wise Business | Businesses needing to hold and exchange 40+ currencies, with the mid-market rate and speedy transfers to 160+ countries |
| Payoneer | Businesses being paid online by bank transfer or card, looking for a multi-currency account with card issue options |
| Skrill | Online sellers who need quick checkout and shopping card services, with 40+ currencies supported |
| OFX Business | Online sellers taking payments in 7 major currencies from clients and marketplaces, and sending to others in 50+ currencies |
| Xe Money Transfer | Companies which need to send money abroad, even in exotic currencies, with payments more or less globally |
| WorldRemit | Businesses sending money overseas, looking for a range of pay in and pay out options which can include cash collection |
| TorFX | Businesses sending payments abroad, and looking for currency risk management solutions from a provider with award winning service |
Is Revolut Business available in Canada?
No. Revolut Business is not available in Canada.
There are, however, some great alternatives which can help you with multi-currency accounts and card services, low cost payments and more. Before you choose a business account it makes sense to check a few alternatives to see which may suit you best. There are a few great providers out there but each has its own features and fees - which means different customers may be drawn more to one or another.
Here’s a summary of alternatives that you can use in Canada:
Wise Business - accounts to hold and exchange 40+ currencies with the mid-market rate, international transfers to 160+ countries, from 0.29%
Skrill – hold and manage 40+ currencies, with lots of great tools for ecommerce sellers and digital businesses
Payoneer – 9 sets of local banking details available, with payment services to 200+ countries and territories
OFX for Business – hold and exchange 7 currencies, send payments all over the world with no upfront fee for high value payments, and get currency risk management solutions
XE Money Transfer - business transfers in 130 currencies, to 190+ countries, plus currency risk management solutions
WorldRemit – send payments to 130 countries, including cash collection options
TorFX - send payments 24/7 with risk management guidance, no transfer fees and competitive exchange rates
Alternatives to Revolut Business comparison
To help you decide if an alternative to Revolut suits your needs, we’ll describe 7 providers that compare to Revolut across account and money transfer features and fees.
We've taken into account their speed, transparency, ease of use and price when transferring money abroad, so you can see which suits your business needs.
| Provider | Business Account | Business Money Transfers | Business Debit Card |
|---|---|---|---|
| Wise Business | Hold and exchange 40+ with the mid-market exchange rate Local account details for 10 currencies No maintenance fees Batch payments, accounting integrations and a powerful API | Send to 160+ countries with the mid-market exchange rate and low fees from 0.29% 50% of transfers are instant, 90% arrive in 24 hours* | Business debit and expense cards available for business owner and team members |
| Skrill | Hold and manage 40+ currencies Focused on ecommerce sellers, with checkout, cart and digital wallet payment integrations | Exchange rates include a markup of up to 4.99% Some transfers have no upfront fee, depending on payment method | Available |
| Payoneer | Accounts available with 9 different sets of local banking details to get paid in foreign currencies Accounts aimed at digital commerce businesses Access working capital | Make payments to 200+ countries and territories Variable fees apply Exchange rates are likely to include a markup | Available - including additional cards for team members where needed |
| OFX Business | Hold and exchange 7 currencies Local account details for 7 currencies No maintenance fees Xero accounting integrations 24/7 phone support | Send in 50+ currencies Exchange rates include a small markup, transfers have no upfront fee for payments over 10,000 CAD Smaller value payments have a 15 CAD fee | Not available |
| Xe Money Transfer | Not available | Send to 190+ countries in 130+ currencies Competitive exchange rates and low fees | Not available |
| WorldRemit | Not available | Send to 130+ countries Business payments available in limited circumstances, when approved by WorldRemit | Not available |
| TorFX | Not available | Send money globally to a broad range of countries No transfer fee applies, exchange rates include a small markup | Not available |
Details correct at time of writing - 13th November 2024
*__The speed of transaction claims depends on individual circumstances and may not be available for all transactions
Let’s look at what we found out from the comparison table above:
- Wise Business: Wise can be a good Revolut alternative because it offers the mid-market rate on international transfers and 50% of Wise transfers get delivered instantly.
- Skrill: Skrill is a good alternative if you’re an ecommerce business looking for a holding account which comes with easy ways to get paid by customers around the world, with money transfers that have no upfront fee
- Payoneer: Payoneer can be a smart Revolut alternative to pay people in 200+ countries and territories, with variable fees - plus accounts also come with great features for digital businesses
- OFX Business: OFX Business is a good alternative if you like to transact by phone, as there’s a 24/7 support service, plus international transfers with no upfront fee if you send over 10,000 CAD
- XE Money Transfer: XE Money Transfer can be a good Revolut alternative if you’re sending payments in exotic currencies, or if you need currency risk management solutions
- WorldRemit: WorldRemit covers 130+ countries - which can make it a good Revolut alternative if your business payment is approved by the provider
TorFX: Consider TorFX as a Revolut alternative if you want to send money with no transfer fee, with award winning customer service
Let’s look at these alternatives in more detail. For convenience, we’ll look at alternatives in two sections for business accounts and for business money transfers.
Business Account Alternatives to Revolut Business
There are quite a few apps and sites like Revolut out there which could suit your business. Which is best for you depends on your personal preferences, and also whether you’re looking for a provider with a business multi-currency account, one which offers easy international transfers - or both.
Let’s take a look in more details at the best Revolut Business alternatives from our comparison table.
1. Wise Business Account
Hold and manage 40+ currencies, and switch between them online or in the Wise app using the mid-market exchange rate. There are no markups, just low, transparent fees from 0.29% whenever you exchange currencies in your account, send an international payment, or spend on your linked business debit card or expense card.
Use your Wise account to receive payments in 8+ currencies with local account details. You’ll also get handy business perks like batch payments, cloud accounting integrations, and a powerful API to automate workflow. Accounts can be opened online for a one time, low fee, with no monthly costs and no minimum balance requirements.
Best Features of Wise Business
Hold and exchange 40+ currencies with the mid-market exchange rate
Get local and SWIFT account details for 8+ currencies to get paid conveniently
Linked debit and expense cards available
Add team members and manage their user permissions so everyone has the tools they need to do their jobs
| Wise Business pros | Wise Business cons |
|---|---|
✅ Hold and exchange 40+ currencies ✅ Mid-market exchange rates ✅ Receive foreign currency payments and spend in 150+ countries with a Wise card ✅ Time saving business tools like batch payments available | ❌ Transaction fees apply ❌ No cash services available |
Wise Business vs Revolut Business
Depending on what your business needs, Wise Business could be a smart Revolut Business alternative. Wise Business accounts have a one time fee to get set up, but there’s no ongoing costs after that. You just pay for the services you use.
Wise currency exchange uses the mid-market exchange rate, with transparent fees - plus you can get local or SWIFT account details for 8+ currencies, which you can use to get paid by customers, marketplace sites and PSPs.
Learn more: Wise Business Account Review
2. Skrill
If you get paid online through an ecommerce store, Skrill may be a good fit for you. Integrate your Skrill account with your website to accept 100+ local payment methods in multiple currencies. You can hold and manage 40 currencies in your digital wallet, and make rapid bank transfers when you need to.
Skrill accounts come with multilingual customer support, chargeback protection, and a high level of anti-fraud measures across security, detection and prevention.
Best Features of Skrill Business
Hold and manage 40 currencies
Lots of different integration options if you’re an ecommerce seller
Great support and business service access
| Skrill Business pros | Skrill Business cons |
|---|---|
✅ Good options for online sellers and ecommerce stores ✅ Hold and exchange 40 currencies ✅ Take customer card payments ✅ Chargeback protection and fraud management tools | ❌ Fee schedule may include admin and service fees, depending on how you use your account ❌ Fairly high international transfer costs at 4.99% |
Skrill vs Revolut Business
Skrill might be a good Revolut Business alternative if you’re in Canada and trade online either through your own website or through a marketplace. There are lots of tools to take customer payments, which don’t need a high degree of technical knowledge and which can streamline the processes of running an ecommerce store.
3. Payoneer
Open your Payoneer account to get local bank details in 9 currencies so you can get paid by customers, or through third party sites. Payoneer targets its services at digital commerce businesses, making this a good Revolut alternative if you sell online. You can send payments to 200+ countries and territories and make payments to other Payoneer customers for free.
Other business friendly perks are available, such as making batch payments and accessing other business support like loans for working capital.
Best Features of Payoneer Business
Get local banking details in up to 9 currencies
Access working capital to boost your business
Accounts come with features aimed at digital commerce businesses
| Payoneer Business pros | Payoneer Business cons |
|---|---|
✅ Receive payments in 9 currencies ✅ Get debit cards for yourself and your team ✅ Low exchange rate fee of 0.5% in most cases ✅ Optimized for digital businesses | ❌ Annual account and card fees apply ❌ Transaction fees apply, which can be complex |
Payoneer vs Revolut Business
Payoneer has tailored its services to digital businesses which need to take online customer payments, including bank transfers in a range of currencies and customer card payments. There are ways to avoid some of the ongoing fees with Payoneer as well, which might make this a good Revolut Business alternative if you’re an ecommerce seller working across multiple currencies.
4.OFX Business
OFX is a currency specialist, offering international payments for individuals and businesses, as well as currency risk management products and multi-currency accounts for business owners and ecommerce sellers.
You can get local banking details in 7 currencies, so you can get paid by individuals or through marketplace platforms and PSPs, and use your funds to send payments locally and internationally, with no upfront fee for cross border transfers.
OFX has a 24/7 phone service, which sets it apart if you like to talk things through before you make a payment or access currency risk management tools.
Best Features of OFX Business
Hold and exchange 7 currencies, with local bank details available
Access currency risk management solutions
Accounts target ecommerce sellers
24/7 phone support available
| OFX Business pros | OFX Business cons |
|---|---|
✅ Local account details for 7 currencies to receive and gold foreign payments ✅ No set up or ongoing fees ✅ Currency risk management solutions ✅ Manage your money online, in app, and by phone | ❌ No debit cards ❌ Exchange rates include a markup |
OFX Business vs Revolut Business
OFX Business accounts are targeted to ecommerce sellers and online businesses mainly, with local account details you can use to get paid in 7 currencies. If you need to make a payment, you’ll be able to send money to a broad range of countries, with no upfront transfer fee.
OFX also stands out thanks to its 24/7 phone support option, and the access you’ll get to currency risk management tools.
Learn more: OFX Business Account Review
Online Business Payment Alternatives to Revolut Business
Maybe you don’t need a full international business account just yet - but you do need to make occasional payments in foreign currencies. There are some great providers to help here too. Pick the right provider and you’ll also benefit from a great exchange rate.
Here are 5 ways to make payments to foreign contractors:
1. Xe Money Transfer
Xe is a well known money transfer service and part of a large international network, offering transfers for Canadian businesses to 190+ countries, in 130+ currencies.
You can arrange your payment online or in the Xe app, with variable fees and competitive exchange rates. Xe also offers great resources for tracking and reviewing exchange rates, and currency risk management solutions for businesses.
Best Features of Xe Money Transfer
Send immediate or future dated transfers
Currency risk management solutions available
Personal service from a business account manager
| Xe Business pros | Xe Business cons |
|---|---|
✅ Send to a wide range of countries and currencies ✅ Sophisticated currency risk management solutions ✅ ERP integrations ✅ Live and historic currency data available | ❌ Exchange rates include a markup ❌ Transfer fees apply |
Xe vs Revolut Business Money Transfers
Canadian businesses can send money to more or less every corner of the world with Xe. Services are available online and in app, and can include more complex products like currency risk management solutions, forward contracts and limit orders.
Xe may be a good Revolut Business alternative if you’ve got a larger and more complex business and want to integrate payments with your ERP for easier management.
2. Wise Business Money Transfers
Wise offers business money transfers to 160+ supported countries, in over 40 currencies. Wise has its own payment network which means it can offer super fast transfer times. In fact, 50% of payments can be instant, and 90% get there in 24 hours - great if you’re in a hurry.
Set up your transfer online or in the Wise app, and see instantly how much you’ll pay, what the recipient will get, and the rate that applies. You can even access a comparison tool which shows if Wise is the best bet for your transfer - if other providers are cheaper you’ll also be shown, so you can pick the best option for your specific needs.
Best Features of Wise money transfer
Currency exchange uses the mid-market exchange rate
Low fees from 0.29%
Fast delivery times - payments can even be instant
| Wise Business pros | Wise Business cons |
|---|---|
✅ Mid-market rates with transparent fees ✅ Fast or even instant payments ✅ 160+ countries supported for transfers ✅ Send in 40+ currencies, pay by bank transfer, card or using a wallet like Apple Pay | ❌ Variable transfer fees ❌ No cash collection option |
Wise Business vs Revolut Business Money Transfers
Wise Business money transfers are a good alternative to Revolut if you’re a Canadian business owner sending money to any of the 160+ supported countries.
Wise uses the mid-market exchange rate and offers fee discounts if you send large amounts of money regularly, which can mean it presents even better value.
Learn more: Wise
3. WorldRemit Business Money Transfers
While WorldRemit works primarily in personal payment services, you can send money on behalf of your business if you get approval from WorldRemit. If this suits you, you’ll then be able to access differentiated services which include cash payout options - not normally available through providers which support business services.
Best Features of WorldRemit money transfer
Cash collection options available
Good selection of supported countries
Arrange your payment online or in app easily
| WorldRemit Business pros | WorldRemit Business cons |
|---|---|
✅ Easy online and in app payments ✅ Pay out options can include cash collection ✅ Send to 130+ countries ✅ Some transfers can be very fast | ❌ Not all business payments are supported ❌ Exchange rate markups apply |
WorldRemit vs Revolut Business Money Transfers
WorldRemit stands out against Revolut if you need to get money to someone in cash. While not all business payments are possible with WorldRemit this could be handy if you’re paying a supplier, contractor or team member who does not have easy access to a bank account or ATM, or in an emergency.
4. OFX Business Money Transfers
OFX business payments are aimed at online sellers, small to medium businesses, and companies which need a foreign exchange partner.
Different products and services are available depending on your specific needs, and include international transfers which come with no upfront transfer fee for high value payments, and reasonable exchange rates. Payments can be arranged to 190 countries, and in 50 currencies or more - with a 24/7 service available for customers.
Best Features of OFX money transfer
190 supported countries, with 50+ currencies available
Make your payment by phone if you’d prefer
No upfront transfer fee over 10,000 CAD, and exchange rate markups can be lower than those used by banks
| OFX Business pros | OFX Business cons |
|---|---|
✅ Send in broad range of currencies to many countries ✅ Payments usually arrive in 1 or 2 business days ✅ Specialist service with phone support if you need it ✅ Competitive exchange rates | ❌ 15 CAD for payments under 10,000 CAD ❌ Not all payments can be arranged online - you may need to call |
OFX vs Revolut Business Money Transfers
OFX business transfers can be sent to many countries, with no fee for payments of over 10,000 CAD. Exchange rates include a small markup, and transfers usually deposit in the recipient’s account in a day or two.
5. TorFX Money Transfer
TorFX is a UK based business which offers personal and business services globally, including international money transfer with no upfront fee. You’ll pay a small markup which is included in the exchange rate you’re quoted instead.
TorFX offers services online and by phone and has a reputation for excellent customer service. Currency risk management products are also available.
Best Features of TorFX
Renowned for great customer service
No transfer fee and competitive exchange rate
Send in about 50 currencies
| TorFX Business pros | TorFX Business cons |
|---|---|
✅ Send in around 50 currencies to many countries ✅ No transfer fee ✅ Great reputation for customer service and security ✅ Currency risk management services available | ❌ Exchange rates include a markup ❌ No holding or receiving account services |
TorFX vs Revolut Business Money Transfers
TorFX could be a Revolut alternative if you’re sending to a supported country and want to make a payment with no upfront transfer fee.
There might still be costs to pay in the exchange rate but you can easily check and compare the rate you’re quoted against others to gauge the value.
Key Takeaways on Revolut Business Alternatives
Wise Business – hold and exchange 40+ currencies with the mid-market rate, get local and SWIFT account details for 8+ currencies and make international transfers to 160+ countries, from 0.29%
Skrill – 40+ supported currencies, with lots of great tools for ecommerce sellers and digital businesses
- Payoneer – banking details available for 9 currencies, with payment services to 200+ countries and territories
- OFX for Business – 7 currencies with local bank details, send payments all over the world with no upfront fee, and get support 24/7 on the phone
Xe Money Transfer – transfer to almost any country in the world, in even very exotic currencies, with currency risk management solutions also available
- WorldRemit – send payments to 130 countries, including cash collection options - advance approval may be required for business payments
- TorFX – international payments supported on a large number of global routes, plus currency risk management solutions and an excellent reputation
Conclusion: What is the best alternative to Revolut Business?
Moving your business account online is a smart idea for many entrepreneurs. You’ll be able to access and manage your money from home, from the office, or on the go via your provider’s app - and online providers can often offer low fees and flexible services too.
Providers like Wise and OFX can support business owners with great digital accounts which can be used to get paid, send money, hold and exchange around the world - perfect if your business is expanding internationally.
Or, if you’re looking for a Revolut Business alternative for money transfers, check out options like OFX, WorldRemit, Xe and Wise. Transfers can be made quickly, and often with low fees and a good exchange rate.
FAQs on Revolut Business Alternatives
If you’re looking for an alternative to Revolut card in Canada, this guide might help you: Revolut alternatives in Canada
Which provider is the best to open a business account with?
There’s no single best business account provider. Online and digital business accounts can make sense, as they’re flexible, and can be managed on the move. Often you’ll find they also have lower fees compared to banks. Check out options like Wise and OFX to see if any suit your specific needs.
What is the best money transfer company for business payments?
The best money transfer service depends on the specific payment you’re making - as well as your personal preferences. Check out a few Revolut alternatives, like Wise, OFX and WorldRemit, to see which works best for you.