What Is Revolut? Top Alternatives in Canada for Banking & Cards

Have you heard of Revolut, the global fintech superstar? It’s revolutionized banking for millions worldwide with its innovative cards and app. But if you’re in Canada, you’ve likely discovered Revolut isn’t available here – frustrating, right? The good news is there’s a practical workaround: find a Revolut alternatives in Canada. In this post, we’ll introduce you to the top banking and card services in Canada that offer Revolut-like perks, so you won’t miss out.

What Is Revolut?

Revolut is a UK-based financial technology (“fintech”) company that was founded in 2015. It began as a mobile app aiming to disrupt traditional banking by offering a convenient, all-in-one platform for money management. Through Revolut’s smartphone app, users can handle multiple financial tasks seamlessly – from everyday budgeting and spending insights to holding multiple currencies for travel or international transactions.

With Revolut, you can easily handle your finances with features tailored just for you. Hold balances in multiple currencies and send money abroad effortlessly, enjoying low fees and real-time exchange rates. Interested in crypto? You can buy and sell popular cryptocurrencies like Bitcoin directly in the app—just as easily as exchanging regular currencies. Revolut also provides personalized debit cards, both physical and virtual, including premium options that you can manage entirely from your smartphone and use anywhere worldwide. Plus, handy mobile money management tools help you keep track of your spending, set budgets, and receive instant notifications, so you’re always in full control of your finances.

Is Revolut Available in Canada?

Does Revolut work in Canada? No – Revolut is not currently operating in Canada. The company launched a beta version of its services in Canada in 2019, but it withdrew from the Canadian market by March 2021. In an email to users, Revolut announced it was discontinuing its Canadian beta and shut down all accounts for Canadian customers.

Essentially, Canadians cannot access any of Revolut’s offerings – you can’t open a Revolut account, use its cards, or take advantage of its in-app banking features if you live in Canada. Revolut indicated that it wasn’t able to offer the range of services it had hoped in Canada, partly because it lacked a Canadian banking license to expand its features.

While this news is disappointing for those who hoped to use Revolut, it’s not the end of the road. There are several great Revolut alternatives in Canada that provide similar multi-currency accounts, international transfer options, and mobile banking tools. We encourage you to explore the alternatives listed below to find a Canadian-friendly substitute that offers the convenience and features you’re looking for.

5 Best Revolut Alternatives Available in Canada

Simplii Financial

Simplii Financial is a digital banking service provided by CIBC, offering a convenient, no-fee banking experience with a strong focus on international money transfers. With its Global Money Transfer feature, Simplii enables users to send money to over 130 countries without paying transfer fees, making it a cost-effective solution for cross-border transactions. In addition to everyday banking, Simplii also offers foreign currency savings accounts, allowing customers to hold and manage multiple currencies with ease. Whether you’re looking for a reliable way to send money abroad or simply want a fee-free banking experience, Simplii provides the benefits of a traditional bank without the hassle of monthly charges or fees holding you back.

• Key Features: Send money to over 130 countries for free with the Global Money Transfer service. Foreign currency savings accounts allow users to hold select international currencies.
• Fees: No transfer fees, but currency conversions include a ~2.5% markup. Recipient banks may charge incoming wire fees.
• Security: Backed by CIBC, Simplii uses bank-level encryption and fraud detection. Transfers are trackable through online banking.
• Why Choose Simplii? A trusted option for fee-free transfers, especially for existing Simplii clients. Combines banking convenience with global reach.

EQ Bank

EQ Bank is an innovative digital bank that combines high-interest savings with seamless everyday banking. Unlike traditional banks, EQ Bank offers a hybrid account that functions as both a savings and spending account, meaning your money earns interest while remaining fully accessible for bill payments, transfers, and purchases. One of its standout features is low-cost international transfers powered by Wise, which provide competitive exchange rates and transparent fees for sending money abroad. With no monthly fees, unlimited transactions, and a prepaid EQ Bank Card that eliminates foreign transaction fees, EQ Bank is an excellent choice for those who want to grow their savings while enjoying cost-effective banking services—all without the burden of traditional banking fees holding you back.

• Key Features: Earn interest on every dollar while enjoying unlimited free transactions. International transfers via Wise ensure competitive exchange rates.
• Fees: No monthly fees. Wise transfers have low, transparent fees based on the destination and currency. No foreign transaction fees with the EQ Bank Card.
• Security: Funds are CDIC-insured through Equitable Bank. Transactions are protected with encryption and fraud monitoring.
• Why Choose EQ Bank? A great option for high-interest savings and affordable global transfers, all within a no-fee banking experience.

KOHO

KOHO is a fintech-powered spending account that helps Canadians save money while they spend, offering a prepaid Visa card with cashback rewards and built-in budgeting tools. Unlike traditional banks, KOHO operates as a money management app, allowing users to earn cashback on everyday purchases while tracking spending habits in real-time. For those who travel frequently or shop in foreign currencies, KOHO’s premium plans eliminate foreign transaction fees, making international spending more affordable. With no monthly fees on its standard plan and the option to unlock additional perks through paid subscriptions, KOHO is a smart alternative for anyone looking to take control of their finances, maximize rewards, and avoid unnecessary banking fees holding you back.

• Key Features: Earn cashback on purchases and track spending through the KOHO app. Paid plans remove foreign exchange fees, making travel spending easier.
• Fees: Free and paid plans available. Premium plans cost ~$9/month but waive FX fees and offer higher cashback rates.
• Security: Deposits are CDIC-insured through Peoples Trust. KOHO provides instant card locking, transaction alerts, and secure banking encryption.
• Why Choose KOHO? Ideal for cashback rewards and budgeting tools, with premium options for fee-free foreign purchases.

Tangerine

Tangerine, owned by Scotiabank, is Canada’s leading digital bank, offering a full range of banking services with no monthly fees and unlimited transactions. Whether you’re looking for a no-fee chequing account, a high-interest savings account, or a cashback credit card, Tangerine provides a hassle-free banking experience entirely through its mobile app and web platform. With access to Scotiabank’s Global ATM Alliance, Tangerine customers can withdraw cash from thousands of ATMs worldwide without paying additional withdrawal fees. By combining the convenience of digital banking with the backing of a major Canadian financial institution, Tangerine makes it easy to manage your money without worrying about hidden fees or account maintenance charges holding you back.

• Key Features: Unlimited free transactions and no-fee chequing with interest. Scotiabank’s Global ATM Alliance allows international ATM access.
• Fees: No monthly account fees. 2.5% foreign transaction fee applies to non-CAD purchases. Free Scotiabank ATM withdrawals in Canada and at partner ATMs abroad.
• Security: CDIC-insured deposits through Scotiabank. Strong encryption and fraud prevention measures.
• Why Choose Tangerine? A reliable full-service digital bank with no monthly fees and strong international ATM access.

Neo Financial

Neo Financial is a modern fintech company designed to help Canadians maximize their savings and rewards through a high-interest everyday account and a cashback credit card. Unlike traditional banks, Neo’s Neo Money Account offers interest rates significantly higher than most chequing and savings accounts, while still allowing full access to funds for everyday spending. Its no-annual-fee Neo Card provides instant cashback at partnered retailers, making it a great option for those who want to earn rewards on daily purchases. With an intuitive mobile app and no hidden fees, Neo Financial offers a fresh, digital-first banking experience that helps users grow their money effortlessly—without the burden of traditional banking fees holding you back.

• Key Features: Earn high interest on account balances and up to 5% cashback at partnered retailers. Seamless mobile banking experience.
• Fees: No monthly fees for the Neo Money Account. Standard 2.5% foreign transaction fee applies to purchases in non-CAD currencies.
• Security: Deposits are CDIC-insured through Peoples Bank. The Neo Card includes Mastercard’s Zero Liability fraud protection.
• Why Choose Neo Financial? Perfect for maximizing cashback and earning high interest, all with a no-fee digital banking model.

Comparing the Top Revolut Alternatives in Canada: Features & Benefits

Choosing the right Revolut alternative in Canada depends on your banking needs, whether you prioritize no-fee banking, high-interest savings, currency exchange, or international money transfers. Below, we compare the top five options, highlighting their best features, account and card availability, and any key fees to consider. This table will help you find the best fit for your financial needs.

FAQ

How do I get a Revolut card?

To get a Revolut card, download the Revolut app, sign up, and verify your identity with a government-issued ID. Once approved, order a physical or virtual card through the app. Standard users may pay for shipping, while Premium/Metal users get free express delivery. Cards are only available in supported countries.

When is Revolut coming to Canada?

Revolut left Canada in 2021 after a short beta phase. While the company has expressed interest in returning, no official launch date has been announced. Revolut is hiring Canadian leadership and seeking regulatory approvals, suggesting progress. Until then, Canadians can use alternatives like Simplii, KOHO, and EQ Bank.

What Countries Is Revolut Available In?

Revolut is available in the UK, EEA countries, Switzerland, the U.S., Singapore, Japan, Australia, New Zealand, and Brazil. Recent expansions include Brazil and New Zealand. Launches in Mexico and India are planned. Some countries, like the U.S., have temporary waitlists. Revolut is not yet available in Canada. Check Revolut’s website for updates.