Current Bank is a U.S.-based digital bank that offers modern financial tools, including no-fee checking accounts, budgeting features, and instant notifications. It’s popular for its sleek app, savings pods, and debit card rewards. However, Current Bank is not available in Canada, so Canadians can’t access these services. With the Bank of Canada current rate influencing savings and lending rates, it’s important to explore local banking options that offer better returns and competitive features. In this article, we’ll introduce you to the top Current Bank alternatives in Canada, helping you find the best digital banks and services to manage your finances. Ready to discover smarter banking options? Let’s dive in!
What is Current Bank?
Current Bank is a modern U.S.-based financial technology platform designed to make banking more accessible, especially for younger customers and those underserved by traditional banks. Founded in 2015, it operates entirely online, with no physical branches, focusing on providing a seamless mobile-first experience. Through its app, users can open a Current Bank account, access early direct deposits, enjoy fee-free overdraft protection up to $200, and set up savings pods that offer up to 4% APY—significantly higher than the Bank of Canada current rate for savings. Current also offers cryptocurrency trading, budgeting tools, and rewards for debit card purchases. While its sleek design and innovative tools make it appealing for U.S. residents, Current Bank is not available in Canada, which means Canadians will need to explore local alternatives that match or exceed its features for everyday banking and money management.
Is Current Bank Available in Canada?
Current Bank is a U.S.-based digital banking platform that offers features like early direct deposit, fee-free overdraft protection, and high-yield savings pods. However, Current Bank is not available in Canada.
While Canadian residents cannot open accounts with Current Bank, the Current debit card can be used internationally, including in Canada, wherever Visa® is accepted. Be aware that international usage incurs fees: a $3 fee plus a 3% transaction fee for ATM withdrawals, and a 3% fee on purchases.
For Canadians seeking similar digital banking experiences, several alternatives offer competitive interest rates, low fees, and user-friendly apps. Notable options include EQ Bank, Tangerine, Simplii Financial, KOHO, and CurrencyFair. These institutions provide services that mirror Current Bank’s offerings, such as high-yield savings accounts, intuitive budgeting tools, and comprehensive mobile banking apps, catering to the needs of Canadian consumers looking for efficient and modern banking solutions.
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7 Current Bank Alternatives in Canada
Current Bank is a U.S.-based neobank that offers a sleek app with features like early direct deposit, budgeting tools, and no-fee overdrafts. It also provides savings pods offering up to 4% APY, making it attractive for those seeking modern banking solutions. However, Current Bank is not available in Canada, and Canadians cannot access its services. Additionally, the Current Bank card comes with international usage fees, making it less ideal for cross-border transactions. The good news? Several Canadian alternatives offer comparable (or better!) digital banking features, low fees, and innovative tools. Let’s dive into the best Current Bank alternatives in Canada for 2025!
Tangerine
Overview:
Tangerine is a leading Canadian digital bank and a subsidiary of Scotiabank, offering no-fee chequing and savings accounts, credit cards, and investment options. Its user-friendly app makes it easy to manage accounts, transfer money, and budget effectively. Tangerine accounts come with free Interac e-Transfers®, access to over 3,500 Scotiabank ATMs, and competitive savings interest rates.
Key Features:
- No monthly fees on everyday accounts
- Free Interac e-Transfers®
- Budgeting tools in the app
- Access to Scotiabank ATM network
Why Choose Tangerine?
If you’re looking for a reputable Canadian bank with a modern interface and no hidden fees, Tangerine is a strong choice.
PayPal
Overview:
PayPal is a widely used global payment platform that allows users in Canada to send and receive money internationally, shop online securely, and pay in-store with QR codes. While it’s not a bank, PayPal provides a flexible solution for freelancers, small businesses, and online shoppers. However, PayPal’s currency conversion fees (around 3.5%-4%) and transaction charges can add up for international transfers.
Key Features:
- Widely accepted worldwide
- Buyer and seller protection
- Instant payments within Canada and abroad
- Connects to Canadian bank accounts and cards
Why Choose PayPal?
For Canadians who need an easy-to-use global payment tool with strong security features, PayPal is a reliable option—just watch out for those fees.
CurrencyFair
Overview:
CurrencyFair is a low-cost platform for sending money abroad, often undercutting the Bank of Canada current rate by using mid-market rates. It charges a flat transfer fee (around CAD $4) and a small exchange margin (~0.5%-0.6%), making it ideal for large international transfers. CurrencyFair also allows users to hold multiple currencies in their account.
Key Features:
- Flat $4 CAD fee per transfer
- Mid-market exchange rates with ~0.5% margin
- Transfers to 150+ countries
- Transparent pricing model
Why Choose CurrencyFair?
It’s perfect for Canadians making large overseas payments who want lower costs and clear fees compared to banks.
Wise
Overview:
Wise (formerly TransferWise) is one of the best-known alternatives for Canadians needing affordable international transfers. It offers mid-market exchange rates without hidden markups and transparent fees (typically 0.35%-1.5%). Wise’s multi-currency account lets users hold and spend in over 50 currencies, and their Wise debit card is a great tool for global payments.
Key Features:
- Mid-market exchange rate
- Transparent fees
- Multi-currency account and card
- Local account details in 10+ countries
Why Choose Wise?
If you want full control over global transfers and multi-currency spending, Wise is the go-to platform for Canadians.
Neo
Overview:
Neo Financial is a Canadian fintech offering a no-fee savings account with a competitive interest rate, a cashback credit card, and investment products. Neo’s app is designed for ease of use, helping Canadians budget, earn rewards, and grow their money. Neo’s credit card provides up to 5% cashback at partner merchants, and their savings account consistently beats the Bank of Canada current rate.
Key Features:
- No-fee savings account
- Up to 5% cashback with the Neo Credit Card
- Investment and budgeting tools
- User-friendly app
Why Choose Neo?
For Canadians looking for a modern, rewards-focused banking experience, Neo is a strong contender.
EQ Bank
Overview:
EQ Bank is a top digital bank in Canada, offering high-interest savings accounts, free Interac e-Transfers®, and international transfers via Wise integration. It charges no monthly fees and provides an all-in-one banking experience, from bill payments to savings. EQ also offers joint accounts and mobile cheque deposits, making it a full-featured solution for Canadians.
Key Features:
- High-interest savings (up to 2.50%)
- Free Interac e-Transfers®
- Low-cost global transfers via Wise
- No monthly fees
Why Choose EQ Bank?
If you want to grow your savings and send money abroad affordably, EQ Bank is a leading choice.
OFX
Overview:
OFX is a specialist in large international money transfers, offering no fixed fees and competitive exchange rates (typically 0.5%-1.5% above mid-market). It’s perfect for businesses, expats, and individuals transferring large sums abroad. OFX provides 24/7 customer support and market insights for smart decision-making.
Key Features:
- No fixed fees
- Low FX margins (0.5%-1.5%)
- 24/7 support
- Regulated by FINTRAC in Canada
Why Choose OFX?
If you’re making large international transfers and want low rates plus personalized support, OFX is an excellent choice for Canadians.
Comparing the Best Current Bank Alternatives for Canadians
If you’re searching for digital-first banking options similar to Current Bank in Canada, there are plenty of great alternatives to choose from. Since Current Bank is not available in Canada, local digital banks and platforms can offer similar features—such as no-fee accounts, high-interest savings, and affordable international transfers. Whether you need a simple chequing account or cost-effective ways to send money globally, these Canadian alternatives deliver strong solutions tailored to local needs. The following table compares some of the top Current Bank alternatives in Canada, helping you pick the best option for your financial goals.
| Alternative Name | Best For | Cost to Send Money in Canada | Cost to Send Money to the U.S. | Extra Perks |
| Tangerine | Everyday banking, no-fee chequing | Free Interac e-Transfers® | $30–$50 per wire transfer | No monthly fees, Scotiabank ATM access, budgeting tools |
| PayPal | Global online payments | Free in-app transfers, small fee | 3.5%-4% FX markup + small fee | Buyer/seller protection, accepted worldwide |
| CurrencyFair | Low-cost large transfers | N/A | $4 + 0.5%–0.6% FX margin | 150+ countries, transparent rates, hold multiple currencies |
| Wise | Transparent currency exchange | Free | 0.35%-1.5% fee, mid-market rate | Multi-currency account, local bank details, Wise card |
| Neo | Cashback rewards, savings | Free (conditions apply) | Not designed for transfers | Up to 5% cashback, credit card, budgeting tools |
| EQ Bank | High-interest savings + transfers | Free Interac e-Transfers® | Low fees via Wise | High savings rate, no monthly fees, Wise integration for global transfers |
| OFX | Large international transfers | N/A | No fixed fee, 0.5%-1.5% FX margin | 24/7 support, market insights, no max transfer limit |
FAQ
Can I easily transfer money internationally using Current Bank?
No, Current Bank does not currently offer international wire transfers. While you can use your Current debit card for purchases abroad, there’s a 3% foreign transaction fee, and ATM withdrawals carry additional charges. For international transfers, Canadians should consider alternatives like Wise or OFX, which provide better rates and support for global transactions.
Are there foreign currency accounts available?
Current Bank does not offer foreign currency accounts. Their savings and spending accounts are denominated in USD only, which limits flexibility for users who need to hold or transfer funds in other currencies. For Canadians looking for multi-currency accounts, Wise and CurrencyFair are better options, as they let you hold and send funds in multiple currencies with competitive exchange rates.
Can I set up automatic bill payments with Current Bank?
Yes, Current Bank allows users to set up recurring payments for bills such as utilities, subscriptions, and rent. You can automate these payments within the mobile app by linking your Current account to the merchant’s payment portal. However, be mindful that this feature is designed for U.S.-based services and may not support Canadian billers or cross-border transactions.
Does Current Bank provide any rewards or cashback programs?
Yes, Current Bank offers a rewards program through its Current debit card, allowing users to earn points when making purchases at partner merchants. These points can be redeemed for cashback, providing a modest incentive for everyday spending. However, the rewards program is U.S.-focused, and international usage (like in Canada) may result in fees and fewer cashback opportunities. For Canadians, Neo or KOHO offer stronger rewards and cashback features tailored to Canadian users.
