Unfortunately, Revolut suspended its operations in Canada in March 2021. Canadians can still download Revolut from the App Stores but will not be able to create an account.
Here is their list of supported countries if you want to check it out. If you're a Canadian looking for similar Revolut features, Wealthsimple and Neo Financial are Canada's top fintech apps. Keep reading to learn more.
Top 3 Alternatives
Closest Revolut Alternative in Canada
Best for Sending Money Across Borders
Best for Bitcoin and Crypto Investing
Why Did Revolut Pull Out Of Canada?
In March 2021, Revolut Canada suspended its operations due to a lack of "resources". While they said they hope to return to Canada, there haven't been any official announcements or plans to do so.
Hello! We very much appreciate the loyalty of our customers but with great regret we are closing our Canadian operations for the time being. We hope in the future we’ll be able to return to Canada – offering the full suite of Revolut services.
— Revolut (@RevolutApp) March 15, 2021
Who Can Open A Revolut Account?
According to the official list of supported countries, Revolut is available in 35 countries including the United States and most of Europe. Unfortunately, Canada is not on the list.
What Is Revolut?
Revolut is a UK-based financial super app with features like peer-to-peer (P2P) payments, debit cards, banking services, stock trading, crypto, and more. Their website says "one app, all things money" and they have over 20 million customers worldwide.
Wealthsimple and Neo Financial are the most similar all-in-one finance apps for Canadians, both of which have over 1 million users.
Revolut's Best Features
Revolut Alternatives for Canadians
Revolut offers a lot of features inside one app so I found several alternatives depending on what you need. Whether you're looking for peer-to-peer payments, investments, a bank account, or a super app, check out these Revolut alternatives. All are free to use with no minimum balance.
If you haven't heard of Wealthsimple, it is probably Canada's #1 financial super app. Trusted by over 2.5 million Canadians, it offers stock trading and ETFs, cryptocurrencies, a Visa debit card, P2P payments within Canada, and more. With all these features and more, it is the closest thing Canada has to Revolut.
Wealthsimple has generally low fees, but it can get expensive in some areas like U.S. stock trading and crypto purchases which is something to keep in mind. However, most of its tools are free and fees aside, it's an amazing all-in-one financial platform for Canadians.
If you want to send money abroad, Wise.com is my favourite money transfer app that's quick, easy, and affordable. You can open bank accounts in the US, Canada, and many other currencies allowing you to send and receive bank transfers like a local in many countries.
Wise has grown to over 10 million users and the currency exchange rate it offers is very good compared to expensive platforms like banks or PayPal. It's also free to sign up and charges no monthly account fees. Whether you want to transfer funds from Canada to the US, Australia, Europe, or vice versa, Wise is a quick, low-cost way to send major currencies.
Revolut introduced cryptocurrency trading for over 90+ tokens. If you want to buy and sell 75+ coins in Canada with low fees (hidden fees included), Newton is our best overall exchange for the majority of Canadians. With 500,000 users, a great app, and low fees, it's a great choice.
However, the crypto exchange that's best for you will depend on factors like 1) what coins you want to buy, 2) what kind of trader you are, 3) what features you need, and more. To learn more about crypto exchanges in Canada, visit our crypto exchange comparison page.
What Countries Is Revolut Available In?
Revolut is supported in over 35 countries including the United Kingdom, United States, Australia, Singapore, Switzerland, Japan, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
What Is The Best Revolut Alternative for Canadians?
Wealthsimple is the most similar financial super app for Canadians.
When Is Revolut Coming To Canada?
Revolut said they plan to relaunch in Canada in 2022, but that obviously didn't happen. There is no official date or plan for them to make a return yet.