In this article, you'll discover whether Revolut works in Canada, explore some drawbacks if it is available, and consider potential possibilities for its future presence in the country.
Does Revolut Work In Canada?
Revolut is not available in Canada. The company had previously launched a beta version in the country but withdrew its services in March 2021. Since then, there have been no updates or announcements regarding a relaunch.
Canadian users cannot open a Revolut account or use Revolut cards and the app. However, users from the UK can still send money to Canada and use their UK-issued Revolut card while traveling in the country. This limitation means that Canadians looking for similar services will need to explore alternative options.
Fees and Charges for Using Revolut in Canada
Here are some general costs that users might encounter:
- Additional merchant surcharge fees: Set by the merchant (if applicable)
- Currency exchange transactions above £1,000: 1%
- Currency exchanges on weekends: 1%
- ATM withdrawals over £200 (or more than 5 withdrawals): 2%
Is Revolut the Best Option in Canada?
Even if Revolut were available in Canada, it might not be the best option for users due to several limitations and restrictions that could impact the overall user experience.
- Limited account availability: Revolut accounts and the app are not available for Canadian residents.
- UK-issued cards only: Only UK-issued Revolut cards can be used in Canada, limiting accessibility.
- High currency exchange fees: A 1% fee applies for currency exchanges above £1,000 and on weekends.
- ATM withdrawal charges: Users face a 2% fee for ATM withdrawals over £200 or more than 5 withdrawals.
- Non-competitive exchange rates: Revolut uses its own exchange rate, which may differ from the mid-market rate.
Alternatives to Revolut in Canada
1) OneSafe
OneSafe is a leading alternative payment solution in Canada, offering a seamless blend of traditional and Web3 financial services. Key features include simple onboarding, global payments, and multi-currency support. With lower fees and superior customer support, OneSafe stands out as a superior option for modern businesses.
OneSafe Reviews
OneSafe has received positive feedback from users who appreciate its comprehensive banking services, including ACH, Crypto, Wire deposits, and Virtual cards. Users have praised the platform for its support for most businesses and seamless financial operations. The company is recognized for its user-friendly features and efficient customer support, making it a preferred choice for modern financial needs.
2) Wise
Wise offers a robust alternative payment solution in Canada, featuring multi-currency accounts, international money transfers, and a Wise debit card. Users benefit from lower fees, competitive exchange rates, and high customer satisfaction. The platform ensures secure transactions and is regulated by the Financial Conduct Authority (FCA).
Wise Reviews
Wise has an overall rating of 4.3 out of 5. Users generally mention issues with transfer delays and concerns about the verification process.
Check out more Wise reviews here.
3) Paypal
PayPal offers a secure and convenient payment solution in Canada, featuring quick global money transfers, customizable payment options, and 24/7 fraud monitoring. Users can link multiple cards for easy checkout and benefit from both Buyer and Seller Protection, making it a reliable choice for online transactions.
Paypal Reviews
PayPal has a rating of 4.4 out of 5 stars. Users generally mention high transaction fees and a lengthy dispute resolution process. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Canada
Is Revolut available for Canadian residents?
No, Revolut is not available for Canadian residents. The service was withdrawn in March 2021.
Can I use a UK-issued Revolut card in Canada?
Yes, UK-issued Revolut cards can be used in Canada for transactions and withdrawals.
Are there any fees for using Revolut in Canada?
Yes, fees include a 1% currency exchange fee and a 2% ATM withdrawal fee over £200.
Can Canadians receive money from Revolut users in other countries?
Yes, Canadians can receive money from Revolut users in other countries, but they cannot open an account.
Will Revolut relaunch in Canada?
There have been no updates or announcements regarding a potential relaunch of Revolut in Canada.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Canada is crucial for seamless financial operations. While Revolut is unavailable, alternatives like OneSafe offer comprehensive services tailored to modern needs. Explore OneSafe for efficient, low-cost transactions and superior customer support. Sign up today to experience the benefits firsthand.
