In this article, you'll discover whether Revolut works in Canada, explore some drawbacks if it is available, and consider the possibilities for future expansion. Stay tuned for detailed insights.
Does Revolut Work In Canada?
Revolut is not currently available for customers in Canada. Although the company had a beta version in Canada, it was withdrawn in March 2021, and there are no plans for a relaunch at this time. This means that Canadian residents cannot open Revolut accounts, use Revolut cards, or access the app.
However, UK-issued Revolut cards can still be used in Canada where Visa and Mastercard are accepted. Users can spend in Canadian dollars, either by converting GBP to CAD before their trip or by allowing the card to automatically convert the currency. It's important to note that additional fees may apply for currency exchanges and ATM withdrawals.
Fees and Charges for Using Revolut in Canada
When using Revolut in Canada, there are several fees and charges to be aware of. Here are the different fees:
- Additional merchant surcharge fees: These are set by the merchant if applicable.
- Currency exchange transactions above £1,000: Incurs a 1% fee.
- Currency exchanges on weekends: Incurs a 1% fee.
- ATM withdrawals over £200 (or more than 5 withdrawals): Incurs a 2% fee.
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 access: Canadian residents cannot open Revolut accounts or use the app.
- High currency exchange fees: Transactions above £1,000 incur a 1% fee.
- Weekend exchange fees: Currency exchanges on weekends also incur a 1% fee.
- ATM withdrawal limits: Withdrawals over £200 or more than 5 times incur a 2% fee.
- Merchant surcharge fees: Additional fees may be set by the merchant.
Alternative Payment Solutions in Canada
1) OneSafe
OneSafe is a leading alternative payment solution in Canada, offering a seamless and user-friendly experience. Key features include simple onboarding, global payments, and multi-currency support. With lower fees and robust customer support, OneSafe stands out as a superior option for businesses seeking efficient financial operations.
OneSafe Reviews
OneSafe has received positive feedback from users who appreciate its seamless onboarding process and efficient global payment solutions. Users have rated OneSafe 4.5 out of 5, highlighting its user-friendly interface and excellent customer support. Check out more of our reviews here!
2) Wise
Wise is a reliable alternative payment solution in Canada, offering international money transfers with real exchange rates and low, transparent fees. Key features include multi-currency accounts, international debit cards, and robust security measures. Wise is highly rated for its cost savings, fast transfer times, and regulatory compliance.
Wise Reviews
Wise has an overall rating of 4.3 out of 5 based on 246,252 reviews. Users generally report issues with the verification process and customer support, particularly in resolving urgent matters. Check out more Wise reviews here.
3) Paypal
PayPal is a viable alternative payment solution in Canada, offering secure transactions, global reach, and 24/7 fraud monitoring. Key features include the ability to link multiple cards, send and receive money internationally, and robust buyer and seller protection. These benefits make PayPal a reliable choice for Canadian users.
Paypal Reviews
PayPal has an overall rating of 4.4 out of 5. Users generally report high transaction fees and delays in fund transfers to regional bank accounts. 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 beta version was withdrawn in March 2021.
Can I use my UK-issued Revolut card in Canada?
Yes, UK-issued Revolut cards can be used in Canada where Visa and Mastercard are accepted.
Are there fees for using Revolut in Canada?
Yes, fees include currency exchange fees, ATM withdrawal fees, and potential merchant surcharge fees.
Will Revolut relaunch in Canada?
There are currently no plans for Revolut to relaunch in Canada.
Can I open a Revolut account if I move to Canada?
No, Canadian residents cannot open Revolut accounts or access the app.
Conclusion
Choosing the right payment solution in Canada is crucial for seamless financial operations. While Revolut is unavailable, alternatives like OneSafe offer robust features and lower fees. Explore OneSafe for efficient global payments and multi-currency support. Sign up today to streamline your financial transactions.
