5 Revolut Alternatives In Canada

Revolut was founded in the UK in 2015 and exists in nine countries, the UK inclusive. While it was brought to Canada in 2019, it allowed customers to easily connect their banking accounts to a centralized dashboard to spend and transfer funds.

However, Revolut is no longer accessible in Canada. It was removed from the Canadian market as of March 2021.

Revolut has been considered a worthy challenger to traditional banking, and here we look into some of its alternatives.

Pesa as a Revolut Alternative

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Looking for a convenient way to send money globally with zero fees and favourable exchange rates? Get started with a free Pesa(formerly Pesapeer) account! Simply download the app on IOS or Android and sign in with a few clicks and gain access to over 40 countries for sending money abroad.

Plus, you can see live rates and automatically convert your currency with ease and at a competitive rate. So, enjoy making all your international money transfers at no extra cost in transfer fees, hidden fees, or monthly fees.

Pros:

- Access to mid-market exchange rates without hidden fees or surprises

- Provides a multi-currency account. Easy and reliable currency conversion

- Account registration is free of charge

- Fast and secure payment transactions

- Conveniently make cross-border transfers on the go

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Cons:

- No debit card (yet)

- No option for cash pickups

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Alternatives To Revolut in Canada

1. Simplii Financial

Simplii is a solid Revolut alternative in Canada. It offers one of the highest promotional rates for savings accounts in Canada alongside a host of other banking accounts, such as no-fee credit cards, mortgage loans, investment opportunities, and an everyday chequing account.

The no-banking fee model that Simplii offers helps you achieve your financial goals without spending extra money on banking fees. And just like Revolut you can manage all of your banking from Simplii’s website or mobile app.

2. Western Union

Having created a seamless transaction in over 145 years, Western Union is a popular Canadian choice. 

They allow the use of wire transfers by providing the 10-digit MTCN (Money Transfer Control Number), and in other cases, the means of identification may be a secret question and answer.

You can use Western Union to transfer money around the globe or within Canada too. Here are some pros and cons it entails.

3. EQ BANK

Just like Revolut, EQ bank offers a lot of web-based banking options such as savings accounts, investment options, and international transfers, with mortgages included.

Interestingly, EQ bank offers some perks that you won’t find with Revolut anyway - such as the functionality of both a savings account and a chequing account simultaneously. These offers come with unlimited transactions and e-transfers, with an ongoing interest rate of 4%.

4. Neo Financial 

Neo Financial is an online platform attached to a cashback credit card. In addition to banking, they provide credit cards and mortgages for Canadian residents. They also provide easy and accessible online banking at no cost to Canadians.

Neo Financial cashback credit card allows cardholders a chance to earn more money on their everyday spending. Even better, retail spenders in Canada tend to offer cashback credit card owners higher rates. They also offer their clients seamless banking methods.

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Create a PESA account today - and start sending and receiving money globally.

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