Revolut officially launched in Canada in 2023 after years of waiting. The UK-based fintech giant is now available to Canadians, offering multi-currency accounts, competitive exchange rates, and a suite of financial tools. But is Revolut worth it for Canadians in 2025? Here is a comprehensive review.
Revolut is a UK-based neobank founded in 2015 that has grown to over 40 million customers globally. It offers a mobile-first financial account with multi-currency capabilities, a Visa or Mastercard debit card, and various financial services. After a lengthy regulatory process, Revolut launched its Canadian product in 2023, licensed by FINTRAC.
| Plan | Monthly Fee | Free FX Exchange | ATM Withdrawals |
|---|---|---|---|
| Standard (Free) | $0 | ~$1,500 CAD/month | 2 free ($350 CAD), then 2% |
| Plus | ~$3.99/month | Higher limit | More free withdrawals |
| Premium | ~$11.99/month | Unlimited | $700 CAD free/month |
| Metal | ~$19.99/month | Unlimited | Higher limits |
| Ultra | ~$55/month | Unlimited | High limits |
Note: Revolut's plans and pricing in Canada may differ slightly from global plans. Always verify current pricing in the app.
Revolut's headline feature is currency exchange at or near the mid-market rate. For the free tier, this is available up to approximately $1,500 CAD equivalent per month with no fee. Above that, a 0.5% fee applies. During weekends, when currency markets are closed, Revolut adds a 0.5% markup to account for market risk — so exchange on weekdays when possible.
Hold and switch between 30+ currencies. This is useful for Canadians who travel frequently, receive payments in foreign currencies, or regularly send money internationally.
The Revolut Visa or Mastercard can be used anywhere these networks are accepted. When you pay in a foreign currency, Revolut uses the balance in that currency (if you have it) or converts at a competitive rate. No foreign transaction fee applies when you have local currency loaded.
The app provides spending analytics, budget categories, and transaction notifications. These features are similar to what Mint or KOHO offer domestically.
Premium and Metal plans include commission-free stock trading. This differentiates Revolut from pure travel finance tools like Wise.
Buy and hold cryptocurrency directly in the Revolut app. Note that Revolut is not a regulated crypto exchange under Canadian securities law — treat this as a convenience feature, not an investment platform.
| Feature | Revolut (Free) | Wise |
|---|---|---|
| Monthly fee | $0 | $0 (account free) |
| Exchange rate | Near mid-market (weekdays) | Mid-market + 0.5–0.8% |
| Free ATM withdrawals | 2/month, $350 CAD equiv. | 2/month, ~$350 CAD equiv. |
| International transfers | Yes | Yes — better rates and more options |
| Currencies held | 30+ | 50+ |
| Stock trading | Premium only | No |
| Canadian bank account details | Limited in Canada | Yes |
For pure currency exchange and international money transfers, Wise is generally more transparent and slightly better for Canadians in 2025, especially due to Wise's more complete Canadian bank account integration. Revolut is competitive and may suit users who want a broader financial super-app.
Revolut Canada is registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a money services business. This means it is regulated for anti-money laundering purposes but not as a bank. Your funds with Revolut are not CDIC insured — Revolut holds customer money in segregated accounts at licensed Canadian financial institutions, but this is not equivalent to bank deposit insurance.
For amounts you can afford to lose in a worst-case scenario, this risk is acceptable. Do not keep your life savings in Revolut.
Before your trip, make sure your home banking has zero fees. KOHO gives Canadians a no-fee account with cash back on everyday spending — so you have more money for travel. Use code 45ET55JSYA for a sign-up bonus.
Get KOHO Free — Use Code 45ET55JSYARevolut Canada is a solid, if slightly incomplete, version of the global Revolut product. For Canadians who exchange currency regularly, travel frequently, or want a multi-currency digital wallet, it is worth setting up — especially the free tier, which has no ongoing cost. For most Canadians, it works best as a supplement to their existing Canadian bank account and a no-FX credit card, not as a standalone financial solution.