Top Revolut Alternatives for Canadian Businesses in 2025

When Revolut exited Canada in 2022, it left thousands of businesses searching for a modern alternative to traditional banking. The platform's multi-currency accounts, competitive foreign exchange rates, and streamlined interface had made it a favorite among Canadian entrepreneurs and SMBs.

The good news? Several Canadian-friendly platforms now offer similar features, and some have gone beyond what Revolut provided. This guide compares 7 alternatives across foreign exchange rates, account features, integrations, and pricing to help you find the right fit for your business needs.

What to Look for in a Revolut Alternative for Your Business

The right alternative depends on your business model and payment patterns. Whether you're managing international suppliers, paying remote contractors, or simply looking for better domestic payment options, certain features will matter more than others.

Key evaluation factors to consider:

• Real local account details (CAD, USD, EUR, GBP) vs. virtual accounts

• FX rates and transparency (markup percentage, hidden fees)

• Domestic payment support (Interac e-Transfer®, EFT, bill payments)

• International payment capabilities (SWIFT, ACH, SEPA, Faster Payments)

• Corporate card features (cashback, multi-currency, spending controls)

• Accounting integrations (QuickBooks, Xero auto-sync)

• Pricing structure (per user vs. per account, transaction fees)

The best alternative combines competitive pricing with features that reduce manual work. Look beyond just international transfers to consider how the platform handles your entire financial workflow.

Top 7 Revolut Alternatives for Canadian Businesses in 2025

Each platform below excels in different areas. We've evaluated them based on features most important to Canadian businesses.

1. Venn — Best All-in-One Platform for Growing Canadian Businesses

Best for: Canadian SMBs needing comprehensive banking, payments, and automation in one platform

Venn is a modern business banking platform that combines accounts, cards, payments, and automation tools. Unlike traditional banks that require multiple products and services, Venn consolidates everything into one integrated platform with transparent pricing.

The platform is designed specifically for Canadian SMBs that need real local accounts in multiple currencies with the lowest FX rates available. What sets Venn apart is its full accounting integration and ability to handle both domestic and international payments seamlessly.

Key Features:

• Real local CAD and USD accounts (ACH/EFT capable)

• Local GBP and EUR accounts (SEPA, Faster Payments)

• FX rates from 0.25% (lowest in Canada)*

• Free unlimited Interac e-Transfer® on all plans

• 1% unlimited cashback on corporate card spend

• Multi-currency card (auto-pays in spending currency)

• 2% interest on CAD/USD balances

• Two-way QuickBooks and Xero sync

• Built-in invoicing, bill pay, and expense management

• Pricing per account, not per user

• Global wires from $6-10

• ACH/EFT from $0-2 depending on plan

• Funds safeguarded with CDIC protection

Pros:

• Comprehensive platform replacing multiple tools

• Real local accounts (not virtual) for true domestic/international capability

• Lowest FX rates in Canada

• Only Canadian fintech with free unlimited Interac e-Transfer®

• Corporate card automatically uses correct currency, avoiding FX fees

• Can be used for payroll, taxes, and bill payments

• OCR receipt capture and invoice matching

Cons:

• Not a traditional bank (no physical branches)

• Not available in Quebec

Verdict: Best choice for Canadian businesses that want to consolidate banking, payments, cards, and accounting into one modern platform with the lowest fees and highest automation.

2. Wise Business — Best for International Payments and Multi-Currency Holding

Best for: Businesses with heavy international payment volume

Wise started as an international money transfer specialist and has expanded to offer business accounts. The platform excels at cross-border payments and currency conversion, making it popular among businesses with international suppliers or customers.

For businesses primarily focused on international transfers, Wise offers transparent pricing and wide currency coverage. However, it lacks many domestic Canadian payment features that businesses need for day-to-day operations.

Key Features:

• Hold 40+ currencies

• Local account details in 10+ currencies

• FX rates at mid-market with transparent fees (0.4-0.6%)

• Send international payments to 160+ countries

• Integrates with QuickBooks and Xero

• Wise debit card available

• No monthly account fees

Pros:

• Excellent for receiving international payments

• Transparent, competitive FX pricing

• Wide currency coverage

Cons:

• No Interac e-Transfer® support

• No corporate cards with cashback

• Limited domestic Canadian payment features

• No built-in invoicing or expense management

• Funds not held with Canadian banking partners

Verdict: Strong for international transfers but lacks the domestic payment rails and business management features Canadian companies need daily.

3. RBC Business Account — Best for Traditional Banking Relationships

Best for: Businesses preferring traditional banking with branch access

RBC offers established business banking with both digital and in-branch services. As one of Canada's Big Five banks, RBC provides the security and familiarity many business owners seek, along with access to credit products and merchant services.

The trade-off for traditional banking stability is higher costs and limited modern features. RBC's business accounts come with monthly fees, transaction limits, and foreign exchange markups that can significantly impact your bottom line.

Key Features:

• Multiple business account tiers

• In-branch and online banking

• Interac e-Transfer® available (fees apply after monthly limits)

• USD business accounts available (separate product)

• Business credit cards and lines of credit

• Payroll and merchant services

Pros:

• Established reputation and CDIC insurance

• Physical branch network

• Full suite of business financial products

Cons:

• High monthly fees ($6-65+ depending on plan)

• FX markups of 2.5-3%

• Limited transaction allowances before per-transaction fees

• No multi-currency account (requires separate USD account)

• No automated accounting integration

• Inbound wire fees even for USD-to-USD transfers via SWIFT

Verdict: Suitable for businesses that value in-person service and are willing to pay premium fees, but lacks the cost efficiency and automation of modern platforms.

4. KOHO — Best for Simplified Personal and Small Business Banking

Best for: Solopreneurs and very small businesses with simple needs

KOHO began as a consumer-focused fintech and has added features for small business owners. The platform offers a straightforward, mobile-first experience with no monthly fees on its basic plan, making it accessible for freelancers and sole proprietors.

While KOHO works well for basic domestic banking, it lacks the sophisticated features growing businesses need. There's no multi-currency support, international payment capabilities, or accounting integrations that modern businesses rely on.

Key Features:

• No monthly fees on basic plan

• Prepaid Mastercard with cashback

• Interac e-Transfer® support

• High-interest savings options

• Mobile-first interface

• Credit building features

Pros:

• Simple, user-friendly platform

• No monthly fees on entry tier

• Good for personal and light business use

Cons:

• Limited business-specific features

• No multi-currency accounts

• No international payment capabilities

• No accounting software integration

• Not designed for teams or complex business needs

• Higher FX fees than specialized business platforms

Verdict: Works for freelancers and sole proprietors with basic domestic needs, but lacks the features and scalability required by growing businesses.

5. TD Business Banking — Best for Businesses Already in TD Ecosystem

Best for: Businesses with existing TD relationships or preferring Big 5 stability

TD offers traditional business banking with multiple account tiers and comprehensive business services. Like other major banks, TD provides the security of an established institution with CDIC protection and nationwide branch access.

The platform makes sense for businesses already using TD's other services or those requiring in-person banking. However, the costs add up quickly with monthly fees, transaction limits, and foreign exchange markups that can reach 3.5%.

Key Features:

• Multiple business account plans

• Online and mobile banking

• Interac e-Transfer® (fees after monthly limits)

• Business credit cards

• USD accounts available separately

• Branch network access

Pros:

• Recognizable brand with CDIC protection

• Bundled business services available

• Integration with TD merchant services

Cons:

• Monthly fees from $5-120+ depending on plan

• Transaction limits before additional fees kick in

• FX markups of 2.5-3.5%

• No true multi-currency account

• No automated accounting sync

• Requires in-branch visits for many services

Verdict: Functional for businesses deeply embedded in TD's ecosystem, but expensive and feature-limited compared to modern alternatives.

6. Payoneer — Best for E-Commerce and Marketplace Sellers

Best for: Businesses selling on Amazon, Etsy, or receiving marketplace payments

Payoneer specializes in helping e-commerce businesses and freelancers receive payments from international marketplaces and clients. The platform integrates directly with major marketplaces, making it easy to withdraw earnings in multiple currencies.

While excellent for its specific use case, Payoneer isn't designed as a complete business banking solution. It lacks domestic Canadian payment features and the comprehensive financial tools most businesses need beyond marketplace payments.

Key Features:

• Receive payments from marketplaces (Amazon, Etsy, etc.)

• Local receiving accounts in USD, EUR, GBP, JPY, CNY

• Multi-currency holding and conversion

• Prepaid Mastercard

• Pay suppliers internationally

• Integration with e-commerce platforms

Pros:

• Excellent for marketplace sellers

• Competitive FX rates for withdrawals

• Direct integration with major platforms

Cons:

• No Canadian Interac e-Transfer® support

• Not designed for general business banking

• Limited domestic Canadian payment features

• Fees can be complex and vary by transaction type

• No accounting automation or expense management

Verdict: Purpose-built for e-commerce sellers receiving marketplace payments, but not a complete business banking solution for Canadian companies.

7. Scotiabank Business Account — Best for Businesses Requiring High Transaction Volumes

Best for: Established businesses with very high monthly transaction counts

Scotiabank offers business accounts with unlimited transaction plans, making it suitable for businesses processing hundreds of transactions monthly. The bank's premium plans include unlimited Interac e-Transfer® and access to business advisors across their Canadian branch network.

The catch is the cost. Unlimited transaction plans require either very high monthly fees ($120+) or maintaining minimum balances of $75,000. For most SMBs, these requirements make Scotiabank an expensive option that still lacks modern automation features.

Key Features:

• Unlimited transaction plans available

• Unlimited Interac e-Transfer® on premium plans

• Branch network across Canada

• Business credit and lending products

• USD business accounts (separate product)

• Business advisors available

Pros:

• Unlimited transactions on top-tier plans

• Established banking infrastructure

• CDIC protection

Cons:

• Very high monthly fees ($120+) or steep minimum balance requirements ($75,000)

• FX markups of 2.5-3%

• No multi-currency account integration

• No automated accounting tools

• No corporate card cashback

• Requires separate products for comprehensive business needs

Verdict: Only cost-effective for large businesses with transaction volumes high enough to justify premium fees, and still lacks modern automation features.

Quick Comparison: How These Revolut Alternatives Stack Up

The table below summarizes key features to help you compare alternatives at a glance.

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Why Venn Is the Best Revolut Alternative for Canadian Businesses

Venn was purpose-built to solve the exact problems Revolut left behind. While other alternatives force you to choose between low FX rates OR domestic payment rails OR accounting automation, Venn delivers all three. You get real local accounts in CAD, USD, GBP, and EUR (not virtual accounts), which means you can send and receive ACH in the US, use SEPA in Europe, and process Interac e-Transfer® in Canada, all from one platform.

The cost advantage is substantial. Venn offers the lowest FX rates in Canada (starting at 0.25%)*, free unlimited Interac e-Transfer® (the only Canadian fintech to offer this), and 1% unlimited cashback on all corporate card spend. Traditional banks charge 2.5-3% on FX and limit or charge for e-Transfers. Even Wise, known for competitive pricing, doesn't support Interac e-Transfer® or offer cashback. Venn's multi-currency card automatically pays in the currency you're spending in, eliminating unnecessary conversion fees that other platforms charge.

Beyond payments, Venn replaces multiple tools. Built-in invoicing, bill pay, expense management, OCR receipt capture, and two-way QuickBooks/Xero sync mean you can eliminate standalone services like Plooto or Expensify. You can use Venn for payroll, tax payments, and bill payments because it's built on real Canadian banking infrastructure. Pricing is per account, not per user, so your team can grow without escalating costs. Funds are safeguarded and covered under CDIC protection, giving you bank-level security with fintech-level innovation.

How to Choose the Right Revolut Alternative for Your Business

The right alternative depends on your business model and where your money moves. If you're primarily receiving international payments from marketplaces like Amazon or Etsy, Payoneer's direct integrations make sense. If you're a solopreneur with simple domestic needs, KOHO might suffice. But if you're running a growing business with employees, vendors in multiple countries, and a need to eliminate manual accounting work, you need a comprehensive platform.

Consider these scenarios. E-commerce businesses benefit from Venn's local USD account (no Stripe cross-border fees), low FX rates, and ability to invoice in multiple currencies. Agencies and consultancies need corporate cards with spending controls, expense management, and accounting sync. SaaS companies paying international contractors want low-cost wires, ACH capability, and multi-currency holding. Service businesses managing domestic and cross-border payments need Interac e-Transfer®, EFT, and SWIFT in one place.

Traditional banks work if you value physical branches and don't mind paying premium fees for basic features. Wise works if international transfers are your primary need and you can manage domestic payments separately. Venn works if you want to consolidate your financial operations into one modern, cost-effective platform that grows with your business.

Conclusion

Revolut's exit left a gap, but the Canadian fintech landscape has filled it with platforms offering equal or superior capabilities. The best alternative isn't necessarily the one that most closely mimics Revolut. It's the one that solves your specific business challenges while reducing costs and administrative overhead.

For most Canadian businesses, Venn offers the most complete solution. Real local accounts in four currencies, the lowest FX rates in Canada, free unlimited Interac e-Transfer®, 1% cashback on all spend, and full accounting automation, all from one platform with transparent pricing. Whether you're replacing Revolut or upgrading from a traditional bank, Venn gives you the financial infrastructure to operate efficiently both domestically and globally.

‍Learn more about Venn or sign up for your account to see how much you can save.

Frequently Asked Questions (FAQs)

Q: Why did Revolut leave Canada?

A: Revolut exited the Canadian market in 2022 due to regulatory challenges and the complexity of maintaining compliance with Canadian financial regulations. The company chose to focus on markets where it could operate more efficiently under its existing licenses. Canadian users were given notice to withdraw their funds and find alternative platforms.

Q: Can I still use Revolut if I'm a Canadian business?

A: No, Revolut is no longer available to Canadian residents or businesses. Existing accounts were closed in 2022, and the company is not currently accepting new Canadian customers. You'll need to choose one of the Canadian-friendly alternatives listed in this guide.

Q: What's the best Revolut alternative for Canadian businesses?

A: Venn is the most comprehensive Revolut alternative for Canadian businesses, offering real local CAD, USD, GBP, and EUR accounts, the lowest FX rates in Canada (0.25-0.45%), free unlimited Interac e-Transfer®, 1% unlimited cashback, and full accounting automation. It combines multi-currency capabilities with domestic payment rails and business management tools in one platform.

Q: Do any Revolut alternatives offer Interac e-Transfer® in Canada?

A: Yes, several alternatives support Interac e-Transfer®, but most charge fees or have transaction limits. Venn is the only Canadian fintech offering free unlimited Interac e-Transfer® on all plans. Traditional banks like RBC, TD, and Scotiabank support Interac e-Transfer® but typically charge $1.50 per transaction after monthly limits.

Q: Which platform has the lowest foreign exchange rates?

A: Venn offers the lowest FX rates in Canada, starting at 0.25% over the mid-market rate depending on your plan. Traditional banks charge 2.5-3% or higher, while Wise charges approximately 0.4-0.6%. The difference can save businesses thousands of dollars annually on international transactions.

Q: Can I get a multi-currency business account in Canada?

A: Yes, both Venn and Wise offer multi-currency business accounts. Venn provides real local accounts in CAD, USD, GBP, and EUR with local account details for domestic transfers in each currency. Wise offers the ability to hold 40+ currencies but focuses primarily on international transfers rather than domestic Canadian banking features.

Q: Do any alternatives offer corporate cards with cashback?

A: Venn offers 1% unlimited cashback on all corporate card spend with no minimum spending requirements. The card is multi-currency and automatically pays in the currency you're spending in, avoiding unnecessary FX fees. Traditional bank business credit cards may offer rewards but typically require separate applications and have annual fees.

Q: Which Revolut alternative integrates with QuickBooks and Xero?

A: Both Venn and Wise integrate with QuickBooks and Xero. Venn offers two-way sync with automated transaction categorization, OCR receipt capture, and invoice matching, making it more comprehensive for accounting automation. Wise provides basic integration for transaction imports but lacks advanced automation features.

Q: Are funds safe with fintech alternatives like Venn?

A: Yes, Venn safeguards all funds and is a registered Payment Service Provider (PSP) in Canada. Funds are held with tier-1 banking partners and covered under CDIC protection, providing the same level of security as traditional banks. Venn is compliant with RPAA legislation and does not lend out customer funds.

Q: Can I use a Revolut alternative for payroll and tax payments?

A: Venn is the only fintech alternative built on real Canadian banking infrastructure that supports payroll, tax payments, and bill payments through EFT and pre-authorized debits. Traditional banks also support these functions, but most other fintechs lack the necessary banking rails for CRA payments and payroll processing.

*Based on internal analysis of total markups and FX fees charged by major Canadian financial institutions and fintech platforms as of January 2025. FX rates and fees subject to change. Visit venn.ca/pricing for current rates.

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**Disclaimer:** This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Venn Software Inc or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.