Business Bank accounts

Is the Revolut Business account unavailable in Canada? Here are some alternatives

Piyush Singh

07.03.25

Read time 5 minutes

Revolut is no longer an option for Canadian businesses, but that doesn’t mean you’re out of luck. Plenty of great alternatives offer similar—or even more—features for your business.

In this guide, we’ll look at PayPal for Business, Wise Business, Payoneer, and Stripe, all of which make sending, receiving, and converting money easy. Wise Business is especially handy if you work with international clients, letting you hold and manage 40+ currencies at the mid-market exchange rate—but more on that in a bit!

We will take a look at the following alternatives:
PayPal for Business Wise Business - grow in Canada and beyond! Payoneer Stripe Square

PayPal for Business

PayPal is a global fintech platform designed for businesses ranging from small startups to large enterprises. It supports all major credit and debit cards, and customers don’t need a PayPal account to pay. Making it easy to manage payments and streamline operations, PayPal’s features include built-in invoicing, subscription services, and integration with popular e-commerce platforms. But while it offers convenience, their fees¹, particularly for international payments, can add up.

Key features	Key considerations
Accepts all major credit and debit cards Customers don’t need a PayPal account to pay Supports invoicing and subscription billing Integration with major e-commerce platforms and accounting tools PayPal payouts are available for batch payments Business financing and credit options available	Transaction fees apply (starting at 2.90% + fixed fee for domestic transactions)¹ Additional 1.00% fee for receiving international payments¹ Currency conversion fee of 3%–4% applies to cross-border transactions Instant withdrawals to a linked debit card incur a 1.50% fee¹ High fees for receiving international transactions using PayPal card payments (3.90%–4.10% + fixed fee)¹ Business accounts cannot be downgraded to personal accounts without contacting customer support

Key features

Key considerations

Accepts all major credit and debit cards
Customers don’t need a PayPal account to pay
Supports invoicing and subscription billing
Integration with major e-commerce platforms and accounting tools
PayPal payouts are available for batch payments
Business financing and credit options available

Transaction fees apply (starting at 2.90% + fixed fee for domestic transactions)¹
Additional 1.00% fee for receiving international payments¹
Currency conversion fee of 3%–4% applies to cross-border transactions
Instant withdrawals to a linked debit card incur a 1.50% fee¹
High fees for receiving international transactions using PayPal card payments (3.90%–4.10% + fixed fee)¹
Business accounts cannot be downgraded to personal accounts without contacting customer support

PayPal ratings
Trustpilot: 1.3 out of 5 stars out of 32,474 reviews Play store: 4.1 out of 5 stars out of 3.38 million reviews

Wise Business - grow in Canada and beyond!

Opening a business account at Wise is free, online and easy! With Wise, you don’t lose money to monthly subscriptions or have it held up as minimum balance. You pay only for what you use. Here’s what you get for the essential and complete version for a one-time fee of 55 CAD:

Features	Essential features - without registration fees	All features for a one time payment of 55 CAD
Send money to over 70 countries	✅	✅
Wise Business Card	✅	✅
Holding and converting money across 40 currencies at the mid-market rate	✅	✅
Minimal fees starting at 0.48%	✅	✅
Local account details to receive payments in over 20 currencies	❌	✅
Direct debit to make recurring payments	❌	✅

You can always upgrade from the essential features to avail all Wise business features for a one-time payment of 55 CAD

Experience owning a Wise business account
with our demo >>>

It only takes a few minutes to set up your multi-currency account, and make the most of the mid-market exchange rate.

Step 1. Enter information relevant to yourself and your business.
Step 2. Share essential information about your business. This includes

Business registration
The business registered and trading addresses
The industry you’re in
Online presence
Name, date of birth, country of residence - for all stakeholders
Documents proving ownership of the business

Step 3. Enter essential information to verify your identity
Step 4. Set up and make a transfer as indicated on your account. Alternatively, you could pay the one-time fee and get account details in over 10 currencies.
Step 5. Wise sends you a confirmation email within 10 working days.

In case you add team members to the business account, they will need to be verified too.

Wise's has been reviewed and appreciated on public platforms such as:

Trustpilot Canada: 4.3/5 stars with 256,776+ reviews
Play Store Canada: 4.7/5 stars with 1.28M+ reviews

Payoneer

Payoneer is widely used by businesses and freelancers who need to receive and send payments globally. With the ability to hold and manage multiple currencies, Payoneer provides local bank details for USD, EUR, GBP, CAD, and other major currencies—making it easier to get paid like a local.

Supporting 70 currencies across more than 190 countries, Payoneer also integrates with popular e-commerce platforms and marketplaces like Amazon, Fiverr, and Upwork, making it convenient if you're selling items through an integrated marketplace or are working as a freelancer.

Receiving payments from another Payoneer customer is free, but there are fees⁴ if you want to get paid directly by a client using a credit card, ACH or PayPal transfer.

Key features	Key considerations
Free payments between Payoneer users Local receiving accounts in 10+ currencies for easy international payments Works with major e-commerce platforms like Amazon, eBay, Fiverr, and Upwork Receive payments in multiple currencies (USD, EUR, GBP, CAD, AUD, and more) Batch payments allow businesses to settle up to 200 invoices at once.	Annual account and card fee of 29.95 USD Currency conversion fee of up to 3.5% ATM withdrawals cost 3.15 USD per transaction Getting paid directly by clients via credit card, ACH or PayPal transfer incurs a fee of up to 3.99% There’s a fee to make payments to both Payoneer (1% of the transaction amount + 4.00 USD/EUR/GBP) and non-Payoneer accounts (up to 3% of the transaction amount)

Payoneer ratings
Trustpilot: 3.8 out of 5 stars out of 56,724 reviews Play store: 4.6 out of 5 stars out of 125,000 reviews

Stripe

Stripe is a leading online and in-person payment processing platform for businesses of all sizes. With a wide range of payment methods (and a particular focus on e-commerce and SaaS industries), Stripe has become the go-to option for many companies and customers worldwide, supporting over 135 currencies.

Customers can choose from two account tiers: Standard, featuring pay-as-you-go pricing with no monthly fees, or Custom, designed for high-volume businesses needing tailored solutions.

With developer-friendly APIs and customisation tools, businesses can automate invoicing and integrate with accounting software and more. However, there are fees for additional features, like Stripe Connect or Stripe Billing, as well as an extra 2% fee for non-US accounts for processing payments that require currency conversion^5.

Key features	Key considerations
Accepts payments in 135+ currencies \ Advanced developer tools for custom checkout experiences \ Pre-built e-commerce solutions available for easy integration \ Subscription billing, invoicing, and fraud detection features included \ Supports multiple payment methods, including credit/debit cards, bank debits, and digital wallets \ 24/7 customer support via phone, chat, and email	Processing fees can be high for smaller businesses (2.9% + C$0.30 per domestic card transaction)⁶ Additional 0.8% fee for international card transactions⁶ A 2% currency conversion fee applies to cross-border transactions.⁶ Requires some technical knowledge to set up and customise Payouts can take up to two days to process

Stripe ratings
Trustpilot: 2.1 out of 5 stars out of 15,463 reviews Play store: 4.7 out of 5 stars out of 26,600 reviews

Square

With more than 4 million sellers, Square is one of the largest business payment processing platforms, serving everyone from solo entrepreneurs to international chains.

Businesses can accept tap, swipe, and chip payments, process online transactions and invoices, and access instant sales deposits with Square Checking. Square also offers small business loans, repaid as a percentage of daily sales.

While it doesn't support multi-currency accounts, Square allows businesses to accept international card payments, with conversions handled by the card issuer.

Key features	Key considerations
No monthly fees for the basic plan Free POS software included with every account Supports online, in-person, and mobile payments Offers hardware and software solutions tailored to different industries, including beauty and retail Fast payouts, with instant transfers available for a fee	Limited multi-currency support – unable to charge in different currencies Processing fees⁷include 3.3% + 15¢ per transaction for manually keyed-in transactions, 2.5% for credit card transactions and 0.75% + 7¢ per debit transaction for debit card transactions Not ideal for businesses with complex international operations Limited customization compared to developer-friendly platforms like Stripe 24/7 phone support not available for all plans

Key features

Key considerations

No monthly fees for the basic plan
Free POS software included with every account
Supports online, in-person, and mobile payments
Offers hardware and software solutions tailored to different industries, including beauty and retail
Fast payouts, with instant transfers available for a fee

Limited multi-currency support – unable to charge in different currencies
Processing fees⁷include 3.3% + 15¢ per transaction for manually keyed-in transactions, 2.5% for credit card transactions and 0.75% + 7¢ per debit transaction for debit card transactions
Not ideal for businesses with complex international operations
Limited customization compared to developer-friendly platforms like Stripe
24/7 phone support not available for all plans

Square ratings
Trustpilot: 4.3 out of 5 stars out of 1,082 reviews Play store: 3.2 out of 5 stars out of 239,000 reviews

Finding the right Revolut business alternative in Canada

Although Revolut is no longer an option for Canadian businesses, there are plenty of strong alternatives to help you manage payments, send and receive money internationally, and grow your business. Whether you need the all-in-one simplicity of PayPal, the cost-effective global reach of Wise Business, the marketplace-friendly features of Payoneer, or the developer-friendly tools of Stripe and Square, there’s a solution to fit your needs.

Sources:

Sources verified on 7 March 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited 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.