Alternatives to Revolut for Interac e-Transfers in Canada

Revolut is no longer available in Canada, which leaves a gap for users who valued its fast transfers and multi-currency tools. If you’ve been using Revolut for personal or business payments, it may be time to explore other options.Several banks and fintech providers now support Interac e-Transfers, offer competitive fees, and provide features like CAD accounts and international payments.. This guide highlights the best alternatives, including Wise, and compares them based on cost, convenience, and domestic transfer support.

Why Revolut isn’t an option for Interac in Canada

Revolut officially exited the Canadian market in March 2021, shutting down accounts and withdrawing its services for both personal and business users. While it initially operated in Canada as part of a beta launch, the company announced via email that it couldn't offer the full range of features Canadians expected 'at the moment' and would wind down operations.

Unlike many local banks and fintechs, Revolut never integrated with Interac, which is the most widely used money transfer system in Canada. Without a Canadian banking licence or local infrastructure, Revolut couldn’t support the kind of domestic payments, including Interac, that most people rely on day to day.

Bank-based Interac e‑Transfer options

Canadian banks continue to support Interac e‑Transfer as a trusted method for sending quick payments. For businesses and personal users, the major five banks, including RBC, TD, BMO, CIBC, and Scotiabank, offer Interac via their online or mobile platforms, although fees and limits can vary depending on the account type.

How banks support Interac

TD charges from 0.50 CAD to 1.50 CAD per transfer¹ from some personal and business accounts, though most premium personal accounts include free e‑Transfers. Limits are usually up to 3,000 CAD per transaction and 10,000 CAD per week².

RBC offers sending, receiving, Autodeposit, and Request Money. Transfers are free from most personal chequing accounts, but cost 1 CAD from personal savings accounts and 1.50 CAD per transfer from business accounts³. You can send up to 10,000 CAD per day⁴.

BMO includes 2 free e‑Transfers per month with many business accounts⁵. Additional transfers cost anywhere between 1 CAD and 5 CAD⁶ with limits starting from 3,000 CAD going up to 25,000 CAD⁷ depending on account setup.

CIBC charges 1.50 CAD per transfer from business accounts, although some personal accounts include free transfers. Typical limits are 3,000 CAD per transaction, with a weekly cap of 10,000 CAD⁸.

Scotiabank supports Interac for Business, with transfers from business accounts costing around 1.00 CAD each⁹ and a limit of 25,000 CAD per transaction¹⁰.

Bank Interac e‑Transfer fees & limits

Even though Interac e‑Transfers are supported by all major Canadian banks, fees and sending limits vary based on the type of account and provider. Some personal chequing accounts include free transfers, while business and savings accounts often charge per transaction. Here's a quick comparison of fees and limits at the Big Five banks:

Fintech alternatives to Revolut

Revolut’s exit left a gap for Canadians looking to manage everyday spending, business payments, or international transfers from one platform. Fortunately, a number of fintechs now offer similar services, from free Interac e‑Transfers to multi-currency features and digital wallet tools.

Payoneer

Payoneer is a popular choice for freelancers, businesses, and international sellers. It offers CAD receiving accounts for local payments, meaning Canadian clients can pay you like a domestic user. Funds can be held in multiple currencies, sent to a bank account, or accessed using a Payoneer card.

• Features: Multi-currency wallet, CAD receiving account, global payments, business Mastercard
• Fees: Free to receive payments; 1%–3% fee to send funds to non-Payoneer accounts; annual card fee of 29.95 USD¹¹
• Pros: Useful for cross-border invoicing and marketplaces; supports receiving CAD without needing Interac
• Cons: No Interac e‑Transfer integration and not designed for personal use

Remitbee

Remitbee is a Canadian-based money transfer provider focused on low-cost international remittances. It supports Interac e‑Transfer for sending money both domestically and abroad. You can also pay via debit or EFT, and use it for bill payments and currency exchange.

• Features: Interac e‑Transfer support, international transfers, FX services, bill payments
• Fees: 2.99 CAD per transfer under 500 CAD; free above 500 CAD; FX margin is typically 0.3%–0.8%¹²
• Pros: One of the few fintechs that supports Interac for sending; competitive exchange rates; fast transfers
• Cons: No business accounts or cards; limited to CAD as the source currency

Koho

KOHO is a Canadian fintech app offering a reloadable prepaid Mastercard, spending insights, savings tools, and no mandatory monthly fees. It also supports Interac e‑Transfers for both sending and receiving, making it a convenient Revolut alternative for personal users.

• Features: Free e‑Transfers, prepaid Mastercard, budgeting tools, cashback rewards
• Fees: Sending e‑Transfers is free to other KOHO account holders¹³; 0 CAD, 12 CAD or 14,75 CAD monthly account fees dependent on your chosen plan¹⁴
• Limits¹⁵:
• Inbound: Up to 10,000 CAD per transaction, 10,000 CAD daily, and 40,000 CAD monthly
• Outbound: 3,000 CAD per transaction and daily maximum limit
• Pros: Easy to use, strong Interac support, good for budgeting and everyday spending
• Cons: No business tools or multi-currency support

Fintech providers compared for e-Transfers

Fintech platforms vary widely in how they support Interac e‑Transfers and what they’re best suited for. Some focus on cross-border business payments, while others are tailored to everyday spending. Here's how leading providers compare:

Interac e‑Transfer support among fintech alternatives

Wise: Your cross‑border and e‑Transfer solution

https://income-climb.live/imaginary-v2/07e12251e9f58731d34a10bbebb3904f.jpg%3C/a%3E%3C/p%3E

Wise is a global money transfer service built for people and businesses who need flexibility across currencies. As an alternative to banks and single-country fintech apps, Wise lets you send, receive, and manage money across borders with low, transparent fees and the mid-market exchange rate. It offers domestic and international transfer options all from a single multi-currency account.

Interac e-Transfer into Wise

If you bank with a Canadian institution, you can add funds to your Wise account using Interac, through your bank’s bill payment system. Once the money arrives in your Wise CAD balance, you can convert it into other currencies, send it to international accounts, or keep it in CAD for local payments.

With Wise, you can:

• Send money to Canadian bank accounts in CAD.
• Transfer money to 160+ countries, converting at the real exchange rate.
• Hold and exchange over 40 currencies.
• Receive payments locally with account details in CAD, USD, EUR, GBP, and more

For Canadians who want to pay locally, send money abroad, or get paid in different currencies, Wise is a versatile option that bridges domestic e-Transfers and global transactions, making it easier to move money without relying on banks or high-fee services.

Choosing the best Revolut alternative

If you turned to Revolut for sending money abroad or juggling multiple currencies, the right alternative will depend on how hands-on you want to be and whether you value simplicity, speed, or better rates.

Wise is a versatile option for both individuals and businesses who manage money across borders. You can receive Interac e‑Transfers into your Wise account, hold and convert over 40 currencies, and send money abroad with transparent pricing and the mid market exchange rate. It’s ideal if you need one account that handles both your local and global payments without hidden costs.

Sources:

1. Send Money using Interac e-Transfer | TD Canada Trust
2. How much money can I send and request using the INTERAC e-transfer service? - TD Bank
3. Learn more about Interac e-Transfer fees - RBC
4. Send Money With Interac e-Transfer - RBC Royal Bank
5. Terms & Conditions - BMO
6. We're making changes to some of our Everyday Banking Plans and Fees. - BMO
7. BMO Cash Management
8. How to send and receive money with Interac e-Transfer at CIBC
9. Scotiabank Interac Limits
10. Bank Account related fees | Scotiabank Canada
11. Low fees and no hidden costs | Payoneer Fees
12. Our fees and pricing | Remitbee
13. A Guide On How to Send an e-Transfer in Canada
14. Open an Account Online - Mastercard for Spending and Saving - KOHO
15. All KOHO Account Velocity Limits