Does Neo Financial charge a monthly fee?

No. The Neo Money account and Neo prepaid Mastercard have no monthly fee. The Neo Secured Mastercard also has no annual fee. There is no minimum balance requirement. The core Neo products are genuinely free to hold and use.

What is the Neo Financial foreign exchange fee?

Neo charges a 2.5% foreign exchange fee on all purchases and withdrawals in a currency other than Canadian dollars. This applies to both the Neo prepaid card and the Neo credit card. This rate is the same as most Big Five credit cards and is a significant disadvantage compared to Wealthsimple Cash (0% FX) for travel or cross-border online shopping.

Does Neo Financial charge ATM fees?

Neo does not operate its own ATM network and has no fee-waiver agreement with any major ATM network. When you withdraw cash from an ATM using a Neo card, you pay whatever fee the ATM operator charges — typically $1.50–$3.50 per withdrawal in Canada. Neo does not rebate these fees. Canadians who frequently need cash should use Simplii Financial (free CIBC ATMs) or Tangerine (free Scotiabank ATMs) instead.

Are there NSF fees with Neo Financial?

The Neo prepaid Mastercard cannot go into overdraft — it is a prepaid card, and transactions decline when your balance is insufficient. There is no NSF charge for a declined prepaid transaction. The Neo credit card may have its own NSF or return payment fee for missed payments — check the credit card agreement in the Neo app for the current fee schedule.

What are the fees for the Neo Secured Credit Card?

The Neo Secured Mastercard has no annual fee. The security deposit of $50–$10,000 is held and returned when you close the account or graduate to an unsecured card. The deposit is not a fee — it is your collateral that becomes your credit limit. Interest charges apply if you carry a balance, and the purchase interest rate is noted in the card agreement. Paying the full balance each month avoids interest entirely.

How does Neo compare to other no-fee bank accounts?

Neo is among the lowest-cost options in Canada for day-to-day banking — no monthly fee, no minimum balance, and no fee for e-Transfers or bill payments. The key cost difference versus competitors is the 2.5% FX fee (vs 0% on Wealthsimple Cash Premium) and the lack of free ATM access (vs free Scotiabank ATMs at Tangerine or free CIBC ATMs at Simplii). For purely digital, in-Canada spending with the Neo partner network, the fee structure is competitive.

Neo Financial Fees 2026 | No Monthly Fee, FX Charges & Cash Back

Neo Financial’s core account has no monthly fee, no minimum balance, and no fee for standard digital transactions. The most significant ongoing cost is the 2.5% foreign exchange fee — every USD or other foreign-currency transaction costs an extra $2.50 per $100 spent.

Neo Money Account Fee Schedule

Fee	Amount
Monthly account fee	$0
Minimum balance fee	$0
Interac e-Transfer (send)	$0
Interac e-Transfer (receive)	$0
Bill payments	$0
Direct deposit	$0
Mobile cheque deposit	$0
Paper statement	Not applicable (digital only)
Account closure	$0

Neo Card Fee Schedule

Fee	Amount	Notes
Monthly / annual fee	$0	Both prepaid and credit card
Foreign exchange fee	2.5%	All non-CAD transactions
ATM withdrawal fee	ATM operator fee + 2.5% FX if international	No Neo network; no rebates
Cash advance (credit card)	Per card agreement	Check Neo app
Returned payment (credit card)	Per card agreement	Check Neo app

Foreign Exchange Fee: 2.5%

The 2.5% FX fee is charged on every transaction where your card is billed in a foreign currency — whether in-person at a US store, online at a USD-denominated retailer, or on a trip abroad. On $1,000 of foreign spending, the FX charge is $25.

Comparison:

Card	FX Fee
Wealthsimple Cash (Premium)	0%
Scotiabank Passport Visa Infinite	0%
KOHO Premium	0%
Neo Financial (all plans)	2.5%
Simplii Financial Visa	2.5%
Tangerine Mastercard	2.5%
Big Five credit cards (most)	2.5%

Neo has no plan or tier that waives the FX fee. For travel spending or regular cross-border online shopping, Neo is the wrong card.

ATM Fees

Neo has no proprietary ATM network and no rebate program. Any ATM withdrawal incurs the operator’s surcharge:

ATM Type	Typical Fee
Canadian bank ATMs (non-customer)	$1.50–$3.50/withdrawal
Independent ATMs (gas stations, convenience stores)	$2.00–$4.00/withdrawal
International ATMs	Operator fee + 2.5% FX

Alternatives with free ATM access:

Provider	Free ATM Network
Simplii Financial	~3,400 CIBC ATMs
Tangerine	~3,500 Scotiabank ATMs
Scotiabank	Scotiabank ATMs
RBC, TD, BMO, CIBC	Own ATM networks

If you withdraw cash more than once or twice per month, Neo’s ATM situation is a material cost disadvantage.

Neo Secured Credit Card Fees

Fee	Amount
Annual fee	$0
Security deposit	$50–$10,000 (refundable)
FX fee	2.5%
Purchase interest rate	Per card agreement (check Neo app)
Cash advance rate	Per card agreement

The security deposit is collateral, not a fee — it is returned when you close the account or graduate to an unsecured card. Paying the statement balance in full each month means the purchase interest rate is irrelevant.

Fee Comparison: Neo vs Digital Bank Alternatives

Feature	Neo	EQ Bank	Tangerine	KOHO Essential	Simplii
Monthly fee	$0	$0	$0	$0	$0
FX fee	2.5%	N/A	2.5%	1.5%	2.5%
ATM fee rebates	None	None	Free at Scotiabank	None	Free at CIBC
NSF / overdraft fee	N/A (prepaid)	N/A (prepaid)	$45 NSF	None (declines)	$45 NSF
e-Transfer fee	$0	$0	$0	$0	$0