Cash App is a mobile, peer-to-peer payment service that lets users send money to their family or friends and pay merchants or vendors.
The mobile wallet app was launched in 2013 by Square Inc. All you need to send money to someone is their phone number, $cashtag or their QR code.
Cash App is available in US and UK and now boasts of over 30 million monthly active users as at Q3 2020.
Some of the best features of Cash App include:
- No monthly fees and free to send money from your Cash App wallet to other users or to a linked bank account (2-3 days)
- Cash Card, a debit card, for making purchases offline and withdrawing cash from the ATM
- Digital discounts on your purchases through a feature called Cash Boost.
- Receive direct deposits including your paycheck into the Cash App
- Start investing with as little as $1
- Buy cryptocurrencies from within the Cash App
Considering the above competitive features, a lot of Canadians are asking, is Cash App available in Canada?
This post answers the question and provides 8 alternatives to the app for Canadians.
Is Cash App Available in Canada?
Unfortunately, Cash App is not available in Canada. The reasons are obviously not unrelated to the completive Canadian market especially as Canadians have so many Cash App alternatives to content with.
However, as of late 2022, Cash App started showing sign of expanding to Canada by hiring Canadians for domestic functions.
To use Cash App cash back at the moment, both the sender and receiver must be in the USA and have a mobile phone with a U.S. phone number.
Fortunately, Canadians have other payment apps that have similar features to Cash App and makes sending and receiving money from loved ones quick, easy, and convenient.
8 Cash App Canada Alternatives
There’s no app in Canada that has all the features and products of Cash App in a single mobile app. But there are several options for its main features like payments, investing and cryptocurrency trading.
1. Interac e-Transfer
If you’re simply looking for a way to pay your loved ones in Canada, then Interac is a perfect Cash App alternative for Canadians.
Interac is the easiest and most convenient way for Canadians to send and receive money from friends and family without the need to download another app.
If you have a bank account, then you already have access to Interac through your financial institution’s app or online banking.
You can send Interac e-transfer to anyone with a mobile phone or email, and a bank account at one of the over 250 participating financial institutions.
Receiving money through Interac e-transfers is free, but there could be fees for sending. Many financial institutions don’t charge for sending Interac e-transfers, but some of them charge for the service (usually $1-$2).
Learn more about Interac e-Transfers through the links below.
- Learn how Interac e-Transfer works in Canada
- Learn about the Interac e-Transfer limit of various financial institutions
2. Mogo App
Mogo was launched in 2016 and now has more than 1 million users. It provides several financial services including digital banking services through MogoSpend, bitcoin trading, lending services, credit score monitoring and identity theft & fraud protection.
It also offers wealth and mortgage services. That means Mogo has more features than Cash App and it’s constantly expanding its product offerings.
The only feature Cash App has that is missing from Mogo App is investing and peer-to-peer payments.
But with its planned acquisition of Moka, a saving and investing app, this may soon change.
3. Wealthsimple Cash
Wealthsimple Cash is a peer-to-peer payment app that makes it simple for Canadians to send money to their friends and family from their mobile phone in seconds.
With its social features, it is the closest Cash App alternative for Canadians that has peer-to-peer payments. Users can easily settle and split bills with other users using their unique dollar $ign.
Using Wealthsimple Cash is completely free. There are no fees to send or receive money, no monthly account fees, and it’s also free to deposit or withdraw from the app.
Getting started is simple. Simply download the app from the App Store or Google Play, claim your unique Dollar $ign, add funds to your wallet, and start sending money to your friends.
You can sign up for Wealthsimple Cash by clicking the button below.
Learn more about its offering here: Wealthsimple Cash Review
4. Wealthsimple Trade and Wealthsimple Crypto
Both products from Wealthsimple are available within the same app.
Wealthsimple Trade is Canada’s first and only commission-free investing app. Users can buy and sell thousands of stocks listed on Canada and US stock exchanges for free with as little as $1.
The crypto trading product, Wealthsimple Crypto, is also commission free but Wealthsimple makes money through the spread between the buy and sell price. Through the app, users can currently buy only bitcoin and Ethereum.
Get 2 free stocks as welcome bonus using this Wealthsimple Trade referral link.
Related Post: Wealthsimple Trade Promotion
If you want to transfer money international, Wise is a great option from Canada.
Wise, formerly TransferWise, is an international money transfer provider. It makes it easier and faster to send money abroad to loved ones.
Wise currently supports more than 50 currencies. So whether you want to send money to the USA (CAD to USD conversion) or to one of the other 70+ supported countries, Wise has you covered.
Also, EQ Bank has a partnership with Wise. So EQ Bank customers can easily initiate an international money transfer through their online banking.
Related Post: EQ Bank Referral Code ($20 Bonus)
PayPal is another alternative to Cash App in Canada. Like Interac, you can send money to friends and family using their email address or phone number in Canada.
Unlike Interac and Wealthsimple Cash though, PayPal can also send money internationally. The fees and currency conversion spread, however, means you’ll be paying significantly higher than if you used dedicated international money transfer services like Wise.
Sending money within Canada is free using your linked bank account or PayPal balance. The only catch is that the recipients will also need to have a PayPal account.
To get started, create a new PayPal account, link your bank account and cards, and start sending money to your friends.
Shakepay is a cryptocurrency exchange available for Canadians. It is one of the easiest and cheapest ways to buy and sell cryptocurrencies in Canada.
In addition, users can send CAD and cryptocurrency to other Shakepay users for free through the app. Interestingly, Shakepay is introducing a Shakepay Card that let’s you earn bitcoin as “cash-back” when you shop online or in-store.
Get $10 welcome bonus through this Shakepay referral bonus or by clicking the button below.
Read more: Shakepay Review
Newton is another cryptocurrency exchange with the best spread in Canada. It is a Toronto-based and was founded in 2018.
Though relatively new, the company has positioned itself as one of best exchanges available to Canadians looking to trade digital currencies at low cost.
You can trade 70+ different cryptocurrencies on the platform including Bitcoin and Ethereum.
You can check this Newton Referral Code and Review for more information or click below to sign-up and get a welcome bonus of $25.
Can I Send Money From Cash App in US to Canada?
Both the sender and receiver have to be US residents. That means, you can’t open a Cash App account in Canada, so there’s no way to receive money from the US using the app. Similarly, you can’t transfer from Canada to US using Cash App.
If you need to send money across both countries, the best alternative would be to use Wise for the cheaper fees. PayPal and banks are other options, but with higher transaction charges and currency conversion charges.
Will Cash App Come To Canada?
The short answer is yes. Following the expansion of Cash App to UK in 2018, a Canada launch is possible.
In late 2022, Cash App started making plans to expand to Canada by recruiting Canadians. Although we’re not sure the exact launch date but it all points to a possible launch in the nearest future.
If they do, it’ll be interesting to see how they’ll compete with some of the existing and more established personal finance apps.
Interac e-transfer for example is supported by almost all financial institutions and is widely adopted. Also, it has the added advantage of not having to download another app to send or receive money.
FAQs on Cash App Availability in Canada
Is Cash App available to Canadians?
Cash App is currently unavailable in Canada but there are plans to expand to the country in the nearest future.
Does Cash App work between Canada and US?
Cash App doesn’t work between Canada and the US at the moment. Instead, it works between the US and the UK as those are the only two countries the app operates in.
What are some of the alternatives to Cash in Canada?
A few Cash App alternatives for Canadians include Interac e-transfers and Wealthsimple Cash for payments; Wealthsimple Trade for investing; Shakepay, Newton and Wealthsimple Crypto for Cryptocurrency trading.
Cash App is not available in Canada for now, and there are no signs that it’ll ever launch here. One major reason for this is that Canadians already have
In the mean time though, there are several other worthy alternatives.
If you’re looking for a way to quickly and easily send money to your loved ones, start investing with little money, buy cryptocurrencies and transfer from Canada to the US, the 8 alternatives above will get you started.
Two other popular US apps that are not available in Canada yet are Robinhood and Venmo. Learn about their alternatives in the posts below:
- Alternatives for Robinhood Canada
- Alternatives for Venmo Canada
Check here for other best personal finance apps for Canadians.