Venmo is one of the most popular peer-to-peer payment apps available in the US. It makes sending money between friends safe, social and simple.
Since its launch in 2009, it has grown its user base to more than 65 million in the United States of America. “Just Venmo me” or “I’ll Venmo you” is now a common phrase used by its users across the US.
Venmo is part of the PayPal family, so users can be sure that their funds and transactions are safe and secure.
Some of the best features of Venmo include:
- No monthly fees and it is free to send money from your Venmo account, linked bank account or debit card
- Make in-app, online or in-store purchases
- Buy cryptocurrencies with as little as $1
- Setup direct deposits including paycheck
Due to these unique features, a lot of Canadians are asking, is Venmo available in Canada?
This post answers the question and provides 5 alternatives to the app for Canadians.
Is Venmo Available in Canada?
Unfortunately, Venmo is not available in Canada. To use Venmo, 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 Venmo and make it quick, easy, and convenient to send and receive money from loved ones.
In this article, we will explore top 5 alternatives to Venmo in Canada.
Why is Venmo Not in Canada?
It’s best known to the company as there is no official statement to that effect.
But for a company that was established in 2009 without expanding to any other country, it suggests that Venmo is more comfortable serving US residents alone.
In the case of Canada, Venmo expansion will be very challenging because it has to contend with other competitive payment networks, most especially the popular Interac e-Transfer service.
It goes without saying that the chances of Venom gaining momentum in Canada are very slim unlike in the US.
Venmo Canada Alternatives
Canadians may not have Venmo, but here are 5 alternatives to consider:
1. Interac e-Transfer
Interac is arguably the easiest and most convenient way for Canadians to send and receive money from friends and family.
If you have a bank account, then you already have access to Interac through your financial institution’s app or online banking. No need to download any third-party app or fund a mobile wallet.
The best part is that you can send money to anyone with a mobile phone or email, and a bank account through any of the over 250 participating financial institutions.
Receiving money through Interac e-transfers is always free, but there could be fees for sending. Many financial institutions don’t charge for sending Interac e-transfers, but some charge for all transfers or after a limit is reached monthly.
To learn more about Interac e-Transfers, check the links below.
2. 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 phones in seconds.
With its social features, it is the closest Venmo alternative for Canadians. Users can easily settle and split bills with other users using their unique dollar $ign.
Using Wealthsimple Cash is completely free. There are no monthly account fees, no fees to send or receive money, 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.
Funds in your Wealthsimple Cash wallet are protected by CDIC up to $100,000. But note that the protection only kicks in if Wealthsimple Cash’s deposit custodian becomes insolvent.
You can sign up for Wealthsimple Cash here or using the button below.
Get a $25 welcome bonus using this Wealthsimple Trade referral link.
Related Post: Wealthsimple Trade Promotion & Referral Code
Wise, formerly TransferWise, is an international money transfer provider. Wise makes it easier and faster to send money abroad to your loved ones.
There are more than 50 currencies supported. 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.
Wise is FINTRAC regulated in Canada and the fees are just a fraction of what you would pay using your Bank’s foreign remittance services or other international money transfer services.
Finally, Wise has a partnership with EQ Bank. So if you’re an EQ Bank customer, you can easily initiate an international money transfer through your online banking.
Check here to learn how to get your first money transfer for free using a Wise Promo Code.
PayPal is another alternative to Venmo in Canada. Like Interac, you can send money to friends and family using their email addresses 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 a dedicated international money transfer service 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 lets you earn bitcoin as “cash-back” when you shop online or in-store.
Get $5 welcome bonus through this Shakepay referral bonus or by clicking the button below.
Venmo Canada to US Transfer
You can’t open a Venmo account in Canada, so there’s no way to transfer from Canada to US using the app. Similarly, you can’t transfer from US to Canada using Venmo.
The best alternative would be to use Wise to take advantage of its cheaper fees. PayPal and your bank are other options, though with higher transaction charges and currency conversion charges.
FAQs: Venmo Canada
Is Venmo available to Canadians?
Venmo is not available in Canada at the moment and they have not announced any plans to launch in Canada in the near future.
What are some of the alternatives to Venmo in Canada?
A few Venmo alternatives for Canadians include Interac e-transfers, Wealthsimple Cash and PayPal. Interac is available through your financial institution, so you won’t have to download another app. Also, Wealthsimple Cash has the social and fun element of Venmo.
Venmo 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 Interac e-transfer, a service that is supported by almost all financial institutions and is widely adopted.
So Canadians may not have access to Venmo, but there are several other worthy alternatives.
Whether you want to send money easily and instantly to your loved ones, transfer from Canada to the US or buy cryptocurrencies, the 5 alternatives above will get you started.
Cash App from Square is another popular payment app in the US. Learn about its alternatives in this post about Cash App Canada Alternatives.
Want to know the Robinhood Canada Alternatives? Find out in the linked post.
Related Post: Best Personal Finance Apps for Canadians.