You’ve probably heard a lot about a peer-to-peer mobile payment service called Venmo. Many of our friends and family in the U.S. have been talking endlessly about this free, safe, and fast platform that lets you send and receive money and easily split bills among friends and family.
Regrettably, Venmo is unavailable in Canada and currently limited to the US. However, there’s no need to worry as there are several alternatives available for sending, receiving money, and splitting bills in Canada.
In this blog post, we will introduce you to the 6 best Venmo alternatives for conducting financial transactions in Canada. We’ll guide you through the process of using these alternative platforms and highlight their unique features to help you make informed decisions.
Is Venmo in Canada?
Unfortunately, as of now, Venmo is not available in Canada. To use Venmo, you must be a United States resident, possess a US mobile number, and be at least 18 years old.
Thankfully, there are alternative platforms in Canada that serve similar purposes to Venmo. We will introduce you to some of these Venmo Canada equivalents as you read on.
Our Top 3 Recommended Venmo Alternatives in Canada
While Venmo does not work in Canda, these are our top three recommended apps that offer similar features and purposes to Venmo in Canada.
The 6 Best Venmo Alternatives in Canada
Although Venmo is not available in Canada, there are excellent alternatives readily accessible within the country.
Below, we present the top 6 mobile money transfer apps in Canada, catering to both domestic and international money transfers.
1. Wealthsimple Cash – Best Venmo Alternative in Canada
If you’re in Canada and looking for a reliable alternative to Venmo, look no further than Wealthsimple Cash. This free money transfer and payment app, owned by Wealthsimple, offers a seamless experience with its user-friendly interface and mobile-friendly investing dashboard.
With Wealthsimple Cash, you can transfer money quickly and easily, making it a breeze to split bills or send funds to friends and family. The app doesn’t impose any minimum account balance requirements, and you can choose from various payment options, including bank transfers and debit cards, for added convenience.
One of the standout features of Wealthsimple Cash is its versatility. Like Venmo, it allows you to trade cryptocurrencies through Wealthsimple Crypto, opening up opportunities in the exciting world of digital assets. Additionally, if you’re interested in traditional investments, you can trade thousands of stocks through the platform’s Wealthsimple Trade service.
Key Features of Wealthsimple Cash
- Pricing and Fees: Enjoy the convenience of free and instant money transfers without any pesky monthly account fees, deposit fees, or withdrawal fees. Wealthsimple Cash believes in keeping your money where it belongs – in your pocket.
- Security and Balance Protection: Your security is a top priority, and Wealthsimple Cash ensures this through 2-factor authentication. Plus, rest easy knowing that your balance is protected with CDIC insurance, providing coverage of up to $100,000.
- Wealthsimple Cash Card: Simplify your spending with the Wealthsimple Cash Card. This prepaid card allows you to make purchases directly from your Wealthsimple account, offering you quick and easy access to your funds.
2. KOHO – Offers Local Money Transfers with Cashbacks
KOHO is different from your typical savings account. It’s a comprehensive financial tool that comes with a prepaid Visa card and a user-friendly mobile app. One of KOHO’s standout features is its ability to facilitate free money transfers directly from your phone to any Canadian bank account.
But that’s not all. With KOHO, you get more than just a money transfer service. Enjoy attractive cashback perks that make your financial journey even more rewarding. For every purchase made with the KOHO Prepaid Visa Card, you’ll earn up to 2% cashback.
And if you opt for KOHO Premium, your cashback rate increases to an impressive 5%. Furthermore, certain partner stores offer a staggering 5% cashback on your purchases.
The best part? KOHO is entirely free, and its intuitive interface ensures a fast and hassle-free experience. Whether you want to manage your budget, spend wisely, or save for the future, KOHO has got you covered.
3. Interac e-Transfer
Interac e-Transfer stands tall as one of the most favoured mobile payment choices in Canada. With the convenience of your bank account, you can seamlessly transfer money using either online banking or a dedicated banking app.
What sets Interac apart is its remarkable flexibility, allowing you to transfer funds simply by using an email address or phone number, reaching any Canadian bank account with ease. Best of all, the cost of using Interac may be entirely waived, depending on your account type.
For instance, if you hold an EQ Bank account, you can enjoy sending and receiving money entirely free of charge. With its widespread popularity and user-friendly features, Interac e-Transfer is undoubtedly a robust and sought-after alternative to Venmo for Canadians.
RELATED: How Long Does e-Transfer Take? (2024)
4. Simplii GMT
SimpliiTM Global Money Transfer (GMT) offers one of the most cost-effective ways to send money worldwide, ensuring secure, user-friendly, and efficient solutions for your international money transfer needs.
With transactions completed in just one to three days and absolutely no fees or charges, Simplii GMT is a hassle-free option. Sending payments through their online service or app takes only a few minutes.
The service is available in over 130 countries across the globe. You can earn 0.5% cashback when using your Simplii Cash Back Visa Card for transactions. To keep you informed, Simplii GMT provides a helpful feature that allows you to track your transfers.
How to Get Started with Simplii GMT:
- Visit the Simplii website and click on “Join Simplii” to become a client.
- Follow the straightforward sign-up instructions on the site.
- Once you have successfully registered, sign in to the app or web page and select “Global Money Transfer.”
- Choose the desired currency, recipient, and destination country for the money transfer.
- Enter the amount you wish to send in Canadian dollars (CAD).
- For first-time users, don’t miss out on using the promo code “GMTEVENT.”
- Complete the transfer with ease and peace of mind.
5. Wise (Formerly TransferWise)
Wise, formerly known as TransferWise, is a highly recommended low-cost alternative to Venmo for sending and receiving money in Canada. This mobile money transfer service operates in over 70 countries and boasts a user base of more than 10 million.
With Wise, you have the added advantage of converting and holding up to 54 different currencies without incurring any charges. This feature makes it an excellent option for anyone dealing with international transactions or frequently needing to manage multiple currencies.
6. WorldRemit
If you want an outstanding alternative to Venmo in Canada, consider using WorldRemit. This mobile money transfer app operates in an impressive 150 countries, making it ideal for international transactions.
One of its major advantages is the absence of a minimum transfer amount, giving you flexibility in your transactions.
Additionally, WorldRemit offers a wide range of transfer options, including bank transfers, mobile money, and cash pickup, making it a versatile and convenient choice for your financial needs.
What is Venmo and How Does It Work?
Venmo is a user-friendly, peer-to-peer mobile app launched by PayPal in 2019, a renowned digital payment platform. Its primary purpose is to facilitate seamless money transfers between individuals. Notably, Venmo has gained popularity due to its unique features and convenience.
With Venmo, you can effortlessly send and receive money, making it ideal for transactions with friends and family. Moreover, the app allows for in-app and online purchases and cryptocurrency trading, setting it apart from other peer-to-peer payment platforms, like Cash App.
One of Venmo’s standout features is its ability to split bills, enabling you to share expenses easily. This versatility makes it a popular choice among users.
The process of using Venmo is simple. You can instantly transfer funds to your Venmo account once you link your bank account or credit card to the app. The app offers three funding options: credit card, bank account, or Venmo balance.
To send money or split bills on Venmo, you only need to specify the recipient and amount and add a note if desired. Transactions made through Venmo will be displayed on your Venmo social feeds, and visible to your friends or the public. However, you can easily make your transaction history private if you prefer privacy.
Key Features of Venmo:
- Online Purchases: Venmo allows you to make in-app and in-store purchases without any charges.
- Cryptocurrency Trading: Venmo enables you to trade Bitcoin, Bitcoin cash, Litecoin, or Ethereum for as little as $1.
- Direct Deposit: You can link your bank account to Venmo and set up automatic funds transfer, including your paycheck.
- Credit Cards: With a Venmo credit card, you can earn cashback rewards and make quick transactions using a QR code.
- Social Feeds: Venmo’s social feeds showcase your transactions to your chosen audience, be it the public or just your friends. However, you can always keep your transactions private if you prefer.
Venmo’s Fees:
Venmo is known for its affordability, and most of its services are free. Here is a summary of their charges:
- Free registration.
- $0 fee for sending money via a linked bank account.
- $3 fee for sending money via a linked credit card.
- No charges for receiving money from other Venmo users.
- Free electronic withdrawals.
- No monthly or annual fees.
- No charges for online purchases.
Final Thoughts on Venmo Canada
Unfortunately, Venmo is not yet available when it comes to money transfer services in Canada. However, fear not; there are excellent alternatives that can cater to your international transaction needs seamlessly.
These apps offer a vast reach of 150 countries, flexible transfer options, and no minimum transfer amount; they are the perfect choices for Canadians seeking secure and convenient financial solutions.
So, why wait? Embrace the convenience of money transfer platforms in Canada today and take your international transactions to a whole new level.
FAQs on Venmo Canada
Can Americans Living in Canada Use Venmo?
Americans living in Canada can’t also use Venmo in the country. This is because Venmo requires the sender and receiver to be physically in the US.
Does Venmo Work in Canada?
No! Venmo does not work in Canada because you can’t use it to send or receive money while in Canada.
Is there Venmo Canada to US?
There’s no Venmo Canada to the US because you can’t use the app to send or receive money from Canada.
Similarly, you can’t use the Venmo app to make in-app/online purchases or trade cryptocurrencies while in Canada.
Why is Venmo Not Yet in Canada?
Venmo has not issued any official statement on why it’s not available in Canada. However, it’s obvious to see why Venmo is not in Canada at the moment.
The app is designed to serve only the US market now as it requires both senders and receivers to be physically in the US to execute transactions.
When Will Venmo Canada Launch?
There’s no official statement from Venmo on when it will be available in Canada. Also, due to tight domestic regulations and banking policies, Venmo may find accessing the Canadian transfer market challenging.
However, we can only cross arms and anticipate the coming of Venmo in Canada. But for now, Canadians can do well with similar mobile transfer apps in Canada, which I shall discuss shortly.
What is the Canadian Version of Venmo?
Wealthsimple Cash, Interac, and KOHO are Canada’s versions of Venmo. Like Venmo, Wealthsimple Cash is a peer-to-peer mobile payment app with social features, allowing you to quickly send money to friends and family.
