Cash App Canada: 9 Alternatives for Canadians in 2022

Cash App is a mobile wallet app created and launched by Square Inc. in 2013. It is one of the leading peer-to-peer payment solutions available in the US that allows its users to send and receive funds using their mobile devices.

This payment solution is very easy to use, and since 2013, US and UK residents have been having a blast using Cash App as a cost-effective way of making money transfers and investing.

In the same vein, Canadian residents seem to want to join in the fun, and we are all asking:

• is the Cash App available in Canada?
• If not, what are the alternatives to Cash App in Canada?

Here I provide answers to these questions and lots of other related questions.

Is Cash App Available in Canada?

No. You cannot use Cash App in Canada. Cash App is not available to Canadian residents, and only US and UK residents can use the App.

However, all hope is not lost. You will find several alternatives to Cash App Canada as you continue reading.

Editor’s Top 3 Picks and How They Compare To Cash App

Before we roll out a comprehensive list of the alternatives of Cash App in Canada, the table below will give you an idea of how the 2 best Cash App Canada alternatives compare when placed side by side.

What is Cash App, and How Does it Work?

Cash App is a mobile-only digital wallet for making money transfers and investing.

Like traditional bank accounts, a Cash App account also has a routing and an account number that allows direct deposit.

In recent times, Cash App has branched out into other services like offering debit cards for making online and store purchases.

Also, Cash App has expanded into creating an investment platform for stocks and cryptocurrency trading.

If stocks trading is the primary feature you are looking for, the best trading platforms that will be worthy alternatives to Cash App include Wealthsimple Trade, Questrade, and BMO Investorline.

However, if Crypto trading is the primary feature you are looking for, BitBuy, Coinsmart, and Newton, are great alternatives available to Canadians.

Cash App works seamlessly, and it is easy to use. Just download the App, sign up, then provide all the required information.

Then you can execute a transfer using the recipient’s username/$cashtag, phone number, or QR code, and the funds will be instantly transferred to the recipient’s account without wasting time.

Currently, the Cash App supports only the US and UK. When a UK user transfers money to the US, the funds will automatically convert to US dollars free of charge. Similarly, the funds will be converted to pounds for free when a US user transfers money to the UK.

Here are the key features of Cash App that make it appealing:

Payments: You can use the Cash App to send or receive money from anyone within the US or UK. All you need is to enter the recipient username ($cashtag), phone number, or scan their QR code.

Banking: Cash App allows you to receive direct deposits such as tax returns and paychecks speedily through your routing and account number.

Cash Card & Boost: Get instant discounts when you purchase using the Cash Card in stores or online. This card is free and customized to meet your buying needs.

Investing: If you’re interested in trading stocks or cryptocurrencies such as Bitcoin, Cash App got you covered. With as little as $1, you can start trading stocks on Cash App.

What I love about Cash App

• No transfer fees 
• No ATM withdrawal fees
• Easy and flexible peer-to-peer cash transfers,
• Investment opportunities
• Encrypted and safe transactions

Where Cash App is Lacking

• No deposit protection
• No interest rate on Cash App balance
• 3% fee for making a transaction with a credit card 
• Low ATM withdrawal limit 

Related: Shakepay Review 2022: Pros, Cons, and Cashbacks

9 Top Cash App Canada Alternatives

Even though there’s no Cash App Canada at the moment, thankfully, there are several alternatives to Cash App Canada that meet several needs. Here are the major ones:

1. Wealthsimple Cash- Best Alternative To Cash App Canada

Like Cash App, Wealthsimple Cash also allows you to make money transfers within Canada instantly and free.

Furthermore, you can also use Wealthsimple Cash to invest in stocks and cryptocurrencies like Cash App.

With no minimum account balance, you can use the Wealthsimple Cash app to make everyday purchases.

How to sign up and use Wealthsimple Cash

Check it out and explore the procedure:

1. Start by just downloading the App from the App Store or Google Play.
2. Go further to claim your unique Dollar sign
3. Then add funds to your Wealthsimple Cash wallet.
4. After this, start sending money to your friends.

Pros

• There is no minimum deposit
• It’s easy to setup
• Low fees
• They provide an automatic rebalancing feature that helps to monitor market changes
• They also provide dividend reinvesting services
• The user experience is positive because of the ease and efficiency of using their website and app
• They may cover administrative transfer fees if your investments are worth more than $5,000

Cons

• They have a tax optimization feature
• If you don’t have at least $100,000 in your Wealthsimple account, you can’t get access to human advisors
• Portfolio options are limited
• They have no physical branches

2. KOHO- Offers Local Money Transfers with Cashbacks

The KOHO App offers a straightforward way to send money and pay for purchases in Canada.

KOHO is a spending and savings account built with Canadians in mind. It has a prepaid Visa card and a mobile app, and with it, you’ll be able to budget, spend, and save all at the same time.

KOHO offers great perks including a 0.50% cashback on all your purchases when you make payments with the KOHO Prepaid Visa Card. You may even increase your cashback to 2% If you upgrade to KOHO Premium, or even 5% cashback when you shop at select KOHO partner stores.

Use KOHO to send money from your phone to any Canadian bank account. It’s free, fast, and easy to use.

How to sign up and use KOHO

1. Once you have downloaded the KOHO app, installed and registered
2. Sign in to your KOHO app, click the dollar sign ($)
3. Select add funds to e-Transfer from your bank
4. You will find your unique e-Transfer email address under “E-Transfer yourself at this email” and make a note.
5. Go to the e-Transfer section of the bank you are a member of (CIBC, BMO, TD, etc.)
6. Using your unique e-Transfer email from the KOHO app, create a new contact with the name KOHO.
7. Send e-Transfer, and you are good to go.

Pros

• There is no annual fee for the basic account
• You won’t pay NSF fees
• 0.5% cash-back on purchases
• Their app has a budget tracking feature
• No minimum balance
• You can get joint accounts
• They are Apple Pay and PayPal compatible

Cons

• Their limits on withdrawal and purchases are relatively low
• Foreign currency transactions draw a 1.5% fee (with the exception of Premium users)
• Building a credit score is not possible without their KOHO Credit Builder program which costs $7
• You don’t get RRSP, RESP, or TFSA accounts

3. Interac- Most Popular Option Best For Local Money Transfer

Interac money transfer is the fastest way to send money to anyone in Canada. You can send up to $3000. Interac e-Transfer is secure, easy, fast, convenient, and available 24/7.

You send money directly from one Interac-enabled bank account to another within a matter of minutes, with no transaction fees (at least most of the time) to either party.

Interac could be free for a lot of people in Canada, most especially if you are using digital banks like EQ.

How to sign up and use Interac

Check out the website and then follow the steps below:

1. Before you can send money on Interac, you need to register for the e-transfer
2. You can sign on to online banking on the web or use the mobile banking app
3. Choose the “Interac e-Transfer,”
4. After selecting the Interac e-Transfer, it will take you to the send money page

4. Simplii GMT

Simplii^TM Global Money Transfer (a product of Simplii Financial) is one of the most affordable ways to send money around the world. Transactions are usually completed within two to three days, with no fees or hidden charges.

They’re dedicated to providing you with a fast, secure, and easy-to-use solution for your international money transfer needs. You can send payments in just a few minutes through their online service or mobile app. It is available in over 130 countries available.

With Simplii GMT, you can earn 0.5% cashback when using your Simplii Cash Back Visa Card. They also have a feature that helps you track your transactions.

How to sign up and use Simplii GMT

• Go to the Simplii website and click on “Join Simplii” to become a client
• Follow the instructions and sign up
• After successfully signing up, sign-in on the website or app, then select “Global Money Transfer”
• Pick the currency, person, and nation you want to send money to
• Fill in how much you want to transfer in Canadian dollars (CAD)
• Enter the promo code GMTEVENT (this is for first time users)
• Finally, complete the transfer

5. PayPal

You can also send or receive money from Canada to different countries and currencies on PayPal.

PayPal doesn’t charge you for making transfers across Canada, but charges apply for international transfers.

To execute a transfer on PayPal, all you need is to open a free PayPal account and use the recipient’s email or phone number.

However, the recipient must also have a PayPal account to receive your funds.

Whether you’re using an iOS or Android device, you can download the PayPal app on App Store or Good Play Store.

How to sign up and use PayPal

Check it out first and see how it works:

1. Make sure your recipients also have a PayPal account.
2. Create a new PayPal account online or on the App
3. Link your bank account and cards, and submit other personal details needed
4. Start sending money to your family

6. Wise (Formerly TransferWise)

If you are looking for a low-cost alternative to sending or receiving money from Canada, this mobile money transfer app could be ideal.

This London-based mobile transfer app supports more than 70 countries and has more than 10 million users.

However, it may take up to 3 business days for your transfer to complete when sending money from Canada to wise.

How it works

1. Wise is a peer-to-peer platform
2. If you pay Wise in USD to send money to Europe, they accept the fund
3. Then they keep your money in a local US account, waiting for a customer who wants to send the amount of EUR to the United States.
4. They collect the person’s EUR gotten from the customer to your bank account in Europe.
5. Take it to mean that the money transfer happens in the form of a swap in Wise’s local accounts all over the world so they can cut exchange rates and lower transaction fees.

How to sign up and use Wise

Check it out and see the procedure:

1. Create your account with your email address on their website or download the App on the Google play store or the App store
2. Go to the home page and put the amount you wish to send and transfer it

7. Western Union

With this App, you can make international money transfers to over 200 countries and territories.

You can use the Western Union App to check exchange rates, monitor your transactions, and locate the closest Western Union agent around you.

Western Union facilitates sending money overseas through different methods such as direct deposit and cash pickup.

Before executing a transfer on a Western Union app, you should know the costs associated with your transfer. This is because exchange rates and fees vary according to the type of transfer.

You can download the Western Union App on your Google Play Store or App Store.

How to sign up and use Western Union

Check it out and learn how to sign up

1. You can download the App online or via the Google play store or App store.
2. Create an account and then sign in
3. While you can also use the Cash pickup option, you can also use the online/web services on their website.

Note: Fees to be paid when sending the money depend on where you are sending the money and the currency.

8. XE

This App also enables safe and affordable international money transfers from Canada.

You can use XE to make money transfers in over 50 currencies and across over 130 countries.

Furthermore, you can monitor all your transactions on XE and access live exchange rates.

The App is available for Android and iOS device owners on Google Play Store and App Store.

How to sign up and use XE

To sign up first, Check it out and then explore the steps below:

1. Sign up on the XE website or use their App or over the phone
2. You can download the App on the Google play store or App store
3. You will need your account number, your government ID and a utility bill and email address
4. Fill in your details and other personal information
5. Hit the submit button to complete registration.

9. WorldRemit

This is another excellent alternative to Cash App Canada that allows you to make transactions across 150 countries.

WorldRemit has no minimum transfer amount and provides several transfer options from mobile money, bank transfer, cash pickup, etc.

Depending on the device you’re using, you can download the WorldRemit app on Google Play Store or App Store.

How to sign up and use WorldRemit

First, check it out and then see how it works:

1. WorldRemit provides several transfer options to choose from
2. Either you use mobile money, bank transfer, and cash pickup.
3. You can also access the App through their website or on the Google play store or App store.

What’s the Best App to Send and Receive Money Outside Canada?

From the above discussion of the Cash App Canada alternatives, it may be confusing to decide on the best App for international money transfers outside Canada.

While you can’t make a wrong choice with any of the above Cash App Canada alternatives, you can make a cost-effective decision.

Based on my personal experience, Wise is the overall best App to send and receive international money transfers.

However, Interac is the best and most popular option for local transfers within Canada even though Wealthsimple Cash is the closest thing to Cash App in Canada in terms of what Cash App offers as features.

However, if you’re more concerned about wide coverage, I advise you to go with PayPal since it has wide coverage and affordable fees.

Moreover, you can open both a Wise and PayPal account to get the best exchange rate and affordable fees.

All the best!

FAQs On Cash App Canada

Cash App Fees

Cash App is unique because of its range of free offers. Below is Cash App’s range of service fees :

• 5% charges for instant deposit
• $2 ATM withdrawals
• 3% charges for using credit cards to fund balance.

Can You Use Cash App From Canada to the US?

You can’t use a Cash App to make transactions from Canada to the US at the moment. The App is only available for US and UK residents. 

Does Cash App Work Internationally?

No. Cash App is currently limited to the US and UK. No transaction can take place beyond these countries.

Does Cash App Work in Canada?

No, Cash App doesn’t work in Canada at the moment. Consequently, you can’t use it to execute any transaction from Canada.

Does Canada Have Venmo or Cashapp?

No. There is no Venmo and Cash App in Canada at the moment. But Wise and PayPal are top alternatives to Venmo and Cash App in Canada.

How to Get Cash App in Canada?

Depending on your operating device, you can get a Cash App in Canada by downloading it on Google Play Store or App Store. But remember, you can’t use it to do anything.

How to Use Cash App in Canada?

At the moment, you can’t use this App to send or receive transfers in Canada. You can’t also use the App to trade stock or cryptocurrencies in Canada.

So whether on the Cash App website or by downloading the App, there’s nothing you can do with this App in Canada.

But if you’re looking to relocate to the US or UK shortly, you can download the Cash App in advance to get acquainted with the interface before becoming an eligible user.

How to Download Cash App in Canada?

Depending on your device, you can download the Cash App in Canada on Google Play Store or App Store.

However, it’s important to remember that you can’t use the Cash App for anything in Canada.

So you should consider downloading the App when you’re thinking of reallocating to either the US or UK.

Is Cash App Safe?

Yes. Cash App is very safe in every sense of the term. The App encrypts all payment information and processes them through secure servers.

Cash App has an in-app security lock that helps protect your account from fraudsters by using a PIN or ID. 

However, you must be careful when making transactions through Cash App. It has been reported by the Better Business Bureau (BBB) how fraudsters posed as Cash App representatives to scam people. 

Is Cash App in Canada?

Unfortunately, Cash App by is not available to those residing in Canada. The app is only available to users in the US and UK for now. Fortunately, this article contains a comprehensive list of alternatives to Cash App if you live in Canada.

Is a Cash App US to Canada Transfer Possible?

No, it is not possible. Canadian residents cannot sign-up for Cash App, so they cannot send money through Cash App from the United States to Canada.

Who Can Use Cash App?

Cash App is only available in the US and UK. Hence, only the residents of these countries can use it.

However, not every US and UK resident may be eligible to use the Cash App.

In addition to being at least 18 years of age, the person must provide information such as their:

• Email address
• Date of birth
• Mobile phone number
• Social security number
• Zipcode
• Street address
• Government-issued ID

Moreover, only US and UK residents looking for a cost-effective vehicle for money transfers and investment will find Cash App suitable.

Why Can’t Canadians Use Cash App?

Canadians can’t use Cash App because the App is not yet available in Canada.  

Only US and UK residents are eligible to send and receive money with the Cash app. 

Why is Cash App Not Available in Canada?

Although there’s no official statement on why this great App is not available in Canada, it’s easy to see why.

Cash App is not yet available in Canada because it can support only two countries at the moment, i.e., the US and UK.

Thus, once the App expands its coverage to Canada, Canadians can also use it to make cheap money transfers.

Will Cash App Come to Canada? When Will Cash App Canada be Available?

We don’t know! As of the time of writing this post, there is no official statement from Cash App on expanding its services to Canada.

There are currently numerous money transfer apps in Canada that are affordable and easy to use, just like Cash App.

Furthermore, banking policies and regulations in Canada are so strict, making it difficult for foreign FinTech like Cash App to easily access the local transfer market.

Nevertheless, all hope is not lost about the possibility of Cash App expanding into Canada.

Why is Cash App Unique?

The primary thing that makes Cash App unique is its range of free perks and ease of ease.

Unlike other money transfer apps, Cash App doesn’t charge registration fees, transfer fees, or ATM withdrawal fees.

Additionally, Cash App doesn’t have annual or monthly fees, making it cost-effective for making money transfers.

Without wasting your time, your transfer will be delivered instantly upon executing a money transfer on Cash App instead of taking several business days.

Furthermore, Cash App has an intuitive interface that makes it easy to use.

If you’ve more questions about Cash App Canada, don’t hesitate to let me know in the comment section.

Now you know all about Cash App Canada and the Top 9 alternatives you can use in its stead.