Venmo Canada: Top 10 Alternatives for Canadians [Updated]

Splitting your bills instantly with friends and family has never been easier. Venmo’s mission is to help you achieve just that. 

This American peer-to-peer mobile payment app makes transactions fun and stress-free online and in-store.

Thus, it’s obvious why Venmo has attracted more than 70 million users in just eleven years of existence.

As a result, so many Canadians like you are asking, is there Venmo in Canada? If not, what are similar payment apps like Venmo in Canada?

Keep reading to find answers to these questions and more.

Is Venmo Available in Canada?

Unfortunately, Venmo is not available in Canada as of 2021. However, several mobile money transfer apps in Canada can be used in place of Venmo.

What is Venmo?

Venmo

Venmo is a US-based peer-to-peer mobile app for sending and receiving money. It’s also used for in-app/online purchases and cryptocurrency trade.

Launched in 2019, Venmo is owned by PayPal, one of the world’s leading digital payment platforms.

As a mobile peer-to-peer payment platform, you can use Venmo to split payments across your friends and family.

Once your bank account or credit card is linked to the app, you can immediately transfer funds to your Venmo account.

Like Cash App, Venmo has many free offers on opening accounts, sending and receiving money, withdrawals and more.

Overall, Venmo gives you the opportunity to handle your money the way you like through direct deposits and credit cards.

How Does Venmo Canada Work?

Unlike other peer-to-peer mobile payment apps, Venmo allows you to make online or in-store purchases and split your bills to your friends and family. 

That said, Venmo has three funding options as follows:

  • Credit card
  • Bank account
  • Venmo balance
  • Money request

To Venmo someone or split your bills on Venmo, all you need is to add a recipient, amount and a note. 

After making a transaction, it will be displayed on Venmo social feeds to your friends or the public. However, you can make your transaction history private. 

What is Unique About Venmo?

Besides its range of free perks, Venmo is popular in the US due to its flexibility and social nature.

You can use emojis in place of dollar symbols when making transactions and have them displayed on Venmo’s social feeds.

This gives you the opportunity to express yourself uniquely on each transaction instead of using boring traditional payment notes.

Venmo Key Features

Here are the key features of this app as of the time of writing this Venmo Canada review:

  • Online Purchase: You can make in-app and in-store purchases on Venmo with no charges.
  • Cryptocurrency Trading: You can trade bitcoin, bitcoin cash, litecoin, or ethereum on Venmo with as low as $1.
  • Direct Deposit: You can link your bank account to Venmo to add funds automatically and set up your paycheck.
  • Credit Cards: You can earn cashback rewards by using the Venmo credit card. You can also make quick transactions with the credit card using a QR code.
  • Social Feeds: Venmo social feeds display your transactions to those you want, such as the public or friends. But you can choose to have your transactions private.

Venmo Fees

VENMO FEES

As mentioned previously, Venmo has lots of free offers such as:

  • Free registration.
  • $0 fee for sending money via a linked bank account.
  • $3 for sending money via a linked credit card.
  • Free charges on receiving money from Venmo users.
  • Free electronic withdrawals.
  • $0 monthly and annual fees.
  • $0 for online purchase

Click here to learn more about Venmo’s range of fees.

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 at the moment as it requires both senders and receivers to be physically in the US to execute transactions.

Additionally, Interac e-Transfer, Wealthsimple, PayPal and Wise etc., are already offering low-cost money transactions in and outside Canada.

Thus, Canadians have several Venmo Canada alternatives to use now, pending when Venmo extends its service to Canada.

When Will Venmo Launch in Canada?

There’s no official statement from Venmo on when it will be available in Canada.

However, it’s obvious to see why Venmo availability in Canada will not be so soon.

With several Venmo Canada alternatives, Canadians are not missing much.

Also, Venmo may find it challenging to access the Canadian transfer market due to tight domestic regulations and banking policies.

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.

Who Can Use Venmo?

As mentioned previously, Venmo is only available to US residents looking to make transactions and online purchases.

However, not every US resident is eligible to use this app. To qualify for this app, the person must:

  • Reach 18 years or older.
  • Be in the US physically.
  • Have a US cell phone.

The above requirements also point to why Venmo can’t be used for international transfers.

This is because both the sender and receiver are expected to be in the US physically to execute transactions.

Moreover, individuals and small-medium businesses in the US will find the Venmo app cost-effective in making transactions.

How to Use Venmo in Canada

As mentioned previously, you can’t use Venmo Canada to make or receive payment. You can’t also use it to make online purchases or trade cryptocurrencies.

However, you can use the app to research, learn, and keep yourself updated on current trends in the industry through the Venmo Blog and its News & Press release.

But if that’s not what you’re looking for, then you should look for Venmo Canada alternatives.

How to Get Venmo in Canada

Venmo is available on its website and Google Play Store.

But remember, you can’t use the app in Canada to send or receive money. You can only use its blog, news & press release to do research and keep yourself updated on current trends.

However, if you are about to relocate to the US, you can download the Venmo app and get a feel of it ahead of time.

10 Top Venmo Alternatives for Canada

Venmo vs Other Money Transfer Apps in Canada

While there’s no Venmo Canada, but there are Venmo alternatives in Canada.

Here are the top mobile money transfer apps in Canada for domestic and international money transfers:

1. Interac e-Transfer

Interac e-Transfer is one of the most popular options for making mobile money transactions in Canada.

With just your bank account, you can make money transfers with Interac using your online banking or banking app.

Furthermore, Interac gives you the flexibility of money transfer using an email or phone number to any bank account in Canada.

Moreover, Interac does charge a fee for receiving money. However, small charges may apply for sending money.

2. Wealthsimple Cash

Wealthsimple Cash is popular in Canada because of its speed and offer of free money transfers.

Additionally, Wealthsimple Cash can also be used like Venmo to trade cryptocurrencies in Canada.

Furthermore, Wealthsimple Cash allows you to make online purchases with no minimum account balance required.

3. Wise (Formerly TransferWise)

This is another low-cost alternative to Venmo that you can use to send and receive money in Canada.

This mobile money transfer service is available in more than 70 countries with more than 10 million.

With Wise, you can convert and hold up to 54 currencies without charges.

4. World Remit

World Remit is another excellent alternative to Venmo as it enables international transactions to 150 countries.

This mobile money transfer app does not have a minimum transfer amount and offers various transfer methods, including bank transfer, mobile money, and cash pickup.

You can download this app on Google Play Store or App Store.

5. MoneyGram

MoneyGram is a mobile money transfer app that speeds the process of sending and receiving money in Canada.

MoneyGram’s extensive support of over 200 countries and territories enables you to transfer money quickly and easily in various ways.

This app is available for download on Google Play Store and App Store.

6. PayPal

PayPal allows you to send and receive money to a variety of countries and currencies in Canada.

With this mobile money transfer app, you are not charged for domestic transactions. However, there are fees for international transfers.

To initiate a transfer via PayPal, use the recipient’s phone number or email address after creating a free PayPal account.

You can download PayPal on Google Play Store or App Store.

7. Western Union

This mobile money transfer app enables you to make money transfers to more than 200 countries and territories.

The Western Union app allows you to review currency rates and track all your transactions on one dashboard.

Furthermore, this app enables you to make money transactions in various ways, including direct deposit and cash pickup.

However, before initiating a transfer through this app, you should be aware of the related fees because each transfer method has different exchange rates and costs.

The Western Union app is available for download on Google Play Store and App Store.

8. XE

XE gives you the flexibility of making low-cost international money transactions in Canada.

With more than 130 countries and 50 currencies coverage, XE got you covered on domestic and international transfers.

Additionally, you can track all your payments on this app and get real-time currency rates.

You can download this app on Google Play Store or App Store.

READ MORE: Tranferwise Review

What’s the Best Mobile App for Money Transfer in Canada?

Best Canadian Mobile Money Transfer App

Wealthsimple Cash has proved to be the best mobile app for money transfers in Canada. 

When choosing the best mobile money transfer app in Canada, your primary emphasis should be on fees and coverage.

In this regard, Wealthsimple Cash is the best mobile app for domestic money transfers in Canada. 

But for international money transfers in Canada, I recommend Wise and PayPal as the overall best.

To make a cost-effective decision, you should open one mobile app for domestic transfers and another for international transfers.

Final Thoughts on Venmo Canada

The absence of Venmo Canada is not the end of the world, considering the availability of several mobile money transfer apps in the country.

Mobile money transfer apps such as Interac e-Transfer, Wealthsimple Cash, Wise and PayPal are cost-effective means of making domestic and international money transfers in Canada.

However, if you still want to use the Venmo app in Canada, you should download it on Google Play Store or access it on its website.

But remember, you’re only limited to using the app to research or stay up-to-date on current trends through its blog and news & press releases.

READ MORE: Moka (formerly Mylo) Review

FAQs on Venmo Canada

Does Venmo Work in Canada?

Venmo does not work in Canada in the sense that you can’t use it to send or receive money while in Canada.

Also, you can’t use the app to make online purchases or trade cryptocurrency in Canada.

However, you can use the app to research, educate yourself and stay up-to-date on current industry trends through its blog, news and press release.

Is there Venmo Canada to US?

There’s no Venmo Canada to 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.

However, there are several mobile money transfer apps that allow you to make low-cost and fast domestic and international money transfers in Canada.

This includes Interac e-Transfer, Wealthsimple Cash, Wise and PayPal.

Does Canada Have Venmo or Cashapp?

Canada doesn’t have Venmo or Cash App at the moment.

However, Interac e-Transfer, Wealthsimple Cash, Wise and PayPal are excellent alternatives for making domestic and international transfers in Canada.

Which is Better Venmo or PayPal?

PayPal is the owner of Venmo, and it has been in the industry for years with broad and safe offerings.

However, you may find PayPal better than Venmo, depending on your needs and location.

If you’re in Canada, PayPal is better as you can use it to make free domestic transfers and cheap international transfers.

But Venmo is only suitable for US residents looking for a low-cost means of making domestic transfers.

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.

What is the Canadian Version of Venmo?

Wealthsimple Cash is Canada’s version of Venmo. Like Venmo, Wealthsimple Cash is a peer-to-peer mobile payment app with social features, allowing you to send money to friends and family quickly.

What Money Apps Work in Canada?

Wealthsimple Cash, Interac e-Transfer, KOHO, Wise Money Transfer, and PayPal are among the top money transfer apps that work in Canada.

Can I Set Up a Venmo Account From Canada?

You can’t set up a Venmo account in Canada because you must be in the US to use Venmo. 

How Do I Use Venmo Outside the US?

You can’t use Venmo outside the US to execute any transaction. However, you can use the Venmo Blog and its News & Press release to educate yourself and follow trends outside the US.

How Safe is Venmo?

Venmo is absolutely safe. This peer-to-peer mobile payment app utilizes industry-standard encryption to secure your data. 

Furthermore, Venmo allows you to use multi-factor authentication (MFA) to reduce the chances of hacking your account. 

What’s the Catch With Venmo?

Money transfer has never been fun and faster before the emergence of peer-to-peer mobile payment apps. However, Venmo takes a step further by offering a low-cost transaction and cashback experience on online and in-store purchases.

Can Someone Reverse a Venmo Payment?

Yes, you can reverse Venmo payment, but only if the recipient approves, has a good account, and doesn’t withdraw the funds from their Venmo account.

What is the Max I Can Send on Venmo?

The maximum amount you can send on Venmo is $299.99 if your identity is not confirmed. But once your identity is confirmed, you can send up to $4,999.99 per week. 

However, Venmo transaction limits are subject to change from time to time.

Do You Have to Be Friends on Venmo to Send Money?

You don’t have to be friends with the recipient to send money on Venmo. However, being friends on Venmo helps ensure you’re sending funds to the right person.

How Much Can You Withdraw From Venmo in a Day?

You can withdraw up to $400 per day on Venmo. However, the withdrawal limits depend on your Venmo balance.

Does Venmo Charge a Fee to Withdraw Money?

Venmo doesn’t charge you for withdrawing money the same way for sending and receiving money. 

However, Venmo charges fees for premium services such as $3 for sending money through a linked credit card.

Can You Cancel a Bank Transfer on Venmo?

Once you initiate a bank transfer on Venmo, you can’t cancel it. The only option is to transfer the money back to your bank account when it lands on your Venmo account. 

Can You Delete Venmo History?

You can only make Venmo transaction history private; you can’t delete it. Making your Venmo history private means only the sender and the receiver can see the transaction history. 

If you’ve more questions about this Venmo Canada review, let me know in the comment section.

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