Venmo is a peer-to-peer mobile payment app that makes transactions fun and stress-free online and in-store.
With Venmo, splitting your bills instantly with friends and family has never been easier, and Venmo’s mission is to help you achieve just that.
Venmo is so popular in the US that it’s being used as a verb- an action word for sending money. I will Venmo you the money they say…
So you see why Venmo has attracted more than 70 million users in just eleven years of existence, and why Canadians want Venmo Canada to be our own thing too.
Also, many Canadians like you are asking, is there Venmo 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?
No. You cannot use Venmo in Canada. Venmo is not available to Canadian Residents, and only US residents who are at least 18 years old, and who have mobile phones with a valid US number can use Venmo.
Thankfully, we have our own Venmo Canada equivalent and as you continue reading, you will find out these alternatives to Venmo in Canada. We will look at other payment platforms that also possess many cool features of Venmo.
Venmo Canada Top 3 Recommended Alternatives
- Best Cash App Alternative For Canadians
- No Fees
- 2 Factor Authentication Security
- CDIC Balance Protection
- Prepaid Cash Card
- Offers Local Money Transfers with Cashbacks
- No Fees
- Lots of Perks and Cashback
- Free, fast, and easy to use
- Has a prepaid Visa card and a mobile app.
- Best for International Money Transfers
- No Fees
- Cashbacks
- Send money to your loved ones in 130+ countries
- Welcome Bonus: Use Promo Code GMTEVENT
Before we comprehensively list and explore the alternatives to Venmo in Canada, it is important to know how the very best of them compare when placed side by side. The table below should help us do that.
How the Top 3 Venmo Canada Substitutes Stack Up
Features | Wealthsimple Cash | Venmo | KOHO |
Card cashbacks | 1% cashback on all purchases | 1% to 3% depending on your top spend category | 0.5% cashback with the KOHO Prepaid Visa Card |
ATM withdrawal fee | $3 | $2.50 for domestic withdrawals | Fee ranges from $2 to $3 dollars |
Instant withdrawal fee | $0 | 1.5% fee (minimum fee of $0.25 and a maximum fee of $15) | No fees |
Transfer fees | No transfer fee | As from May 2022, transfer fees will be 1.75% of the transfer amount (minimum fee of $0.25, maximum fee of $25) | No transfer fee |
ATM withdrawal limit | $1,000 a day ($500 Canadian dollars at a time) | $400 a day | $600 a day ($300 at a time with a cap of 5 withdrawals/day) |
What is Venmo and How Does It Work?
Venmo is a US-based peer-to-peer mobile app launched in 2019 by PayPal- one of the world’s leading digital payment platforms.
Venmo is incredibly friendly to use, and it is great for sending and receiving money. It’s also used for in-app or online purchases and cryptocurrency trade.
Even though there are many peer-to-peer mobile payment platforms that can accept payments from your friends and family, Venmo stands out.
This is because, in addition to allowing you to pay for online or in-store purchases, it also allows you split bills with your friends and family. Now, how cool is that?
Venmo has many free offers on opening accounts, sending and receiving money, withdrawals, etc, and it also gives you the opportunity to handle your money the way you like through direct deposits and credit cards.
Once your bank account or credit card is linked to the app, you can immediately transfer funds to your Venmo account.
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.
The following are the key features that make Venmo stand out amongst its peers:
- 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 a 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.
- Fees: Venmo is very affordable and mostly free, and here is a short summary of their charges:
- 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
9 Venmo Canada Alternatives Discussed in Details
While there’s no Venmo Canada, there are Venmo alternatives in Canada.
Here are the top mobile money transfer apps in Canada for domestic and international money transfers:
1. Wealthsimple Cash- Best Venmo Alternative in Canada
Wealthsimple Cash is a free money transfer and payment app owned by Wealthsimple. It is fast, easy to use, and has an easily navigable interface and a mobile-friendly investing dashboard.
Also, the app allows you to make online purchases with no minimum account balance requirement, it accepts several payment options, including bank transfers and debit cards.
Further, like Venmo, you can trade cryptocurrencies through Wealthsimple Crypto, and even trade thousands of stocks through Wealthsimple Trade.
Key Features:
Pricing and Fees: Money transfer is completely free and instant, with no monthly account fees, and no deposit and withdrawal fees.
Security and Balance Protection: It is a secure platform with 2-factor authentication, and your balance is CDIC insured up to $100,000.
Wealthsimple Cash Card: You can pay for purchases and spend funds directly from your Wealthsimple account using this prepaid card.
- You get access to dividend reinvesting services
- There is no minimum deposit
- It’s easy to setup
- Low fees
- They provide an automatic rebalancing feature that helps to monitor market changes
- The UX 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
- Portfolio options are limited
- 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
- No Wealthsimple physical branches exist
2. KOHO- Offers Local Money Transfers with Cashbacks
KOHO is a savings account with a prepaid Visa card and a mobile app. KOHO helps you send money from your phone to any Canadian bank account free of charge. KOHO gives you a lot of cashback as perks and helps you build your credit.
With KOHO, you can earn 0.50% cashback on all your purchases when you make payments with the KOHO Prepaid Visa Card. You may even earn 2% cashback If you upgrade to KOHO Premium, or 5% cashback when you shop at select KOHO partner stores.
KOHO is free, fast, and easy to use. With it, you’ll be able to budget, spend, and save all at the same time.
- You can have joint accounts
- There is no annual fee for the basic account
- You won’t pay NSF fees
- On purchases, you 0.5% cash-back
- Their app has a budget tracking feature
- No minimum balance
- They are Apple Pay and PayPal compatible
- You can’t have RRSP, RESP, or TFSA accounts
- Their limits on withdrawal and purchases are relatively low
- Foreign currency transactions draw a 1.5% fee (except for of Premium users)
- Building a credit score is not possible without their KOHO Credit Builder program which costs $7
3. 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, depending on the type of account you have, Interac may be free for you to use. For instance, if you have an EQ Bank account, you will be able to send and receive money for free.
For sure, Interac is a strong and perhaps the most popular Venmo Canada alternative for Canadians in 2022.
4. Simplii GMT
- Best for International Money Transfers
- No Fees, Lots of Cashbacks
- Send money to your loved ones in 130+ countries
- Welcome Bonus: Use Promo Code GMTEVENT
SimpliiTM Global Money Transfer (GMT) is one of the most affordable ways to send money around the world, with transactions completed in one to three days and no fees or charges. It’s dedicated to providing you with secure, easy-to-use, and efficient solutions to your international money transfer needs.
You can send payments in just a few minutes through their online service or app. Simplii GMT is available in over 130 countries worldwide, and you can earn 0.5% cashback when using your Simplii Cash Back Visa Card. They also have a feature that helps you track your transfers.
How to Sign Up and Use Simplii GMT
- Visit the Simplii website and click on “Join Simplii” to become a client
- Follow the instructions on the site and sign-up
- After successfully signing up, sign-in on the app or web page, then select “Global Money Transfer”
- Pick the currency, individual, and country you want to send money to
- Fill in how much you want to transfer in Canadian dollars (CAD)
- Don’t forget to enter the promo code GMTEVENT (this is for first time users only)
- Complete the transfer
5. 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.
6. 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.
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.
9. 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.
Best Canadian Mobile App for Money Transfer in Canada
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.
Related: Cash App Canada
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.
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.
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.
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.
Does Venmo Work in Canada?
No! 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.
Does Canada Have Venmo or Cashapp?
Canada doesn’t have Venmo or Cash App at the moment.
However, Interac e-Transfer, Wealthsimple Cash, KOHO, and PayPal are excellent alternatives for making domestic and international transfers in Canada.
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.
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 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.
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.
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.
Is Venmo Safe?
Yes. 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.
Is there Venmo Canada to the 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.
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.
Is Venmo Used in Canada?
Venmo is not available in Canada at the moment. To be eligible, you must be in the US, have a US cellphone number and be 18 or above.
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.
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.
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:
- Be 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.
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 Canada Launch?
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.
What is the Canadian Version of Venmo?
Wealthsimple Cash and KOHO are 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.
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.
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.
Why Is Venmo Not Available in Canada?
Canada uses the Interac e-Transfer service which lets people transfer funds to one another conveniently (for free or little fees). Interac is an integral cog in the payment transfer ecosystem of Canada, but it doesn’t work with Venmo.
Also, banking regulations and policies are quite strict in Canada, which is probably a reason why Venmo branching into the Canadian space has not been possible.
If you’ve more questions about this Venmo Canada review, let me know in the comment section.
