7 Best Venmo Alternatives in Canada for 2022

Venmo is one of the most popular mobile payment services in the United States.

Using Venmo, you can send and receive money quickly, spend money using your Venmo credit card, invest in cryptocurrency, earn cash back and even conduct business transactions.

Is Venmo available in Canada? Learn about the best Venmo Canada alternatives you can use for peer-to-peer payments and how they work.

Is Venmo Available in Canada

Unfortunately, Venmo is not available in Canada.

To use the Venmo app, you must be physically located in the United States and have a U.S. phone number.

You must also be at least 18 years of age and have access to a recent version of the Venmo app.

If making a withdrawal from your Venmo account, you will need to connect it to a U.S. bank account or debit card.

While the app is not available outside the U.S., Canadians have access to P2P payment apps like Venmo that include KOHO, Wealthsimple Cash, and Wise.

What is Venmo?

Venmo is a social payments app founded in 2009. It has over 80 million users and is owned by PayPal.

Venmo competitors in the U.S. include Cash App by Square Inc. and Zelle.

How Does Venmo Work?

“Venmo me” has found its place in the urban dictionary and generally means asking someone to send you money. This could be a friend or practically anyone on the internet.

After downloading the app and signing up, you can begin sending and receiving money. You will need a recipient’s username, email, or phone number to connect with them.

Sending and receiving money is free.

Other services offered by Venmo include:

Venmo credit card: Make payments with your credit card and earn up to 3% cash back.

Venmo debit card: Use your Venmo Debit Mastercard whenever Mastercard is accepted in the U.S.

Venmo invest: You can buy and sell crypto using the Venmo app.

Business: Business owners can set up an account and get paid for their services using Venmo.

Best Venmo Alternatives in Canada

Since Venmo is not available in Canada, you can use the following payment and money apps instead.

Venmo Canada alternatives like KOHO and Wealthsimple Cash are free.

Money transfer apps like Wise, Simplii GMT, PayPal, and WorldRemit make money from currency exchange and transfer fees (where applicable).

1. KOHO Prepaid Mastercard: Best Venmo Alternative

KOHO is one of the best Venmo and Cash App alternatives in Canada.

The company’s Mastercard prepaid card combines many of the top features enjoyed by users of Venmo in the U.S.

The top benefits include:

No Annual Fees: A regular KOHO account is free and includes unlimited debit transactions, e-transfers, KOHO-to-KOHO transfers, and more.

Earn Cash Back: You earn 0.50% cash back on all purchases and up to 10% cash back at participating retailers. You can spend your cash back at any time.

Early Payroll: KOHO users who set up a direct deposit to their account can access up to $100 from their paycheque 3 days early.

Earn Interest: You can earn 1.20% interest rate on your KOHO balance if you have set up at least one eligible direct deposit.

To send money on KOHO, simply click on the dollar sign ($) and choose a recipient from your contacts list. You can also add a recipient using their name and email address.

KOHO is free to join and new users get a $20 bonus when they sign up here (use HAFZB43U promo code).

Get KOHO ($20 bonus).

2. Wealthsimple Cash

Wealthsimple Cash has many similarities to Venmo.

It is free to join and allows users to send and receive money instantly.

Want to split a bill with a friend, give a tip, or make a donation? You can do so using the Wealthsimple Cash App if the recipient also has an account.

When signing up, you create a unique username that includes the $ sign.

For example, assuming your username is $Joe. Your friends can easily find you on the app using your username on their contacts list.

There are no fees for using the app and sending money, receiving money, adding deposits, or withdrawing funds to your linked bank account.

You can also apply for the Wealthsimple Cash Card and earn 1% cash back on all purchases.

Like Venmo, Wealthsimple also offers crypto trading via Wealthsimple Crypto.

Get Wealthsimple Cash ($1 to $10 bonus).

3. Interac e-Transfer

Interac e-Transfer is a fast and secure way to send money to anyone in Canada via your bank account.

Simply sign into your bank account dashboard and choose Interac e-Transfer. If you haven’t sent the recipient money in the past, you will need to add their details which includes their name, email address, or mobile phone number.

You also need to add a security question and answer to ensure that whoever accesses the funds is the intended recipient.

Depending on the banking package you have, e-Transfers via Interac should be free. That said, some banks charge a fee.

With an online bank like EQ Bank or Simplii, you get unlimited free Interac e-Transfer transactions.

There are Interac e-Transfer limits you should be aware of.

4. Wise Money Transfer

Wise (formerly TransferWise) is a global money transfer service that is up to 6x cheaper for sending money internationally than your bank.

It uses the mid-market exchange rates (or real exchange rates), so you are not paying hidden fees and get the best conversions for your currencies.

Unlike Venmo, you can use Wise internationally in 80 countries.

More recently, the company also introduced its multi-currency account.

With this account, you can hold up to 53 currencies and make and receive payments like a local with 10 currency accounts and details you can share with anyone looking to pay you.

Wise also offers a debit card that is linked to these accounts.

Join Wise and send up to $800 CAD free on your first transfer.

best venmo alternatives

5. Simplii Global Money Transfer

Simplii Financial is an online bank in Canada owned by CIBC.

Its Global Money Transfer service makes it easy to send money abroad to friends and family with transfer fees waived.

Simplii GMT is available for transfers to over 130 countries and you can fund your transfer using a free Simplii chequing account, credit card, USD savings account, or line of credit.

You can send up to $50,000 per day (in a 24-hour period).

When you sign up for Simplii GMT and use the promo code GMTEVENT, you get up to a $300 bonus after sending your first transfer.

6. WorldRemit

WorldRemit is a popular money transfer service like Wise.

It is available in over 130 countries and you can send money using 70+ currencies.

This company was founded in 2010 and has over 5.7 million clients worldwide.

When sending money via WorldRemit, you pay a small transaction fee and they also make money from currency exchange rates.

Your recipients can receive money in their bank account or pick up cash at designated locations. You can also send funds as mobile airtime.

7. PayPal

PayPal is a Venmo alternative and it also owns the platform.

PayPal is available in multiple countries and Canada to U.S. or U.S. to Canada transfers are fast if the funds are being sent to a friend or family member.

For transfers within Canada that are not of a business nature, PayPal transfers are free.

Unlike Wise, PayPal does not use the mid-market rates when converting currencies, and its less competitive rates is an extra fee you are paying.

You can create a PayPal account online within minutes and begin sending money to recipients that also have an account.

You will need to connect a source of funding such as your bank account or a credit card.

Venmo Fees

It is free to open a Venmo account and there are no monthly fees.

When you send money using your credit card, a 3% fee applies.

If you deposit money using the “cash a check” feature, a 1-5% fee applies.

Electronic withdrawals (instant) from your Venmo account to a linked debit card or bank account cost 1.75% with a minimum fee of $0.25 and a maximum of $25.

Crypto transaction fees vary depending on the purchase or sale amount.

Venmo Canada FAQs

What is the Canadian equivalent of Venmo?

KOHO and Wealthsimple Cash are top Venmo alternatives for Canadian users and they make peer-to-peer money transfers easy to accomplish.

Does Canada have Venmo or Cash App?

No, both Venmo and Cash App are not available in Canada.

Are Venmo Canada to U.S. transfers possible?

No. Even if you have Venmo while living in the U.S., you can only make transfers to and from a U.S. Venmo account.

Can I download Venmo in Canada?

No. When you search for the Venmo app on the App Store or Google Play Store in Canada, you only get the PayPal app. Even if you were to download Venmo, you will need a U.S. phone number and bank account to make it work.

Why is Venmo not in Canada?

The company only caters to the U.S. market currently and is not present in any other country. Also, Canadians can easily transfer funds from their bank accounts using Interac e-Transfer or a payment app like KOHO.

Is Venmo different from PayPal?

Yes, they are different. While Venmo is owned by PayPal, it also offers crypto trading and a cash back credit card.

Is Venmo safe?

Venmo is generally safe. It uses encryption and multi-factor authentication to protect your account. Also, funds you add to your account via direct deposit are held at an FDIC-insured bank.

Can I Venmo myself?

Yes, you can Venmo yourself if you have two different accounts.

How do I add money to Venmo?

You can top up your Venmo balance using a verified linked bank account. You can also set up direct deposits or use the “Cash a Check” service.

Does Venmo charge a fee?

Venmo is generally free for sending and receiving money. If you fund your transfer using a credit card, a 3% fee applies. There are also transaction fees when you trade crypto.

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