While Venmo is a top-notch peer-to-peer payment platform and has hundreds of upsides, we recommend you do not get your hopes high on thinking can I use Venmo in Canada or not. But Wise is alternate option for payment transfer.
- To use Venmo, you must be a US resident and have an officially registered US contact number.
- In Canada, several Venmo alternatives are Wealthsimple Cash App, Wise, PayPal, Interac e-transfer, and Shakepay.
- Venmo charges 3% of the total transfer amount if made through a credit card.
…and Much More!
Can I Use Venmo in Canada?
As we all know, Venmo is a US-based payment platform specifically designed for US residents. Therefore, it is not yet available in Canada as you have to be physically available in the United States to execute the transactions.
Venmo has not stated any obvious reasons for its unavailability in Canada, but what we assume and seem clear is that to receive or make a transaction through Venmo, it is important that you have an official US cell number located there too.
- Another reason could be the strict banking policies and regulations of Canada.
There is no official statement on when Venmo can be available in Canada as a peer-to-peer payment method. However, to facilitate the Canadians, there are several Venmo alternatives they can opt for to make seamless transactions in the quickest possible ways.
Alternatives For Venmo in Canada
Although Venmo is the most trustworthy and cost-effective for transactions, due to its limited availability worldwide, there are several Venmo alternatives as we talk about Canada in this case. Some of these are listed below.
Wealthsimple Cash App
Whether it is sending money to your loved ones or splitting up the bills between each other, the Wealthsimple Cash App has got your back. It is one of the perfect Venmo alternatives. In addition, the Wealthsimple Cash App in Canada provides CDIC assurance to your money within the specified limits.
It provides two-factor authentication where there are no chances of your information being leaked or any fraudulent transactions. In addition, with the Wealthsimple Cash card, you can make several purchases and add them to your Google Pay or Apple Pay.
- It does not charge any monthly account fees.
- Deposits and withdrawals are also free of cost.
- Create your Dollar $ign on the app to perform transactions and receive funds.
- You can deposit from $500 to $5000 to your Wealthsimple Cash App using the Visa Debit Card.
- CDIC protects funds for up to $100,000.
Wise is another platform for sending money abroad at the most affordable exchange rates and prices. It does not charge any hidden fees and allows you to hold multiple currencies free of cost using the real exchange rates for conversions.
You can transfer money from the US to Canada and vice versa using the Wise app, and you can fund the transfer using a credit card, debit card, or bank account as per your feasibility. You can move your money to 80 countries with direct debits.
- Provides two-factor authentication to protect the account and transactions.
- Regulated by FCA in the UK and FinCEN in the US.
- Sending money through Wise is six times cheaper than the UK standard bank fees.
- Get lower fees on any transfers over 100,000GBP.
- You can also link your account to Amazon, PayPal, and more.
Another Venmo alternative is PayPal, allowing many additional services other than the funds’ transfer option. For example, it allows you to avail of Buy Now, Pay Later payment plans, check out with Crypto, Touch-free payments split the bills, and much more.
PayPal is also used for international transfers, but it is costly compared to a few other financial services. PayPal is free for national transfers, on the contrary, it charges you for the international transfers respective to the exchange rates.
- It charges $0 transaction fees with the US and 2.9% if you use your debit, credit card, or PayPal credit.
- It would help if you had a bank account linked to the PayPal balance to send money within Canada.
- Transfer money with their Xoom service to 130+ countries.
- You can download PayPal on Google Play or the App Store on your smartphones.
- You can also send money with a splash of colors with various themes and graphics.
Interac e-transfer is for the residents of Canada who wish to make peer-to-peer payments. Its banking app has a user-friendly interface that allows you to easily navigate various features and services and make the transferring money process easy and secure.
It has an auto-deposit feature to receive money directly to the bank. To send or receive money in Canada using the Interac e-transfer, you need to have a bank account with participating financial institutions, an email or a contact number,
- The transaction fees are not specified, but there are charges to send money.
- You can manage the transfer limit by splitting the cost across several days, writing a cheque, or using the Electronic Funds Transfer.
- Through the Interac system, you can also request money from others.
- Interac e-transfers may take 30 minutes to one hour before the funds are available in your account.
- You can send money via Interac e-transfer through around 250 participating financial platforms.
Shakepay is a Montreal-based financial company helping customers with financial services and connecting with the digital economy on the internet. You can also buy and sell crypto, which is commission-free.
As for security, Shakepay provides a cold storage wallet where the digital currencies are secured offline and regulated under the NYDFS. Additionally, Shakepay also allows you to shop at hundreds of stores, both in-store and online, that accept Visa.
- You can earn 1% in bitcoin cashback on every purchase you make.
- On spending the first $5000, you can earn an additional 1%.
- You can spend from your Shakepay Canadian dollar balance and top up the balance.
- It does not charge any annual fees and no credit checks as well.
- Users can send CAD and cryptocurrency to users for free using the Shakepay app.
Venmo – Everything You Need to Know
Venmo is a US-based peer-to-peer payment platform that allows you to pay, get paid, shop, and share through its fully developed platform. While online financial institutions can get costly, Venmo, on the other hand, facilitates the users with zero sign-up, transfer, and monthly maintenance fees.
- The transfer fee is charged only if you do it through a credit card, only 3% of the total transfer amount.
Furthermore, Venmo offers you move money between Venmo and your bank account as per your requirements and manage your preferences per se.
Another amazing feature of Venmo is that of the Direct Deposit. Through this feature, you can get your paychecks up to two days earlier than the actual date, which is such a delight on its own.
The direct deposits of the Venmo come with your balance being FDIC insured, but for that, you need to have a minimum balance of at least $250,000. You can also buy and sell crypto at the best available exchange rates.
You might be interested in reading: Can You See Who Views Your Profile on Venmo?
The Bottom Line
Despite Venmo being the most developed money payment platform, it is only available for US residents, and you cannot use it in Canada. However, several alternatives work in equivalence to that of Venmo and are also cheap, safe, and secure.
- Use these uncomplicated money transfer services if you wish to transfer money to or from Canada.
While we talk about the alternatives, it is quite fair to mention that spending the Venmo way is the most enjoyable and convenient process to be available. It does not charge any monthly maintenance, and you can easily send money from your bank account, debit card, or linked bank account.
You might be interested in reading: What Happens When You Block Someone On Venmo?
Frequently Asked Questions
is Zelle in Canada?
No, Zelle does not work in Canada, and it is only available for US residents.
Can I send money to Canada using the Cash App?
Unfortunately, you cannot send money to Canada using Cash App.
What is the sending limit of Venmo?
You can send $299.99 if you are an unverified user. If you are a verified user, you can send up to $4999.99 weekly.
Jamie Johnson is very enthusiastic Kansas City – based freelance writer, and her core expertise are finance and insurance. She has been endorsed on several personal finance, insurance & business website to share her thoughts. Her publications can be found on famous sites like Bankrate, The Balance, Business Insider, Chamber of Commerce and many others.
From many years, she served more than 10,000 hours of research and writing to more than 2000 articles related to personal finance, credit building, mortgages, and personal and student loans.