Does Venmo Work In Canada? (What Are The Alternatives)
Venmo has become not only one of the most popular money transfer apps in across the United States, it’s also a verb! “I’ll Venmo you” is a commonly used phrase among Americans which now directly translates to “I’ll send you the money.” People across the USA use Venmo for paying their rent, splitting meals, groceries between roommates, and pretty much everything else you might ever spend money on. If you live north of the border and have heard of this famous app, you are probably wondering, does it work in Canada?
Unfortunately, Venmo will not work in Canada. It is currently only available with a USA bank account. However, there are other apps that offer similar features including Paypal and Wealthsimple Cash.
If you are located in Canada and are looking for an easy way to send and receive money from someone, don’t stress! Even though you can’t use Venmo, there are certainly alternatives. We are going to discuss the pros and cons of each app, as well as other online transfer options so you can benefit from the ease of peer-to-peer sharing!
While Venmo is not available in Canada, there are variations of the app that are! Paypal and Wealthsimple Cash are the two most applicable options, you can also use Wise and Interac E-Transfer to easily send money between friends, family, and even your landlord.
Paypal is almost as famous as Venmo, and it actually was on the scene before Venmo came along and made such a name for itself. Let’s find out why Paypal, though essentially offering the same services, is a little different from its Venmo counterpart in the south.
Most users really enjoy using Paypal as their money transfer service, and here’s why:
- Similar to Venmo, Paypal requires that the sender and the recipient both have a profile. But signing up is extremely easy as all you need is a phone number, email, and bank account.
- You can send money domestically and internationally, although the currency exchange rates aren’t quite as good as Wise, as we will learn shortly.
- Paypal is free to send and receive any amount of money if you are sending to friends or family.
- The Paypal app is easily downloadable to your smartphone and it will keep you signed in for easy sending and bank transfers.
Of course, there are several reasons why Paypal has not become quite as popular as Venmo, even though they have been around longer.
- Sending money happens instantly, but transferring the money into a receiver’s bank account can take up to three business days.
- Money transfers are free for friends and family, however, Paypal takes a small fee if the funds are being sent for business purposes. (It’s important to note that when you are sending money the payment type will most likely be set to “paying for a service” until you change it to “sending to friends or family.”)
- Paypal isn’t quite as aesthetically pleasing as Venmo. You can’t use emojis to express why you are sending the cash. It’s not really a big difference but for some reason, it has inhibited Paypal’s popularity in the USA.
Paypal is a great option for Canadians and citizens around the globe! It can do everything Venmo can do, just without the emojis.
Wealthsimple Cash is probably the most similar when compared to the Venmo app. It’s becoming more and more popular in Canada and is extremely user-friendly.
So what do users like about Wealthsimple? Here’s what we found out:
- There are no monthly fees and every transfer is completely free to send and receive.
- All you need to set up an account is a Canadian bank account and an email address, however, both the sender and the recipient will need a profile.
- The app is available for all smartphones through the Google Play Store or the App Store. Once downloaded, set up your account and you are good to go!
- Transfers are instant!
There really aren’t any negatives for Wealthsimple! It’s even available for in the USA, in case you want to send or receive transfers from your American friends.
These two options run slightly differently than Venmo, Paypal, or Wealthsimple, but they are helpful transfer systems nonetheless.
Formerly known as TransferWise, Wise is an online site or mobile app that allows for instant international transfers. Wise is different than Venmo, Paypal, or Wealthsimple in that it only works for international transfers; it cannot be used between two bank accounts that use the same currency.
This option differs in that it is not actually an app. In fact, it is a system that is already provided by your Canada-based bank. From your online banking, you can use the Interac E-Transfer to send money to anyone else whose bank provides the same feature.
Well, now your know that even though Venmo does not work in Canada, there are still plenty of options to easily transfer cash instantly! Maybe you won’t be able to use the popular catchphrase “I’ll Venmo you!”, but who wants to sound like Americans anyway?