Does Venmo work in Canada?

Venmo is a peer-to-peer mobile payment service in the United States. With this cash transfer app, you can instantly split tabs in multiple ways for free and also enjoy online and in-store payments. Having over 70 million people, this cash transfer service also allows you to make purchases online and in-store.

With the launch of Venmo Credit Card and Venmo Debit Card, you can earn cash back on your purchases. When you send money to people using your Venmo credit card, you’ll be charged a service fee of 3%. Since the app is meant for smaller cash exchanges, you can use it to split a dinner bill, lend a friend some cash, or share rent with your roommate.

Like PayPal, you can connect your Venmo to your bank account and add funds directly to your account. The platform also has no monthly or annual fees and doesn’t charge fees for sending money to your bank account or receiving money.

Does Venmo Work In Canada

Venmo doesn't work in Canada. To use the platform, you and the person you’re sending money to or receiving money from, need to be US residents and have U.S. phone numbers. While Venmo doesn't work in Canada, there are several options you can use to send and receive money. Here are the top 6 Venmo alternatives in Canada.

Interac E-Transfer

Unlike other services, Interac is not an app but a system provided by your Canada-based bank. Interac E-Transfer to send money to anyone else whose bank provides the same feature. Interac E-Transfer offers the easiest and the most convenient way to send and receive money from family and friends.

Provided you have a bank account, you can access Interac through online banking or your bank's app. Compared to other services, you don't need to download any app or fund a mobile wallet. The best part is that you can send money to anyone with a bank account, email address, and phone in over 250 financial institutions.

PayPal

As one of the best alternatives to Venmo, PayPal is available in 203 countries including Canada and converts payments into 26 different currencies. Although PayPay is free to use, it’s important to look out for any possible charges when you pay for anything internationally.

Since Paypal is good for e-transfers, this shouldn’t be an issue. Similar to Venmo, you need to sign up with your phone number, email, and bank account. Although its exchange rates aren't as favourable as for Wise, it allows you to transfer money to anyone as long as their bank has similar features.

The app is easy to download to your smartphone and you don't need to sign again, making sending money and bank transfers easy.

Wealthsimple Cash App

Wealthsimple Cash App is perhaps one of the best alternatives to Venmo. To get started you need to Download. You can then send money to other users with just their username after you’ve added funds.

The platform also charges no fees and provides instant transfers. For instance, you can use your Visa Debit card to deposit up to $500 into your App within seconds. Wealthsimple also offers other products that can help you manage your money, including Wealthsimple Trade and Wealthsimple Invest.

Frequently Asked Questions

Will Venmo come to Canada?

Venmo will not come to Canada because of 2 main reasons;

1. Canada has the Interac e-Transfer service which easily allows individuals to transfer funds to one another for free or for a small fee depending on who you bank with
2. Canadian banking policies and regulations are strict

What’s so good about Venmo?

Venmo is a social payment platform with a social feed that displays your transactions

Does Canada have a cash app or Venmo?

There is no cash app or Venmo in Canada. The most popular apps for transmitting money in Canada include PayPal, Interac e-Transfer, and Apple Pay. PayPal

Can I PayPal someone in Canada?

Yes, you can use PayPal to send money to people in Canada. You can use PayPal to buy goods online or send money to family members. Besides being free, Paypal processes your transactions quickly.

Conclusion

Well, now you understand that though Venmo is not available in Canada, there are still several options you can use to transfer money instantly. Some of the available platforms have no monthly or annual fees. Others don't charge fees for sending money to your bank account or receiving money.