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Home » Fintech » Can I Use Venmo In Canada? NO, here’s the next best thing (2022)

Can I Use Venmo In Canada? NO, here’s the next best thing (2022)

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Is Venmo available in Canada?

Currently, you cannot have a Venmo account as Venmo is not available in Canada.

To be eligible to use the app, you must be located in the USA, have a US cell phone number and be 18+.

 

Venmo Alternatives for Canadians

Although the popular American options are not available in Canada, there are some great equivalent options.

 

1. Wise

Best For: Canada to US or International and US to Canada
(Formerly TransferWise)

If you are looking to send money abroad or to someone in the US and from Canada, Wise is a great, simple-to-use option. Exclusive Offer: Free Transfer Up To $800 CAD

If you are in the US looking to send money north to Canada, Wise works just as well.

Their easy-to-use interface clearly shows you what exchange rate you’re being offered as well as what your transfer fees are.

Fund your transfer through your bank account, debit cards or credit cards (may be considered a cash advance).

Everything is completed seamlessly in online banking, and they are FINTRAC compliant.

 
 
Claim Your Free Transfer From Wise

 

2. Wealthsimple Cash App

Best For: Canada to Canada

The newly released Wealthsimple Cash App is the Canadian equivalent of Venmo and exactly what we’ve been waiting for. (Current Promo: $25 Bonus Cash)

Download the app and send money to other Wealthsimple Cash Application users with just their unique Dollar $ign (username on the app) after you’ve added funds.

No fees, instant transfers and only available in Canada.

Use your Visa Debit cards to INSTANTLY deposit up to $500 into your Wealthsimple Cash App with a monthly maximum of $5,000.

Wealthsimple also offers other really useful products to manage your money, including Wealthsimple Trade and Wealthsimple Invest.

 
 
Get Your FREE $25 From Wealthsimple
  
 

Will Venmo come to Canada?

Venmo will likely not be coming to Canada for two main reasons:

    1. Canada has the Interac eTransfer service, which easily allows individuals to transfer funds to one another for free or for a small fee, depending on who you bank with. The Interac Association was founded in 1984 by some of Canada’s most prominent banks, such as RBC, Scotia and TD, and they essentially control the ‘payment transfer space’ in Canada.

 

  1. Canadian banking policies and regulations are strict, which makes it difficult for companies like Venmo to enter the local payment transfer space.

 

What’s so good about Venmo?

Aside from all the great features mentioned below, Venmo is very popular amongst millennials because it’s a “social payments” platform at its core.

The app has a social feed that displays your transactions (without the dollar figure) plus any messages and emojis you decide to add to all your friends.

This has two benefits:

  1. Sending your buddy a quirky request for “Tix to see Fun Guy🦖🏀 ” or “Drinks @ ___” is a lot less awkward than nagging them for the money in person.
  2. Since transactions are public, no one wants to be known as the “moocher” in a group, so they’ll likely be encouraged to pay back their friends quickly.

 

What is Venmo and How Does it Work?

You’ve probably heard about Venmo through social media or friends, but what exactly does the app do?

To put things in perspective for our Canadian readers, the phrase “Just Venmo me” is synonymous with “Just E-transfer me.”

Venmo is an American-based mobile payments platform that was founded in 2009 by two freshmen from UPenn.

Initially, the app was created to easily pay and request money from friends without having to handle cash – think splitting dinner and drinks or sending your roommate money for rent.

As the app grew in popularity, it was acquired by another payment service provider in 2012 called “Braintree” for $26 million.

Shortly after, Braintree was acquired by PayPal in late 2013 for $800 million.

In addition to seamlessly transferring money to friends and family, Venmo can connect to your bank account, credit card, or debit card to be used as a payment method with authorized partners.

In 2018, Venmo launched a physical debit card that can be utilized at stores across the USA wherever MasterCard is accepted.

In early 2021, PayPal announced that it would begin accepting cryptocurrencies such as Bitcoin, with plans to expand support to Venmo in the first half of 2021.

 

FAQs

Can I use Venmo for US to Canada?

No, Canadians cannot sign up for Venmo as Venmo requires users to physically be located in the United States.

How can I send money from USA to Canada?

Use a digital international money transfer service such as Wise or XE.

What is the Canadian equivalent of Venmo?

There are a few different Canadian equivalents to Venmo, but the most popular ones are Interac and KOHO. Interac is a service that allows you to send and receive your money electronically, while KOHO is a prepaid debit cards that lets you easily track your spending. Wealthsimple is another option; it’s an online investment platform that lets you invest your money with minimal fees.

Does Canada have cash app or Venmo?

There is no cash application or Venmo in Canada. The most popular apps for sending and receiving money are PayPal, Interac e-Transfer, and Apple Pay. PayPal is available in over 200 countries and allows users to send money to each other, as well as pay for goods and services. Interac e-Transfer is a Canadian service that allows users to send and receive funds from their own bank accounts. Apple Pay is available on iPhones and iPads and allows users to send & receive funds from other Apple Pay users.

What payment apps work in Canada?

There are many different payment apps that work in Canada. Some of the more popular ones include TransferWise, PayPal, and Koho. Each app has its own unique features and benefits.TransferWise is a popular app that allows users to transfer money between countries at a lower cost than many traditional methods. PayPal is another well-known payment app that is used by millions of people around the world. It allows users to send & receive money as well as make payments for goods and services. Koho is a Canadian-based payment app that offers users a variety of features, including the ability to budget, save, and invest their money.

Why can’t Canada use Venmo?

Venmo is a digital wallet that allows users to transfer money to one another. It’s a popular app among millennials as it is quick and easy to use. However, Venmo is not available in Canada. This leaves many Canucks frustrated, as they would rather use Venmo than traditional methods like cheques or bank transfers. There are a few reasons why Venmo is not available in Canada. The first reason is that there are already several well-established digital payment platforms in Canada, such as PayPal and Interac e-Transfer. Venmo faces competition from these platforms, so it has not made a move to expand into the Canadian market.

Can I PayPal someone in Canada?

Yes, you can use PayPal to send money to people in Canada. PayPal is a secure online payment system that allows you to send and receive money online. You can use PayPal to pay for goods and services online or to send money to friends and family.

How can someone send me money from Canada?

When it comes to sending and receiving money from a bank account, there are a lot of options available, depending on where you are located. If you’re looking to send or receive money from Canada, there are a few different ways to do so. Here is a guide to the most popular ways to send and receive money from Canada. One option for sending money from Canada is through a wire transfer. This involves transferring funds between bank accounts and can be done through your bank or an online service like Western Union. Wire transfers can be expensive, so make sure to compare rates before choosing this option. Another way to send money from Canada is by using a service like PayPal. PayPal allows you to send and receive payments online and is available in over 200 countries worldwide. It’s free to sign up for a PayPal account, and transactions are typically processed quickly.

Which e wallet is best in Canada?

There are a few different e-wallets available to Canadians. Which one you choose depends on your needs and preferences. Our recommendation is to try out a few of them and see which one you like best. Each one has its own strengths and weaknesses. Some of the most popular e-wallets in Canada are PayPal, Apple Pay, and Google Wallet. PayPal is very popular because it’s so widely used. It’s accepted by many merchants both online and offline. Apple Pay is great for iPhone users because it’s integrated into the phone’s operating system. Google Wallet is good for Android users because it integrates with the Gmail account. There are also a few Canadian-specific e-wallets, such as Interac Online and Koho.. Interac Online is great for transferring money between bank accounts.

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