Zelle is a US payment services company that was initially launched in 2011 by JPMorgan, Bank of America, and Wells Fargo, under the name “clearXchange.” The company was looking to take advantage of the growth in the digital payment space as customers were beginning to shift away from traditional payment methods such as cash and cheques.
ClearXchange facilitated three types of transactions: person-to-person (P2P), government-to-consumer (G2C), and business-to-consumer (B2C), allowing customers to easily send money to other users who had a bank account with one of the institutional partners.
In 2016, Early Warning Services, a fraud management company owned by several banks, acquired clearXchange and rebranded it as Zelle in 2017.
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Why Do People LOVE Zelle?
Zelle is a fast, safe, and easy way to send money directly between bank accounts in the US. Transactions typically occur within minutes, and there are no fees for sending or receiving money using Zelle. Millions of people love Zelle because it’s a great way to quickly and easily pay friends and family. Plus, you can use Zelle to send money to people in other countries.
Unfortunately, Zelle is not available in Canada. Participating customers must have US-based bank accounts and a US mobile phone number.
Zelle Alternatives for Canadians
In the absence of Zelle in Canada, here are our suggested alternative money transfer apps:
Wise (Formerly TransferWise)
Wise is an international company with 16 offices located around the world and over 10 million customers using their services.
It is completely safe and reliable for Canadians to use Wise to transfer money globally. Overall, Wise is very straightforward and transparent in terms of what the fees are, what exchange rate you’re getting, and what competitors are offering.
Canada to US + International or International + US to Canada
Exclusive Offer: Free Transfer Up to $800 CAD
If you are interested in sending money internationally to or from Canada, we recommend using Wise. It also works in the same simple manner if you’re looking to send funds from the US to someone in Canada.
They are one of the most well-known international money transfer platforms and have a track record of charging low fees and processing international transfers quickly.
Wealthsimple Cash App
Wealthsimple now lets you effortlessly complete peer-to-peer transfers, making it extremely easy to send and receive cash with a few swipes on your phone. Since Wealthsimple Cash App is a relatively new offering, they are constantly updating their promotions to encourage more users to sign up.
Canada-to-Canada money transfer
Current Promo: $25 Bonus Cash
If you’re based in Canada and looking to send money to a fellow Canadian, the Wealthsimple Cash App is probably the best option in terms of cost, security, and transfer speed. The app allows you to send money to your friends and family in a matter of seconds, for free.
If you’re a new Wealthsimple Cash user, you can instantly fund your account with up to $500 per deposit using your Visa Debit card. Moreover, all of your information is encrypted using state-of-the-art technology along with additional features such as two-factor authentication.
If you’re an existing Wealthsimple Trade user, then you’ll notice that the Wealthsimple Cash app has a very familiar experience.
Other Popular Money Transfer Apps
Cash App is a popular mobile payment service for sending or receiving money. Like Zelle, however, it is also not available in Canada. Instead, there are a few different cash app alternatives. Some of the most popular include Wise, PayPal, and Wealthsimple. Each of these apps has its own unique features, so it’s important to compare them before deciding which is the best fit for your needs.
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 instead of traditional methods like cheques or bank transfers.
When Will Zelle Be Coming to Canada?
Zelle probably won’t be coming to Canada anytime soon because Canadians have the transfer service, which was created by Interac, which is a cooperative with major Canadian financial institutions.
Canadian fintech company Wealthsimple has also recently launched its own money transfer platform for Canadians, so it will be challenging for a competitor like Zelle to gain a footing in the Canadian market. Combined with Canadian banking laws and smaller market sizes, entering the Canadian market may not be very appealing for Zelle.
Can I send money to Canada with Zelle?
You cannot send money to Canada with Zelle as Canadian residents are not eligible to sign up for Zelle accounts.
How do you get Zelle in Canada?
Zelle is a digital payment system that allows for instant bank-to-bank payments. The app is available in the United States and Mexico but not in Canada. Canadians who want to use Zelle must sign up for a US bank account or credit card. You cannot make payment requests from within Canada, as Zelle is not available here.
Does TD Canada have Zelle?
No, TD Canada does not have Zelle; no Canadian banks have Zelle. Here is a list of banks Zelle works with.
How can I send money to Canada for free from the USA?
There is no free way to send money from Canada to the USA; however, Wise has some of the lowest rates in the industry for money transfers.
How does Google Pay work in Canada?
GooglePay is a digital payment platform that allows users to make payments and send money to others using their mobile phones or computers. When users make a payment, the funds are transferred from their bank account or credit card directly to the recipient’s bank accounts. GooglePay is available in Canada and can be used to pay for goods and services at participating merchants, as well as to send money to friends and family. To use GooglePay, users must first create a Google account and then add their bank account or credit card information. Payments can be made in either Canadian dollars or US dollars.
What Canadian banks use Google Pay?
Google Pay is a digital wallet platform developed by Google that allows users to make payments and store their card details in one place. The service is available on Android and iOS devices and can be used to make payments in stores, online, and within apps. Canadian banks that currently support Google Pay include Bank of Montreal (BMO), CIBC, National Bank of Canada, Royal Bank of Canada (RBC), Scotiabank, and TD Bank. To use Google Pay, you’ll need to have an Android device with the latest version of the Google Pay app installed or an iPhone with the latest version of the Apple Wallet app. You’ll also need to be registered for online banking with one of the supported Canadian banks.
How does Apple Pay work in Canada?
Apple Pay is a mobile payment and digital wallet service by Apple Inc. that allows users to make payments using an iPhone, Apple Watch, iPad or Mac. Apple Pay works with credit cards and debit cards from participating banks. When you add a card to Apple Pay, the card number is not stored on the device nor on Apple’s servers. Instead, a unique Device Account Number is created, encrypted, and stored in the Secure Element on your device. To pay with your iPhone or Apple Watch, just hold it near the contactless reader with your finger on Touch ID. For iPad and Mac, just select the Apple Pay option at checkout. Your card number is never shared with the merchant, and your transactions are protected by Touch ID or your device passcode.
Where is Samsung Pay accepted in Canada?
Samsung Pay is accepted in Canada by the following banks: Bank of Montreal, CIBC, Desjardins, National Bank, Royal Bank of Canada, and Scotiabank. Samsung Pay works with the latest Samsung Galaxy smartphones and the Gear S3 smartwatch. In addition to the six major Canadian banks, Samsung Pay is also accepted by some of the country’s leading retailers, including Walmart, The Bay, Hudson’s Bay Company, Toys R Us, and more.
Does Walmart Canada accept Google Pay?
Yes, Walmart Canada does accept Google Pay. This payment method allows you to quickly and easily transfer money without having to share your financial information. In addition, Google Pay also allows you to receive money from others without having to provide them with your bank account number or other personal information.
Does Paytm work in Canada?
Yes, Paytm does work in Canada. You can request money from someone in Canada by using their phone number or email address. The money will be deposited into your Paytm account, which you can then use to make purchases or send money to others.