HomeFinanceCash App Canada: 7 Other Apps You Can Use Instead

Cash App Canada: 7 Other Apps You Can Use Instead

Are you searching for apps like Cash App in Canada? or do you want to know how to send money to Cash App from Canada?

Then this article is for you. Cash app is one of the best peer-to-peer payment platforms in the United States of America. 

It is used for sending and receiving money; users only need their smartphones to make transactions. 

Similar platforms like Cash App in the U.S. are PayPal, Zelle, Robinhood, and Venmo

Cash App now includes early paycheck in its services. It has added a debit card and crypto trading as well. 

All these certainly make Cash App one of the best P2P platforms around.

Square Inc. operates Cash App, which was unveiled in 2013. The P2P platform currently has millions of users in the United States of America and the United Kingdom. 

Cash App can be downloaded on both the Android Google Play store and the Apple app store.

How Does Cash App Work?

Potential users must first download it from their stores to receive and send money on Cash App. 

The app is free to download. After downloading the app, the user will create his unique hashtag, ‘$Cashtag.’ 

This is a unique username that people can use to identify the account of the user. 

To send money, users open the app and input the email address, phone number, or the $Cashtag of the person they intend to send it to. 

Users can also scan the Q.R. code of the recipient if all of the above are unavailable. They then send the amount of cash they want, and they are done.

Features Of Cash App

Cash App has some fantastic features that have made it the go-to P2P money transfer platform it is today. Here are some of those fantastic features below.

  • Cash card: A free VISA card that can be connected to Google Pay and Apple Pay
  • Direct deposit: Users can set up direct deposits to receive their paychecks and tax refunds directly into their Cash App. This feature also allows users to get 2-day early access to their paychecks.
  • Stock trading: Users can also use Cash App for their stock trading activities for as low as $1. Users can get access to hundreds of stock options. Cash App also supports fractional shares trading.
  • Crypto trading: Users can also use the P2P platform in their crypto trading investment activities. The platform can be used in trading Bitcoin and some other cryptocurrencies. This is also free. 

Is Cash App In Canada?

As great as Cash App is from the introduction we have seen above, the only sad thing is that it is limited to only English American residents. 

You read that right; Cash App can only be used by people living in the United States of America and the United Kingdom. 

For Canadians who desire to have Cash App, the P2P money transfer platform is not accessible in Canada at the moment.

How To Get Cash App In Canada

Cash App can only be used in Canada if available in the country. 

Cash App is not available in Canada. Therefore, there is no way a resident in Canada can get to use the P2P money transfer platform. 

However, if you are itching to use a platform that offers similar ease and use, like Cash App, the alternative platforms below will interest you.

How To Download Cash App In Canada

You cannot download Cash App to use in Canada. The platform is not accessible. 

Unlike streaming services that a VPN can bypass, such a move cannot work with money transfer platforms because they do not operate similarly.

Cash App Alternatives Available In Canada

These are some of the best P2P platforms available in Canada with similar features and performance to Cash App. 

Just browse them and choose the one that suits your needs and style. These platforms will enable you to send money quickly without any long processes, and they are also safe and user-friendly.

Here are our top 7 Cash App alternatives to use in Canada:

  • KOHO
  • Mogo
  • Xe
  • Wise Money Transfer
  • Wealthsimple Cash
  • Interact Transfer
  • Paypal

KOHO

KOHO

When you imagine having a reloadable prepaid card and an app together, KOHO is what you usually get. 

KOHO is a financial technology company that was established in 2014. It has one of the best saving rates in the whole of Canada. 

If you want an app that will allow you to transfer money instantly, just like Cash App, you should try KOHO.

Users can earn up to 5% cashback on shopping when they pay with their free KOHO prepaid Mastercard. 

Those who upgrade to a paid KOHO account get a higher cashback rate. 

Users of KOHO also enjoy free debits, bill payments, and Interac eTransfers that are unlimited. 

KOHO

They are also able to earn interest on their cash balance. The interest varies from 0.5 % to 2% and will depend on the amount of cash left in the account. 

Credit scores can also be improved when KOHO subscribes to the paid KOHO Credit Building service. 

Users also do not need to worry because the funds in their accounts are safely kept in a CDIC-insured bank. 

There is also an option on the KOHO app that allows people to budget their cash and save properly. 

Users get a $20 bonus after they sign up and make their first purchase on KOHO.

Pros

  • No account fees and it offers a cash-back feature
  • Useful for budgeting with real-time insights and pricing

Cons

  • No physical branches
  • Not a bank, so funds aren’t CDIC-insured

Mogo

Mogo cash app alternative in canada

If investing platforms like Cash App catch your attention, Mogo is definitely worth checking out.

Established in 2003, Mogo is a fintech company providing a range of financial services such as digital banking, robo-investing, and lending services.

But that’s not all, Mogo enables you to trade stocks with absolutely no commission and zero FX fees.

Additionally, you can invest in savings accounts like TFSA and RRSP—making Mogo an IIROC member you can trust.

Your accounts are held by CI Investment Services and are protected up to a staggering $1 million.

Mogo is comparable to Cash App and Wealthsimple, as it also offers a prepaid Visa Card. Regarded as one of the top prepaid cards for Canadians, the Mogo Card can be acquired for free and utilized both domestically and internationally (bear in mind that $1.50 and $3 ATM charges apply for withdrawals in Canada and abroad, respectively).

The card features free credit monitoring, as well as identity theft and fraud protection, granting you complete control over your finances while minimizing security risks.

Pros

  • Offers a diverse range of financial services, from loans to a free credit score
  • Helpful budgeting tool and fraud protection

Cons

  • Interest rates can be high on loans

Xe

xe cash app alternative in canada

Launched in 2018, Xe is a Canadian money transfer service currently exclusive to Canada and not available in the US. 

Global venture capital firm 500 Startups, based in Silicon Valley, backed the company.

With Xe, users can send money to friends and family members using either their mobile app or web browser. 

The app also allows funds to be sent directly from your bank account or debit card, using your phone number or email address as identification. 

Personal details of your recipient, such as their name, address, or phone number, are not required.

A fee of $0.50 per transaction is charged; however, if you opt for the XE debit card (with a monthly cost of $3), this fee will be waived for transactions made on it. 

Through their partnership with ShopBack, Xe users can also earn cashback rewards when shopping at select stores

Pros

  • Xe has Competitive exchange rates.
  • Excellent for international transfers.
  • You get to choose from a large range of currency tools and updates

Cons

  • Slower transfer times compared to some other services.

Wise Money Transfer

Wise Money Transfer

This is an international money transfer platform available in more than 70 countries. 

This platform was known as TransferWise before changing the name to the current one. 

The platform has more than 13 million users, attesting to its efficiency and reliability. 

Wise can also transfer money across borders, making it more suited for Canadian users than cash Apps. 

The fees charged on Wise are also relatively low, and the forex rates all occur at competitive mid-market rates. 

This means that users get more value for their money. Users can also hold over 50 currencies and apply for a debit card when they open a multi-currency account with Wise. 

The debit card issued can also be used in more than 200 countries. That sounds great to us.

Pros

  • Offers competitive, real exchange rates
  • Transparent pricing with a breakdown of fees

Cons

  • Not instant, transfers can take some time
  • Limited customer service opportunities

Wealthsimple Cash

Wealthsimple Trade

If you are looking for a P2P platform replicating Cash App in Canada, Wealthsimple Cash is the one. 

The platform is free for users and comes with several benefits you would certainly enjoy. 

Users can instantly send and receive cash from their friends and loved ones and any contact with the Wealthsimple app. 

No fees are charged when users send and receive money, withdrawals, or deposits. They are all free. Wow.

A Wealthsimple card is also in beta and operates similarly to a prepaid VISA card. 

This allows users to earn about 5% when they use it in making specific purchases. 

Users can also get a unique dollar sign handle that lets others quickly identify them when sending money. 

Some great features are in the works and will be released to users soon.

Pros

  • Simple and clean interface.
  • No monthly fees and provides free unlimited transactions.

Cons

  • The savings rate is lower compared to other fintech offerings.
  • Limited customer service.

Interact eTransfer

Interactive Brokers

This is one of the best alternatives to cash Apps in Canada. Users can get free transaction services. 

However, this will depend on the bank where the person has their account. One may have to pay a fee or not. 

Almost anyone with an email address and a bank account can use Interac eTransfer to send and receive money in Canada. 

Pros

  • Widely used across Canadian banks
  • Instant transfer to individuals or businesses

Cons

  • Fees can apply depending on your bank
  • Not useful for international transfers

PayPal

PayPal Canada

This is the best option to send and receive money in Canada if you want something similar to Cash App. 

Apart from Canada, the platform can also be used to send money internationally. 

The platform is also trendy and is used by millions of people worldwide. In case you were not informed, PayPal is also the owner of Venmo. 

Transferring money to friends and family in Canada with PayPal is free. However, there are some fees charged when you send the money internationally. 

Users will also pay some fees when they use PayPal for business moves.

Pros

  • Widely accepted globally for online transactions
  • Strong buyer protection

Cons

  • High fees for international transfers
  • Limited options for investing and saving

Frequently Asked Questions

Can Cash App be accessed in Canada?

Currently, Cash App cannot be accessed in Canada. People in the USA and the UK can only use the platform. 
However, you can get better alternatives in Canada from the list we have looked at in this article.

Can Cash App be used to send money to Canada?

No. Cash App transfers can only be done between people who live in the permitted areas and have signed onto the platform. 
Transferring money from the USA to Canada through Cash App is not possible.

How can I send money quickly to Canada from the USA? 

A direct bank wire transfer is the best way to send money from the USA to Canada. 
You can also use a transfer app such as Wise and PayPal, which are available in Canada. eTransfer can also be used to quickly send and receive money from the USA to Canada.

Conclusion

Cash App is a great P2P money transfer app with many great features and performance. 

However, as we have seen in this article, the platform is not available in Canada.

Due to this, we have presented you with 5 great alternatives that can be used in Canada instead of Cash App. 

Some of these platforms even allow cross-border money transfers, sparing you the headache of going to the bank whenever you have to transfer money outside Canada.

We hope that today’s article has been beneficial. If your favorite app is Venmo, then you might also want to check our article covering Venmo alternatives in Canada.

Scroll Down To Read Next Article

Sarah Trulsenhttps://sibyl.ca
Sarah offers insightful advice and information to help people and organizations make wise financial decisions since she is thoroughly aware of the financial world. She writes on personal finance, investing tactics, money management advice, tax preparation, and financial literacy. Sarah is a go-to resource for navigating the complexity of money in Canada because of her experience and exciting writing style. Readers trust her, and she is regularly featured in reliable financial magazines. You can connect with Sarah at [email protected]

Leave a Reply