If you constantly transfer money in the United States, you may have probably heard of the famous phrase, ‘Venmo me.’
It is used extensively within USA media content for those who love watching movies.
However, you may still need clarification as to what this means. Well, I will make it short for you.
Venmo is a peer-to-peer social media payment system used for making payments to friends and family instantly using an app on your smartphone.
With this, you do not need to be using cheques or going to ATMs before getting your hands on what is owed.
All you have to do is to tell your friend or family to ‘Venmo you,’ and you have your cash.
This makes it seem like Venmo is relatively easy to use, which is very accurate.
However, for people living in Canada, the sad news is that Venmo is not available in the Maple Leaf Nation.
Venmo can only be used by people living in the United States of America.
It is not available in Canada at the moment. However, you should wait to start panicking because some great alternatives introduced by Canadian fintech companies will offer the same speed and ease as Venmo in the United States.
In this article, we will look at some of these alternatives.
What Is Venmo Canada
Venmo, a popular payment app in the U.S., isn’t available in Canada. The application requires both sender and receiver to be in the U.S. and have a U.S. phone number. However, Canadians have access to multiple other payment apps that offer similar features to Venmo.
Some of these alternatives include payment platforms like PayPal, Interac e-Transfer, Wise oney transfer, Wealth Simple Cash, Interact eTransfer, and OFX, which provide secure domestic options for peer-to-peer payments in Canada.
How To Use Venmo In Canada
If you live in Canada, Venmo is out of bounds for you. You cannot access Venmo because only American residents can use it.
At the moment, Venmo is only operated in the United States. To use Venmo, you must be in the USA, and the person who wishes to send the money must also be in the USA.
Both of you must also have American phone numbers. Both you and the recipient must be above 18 years of age and have American bank accounts.
This shows that people living in Canada cannot use Venmo as only U.S. residents can use it.
We will take a look at some great Venmo alternatives in Canada shortly.
When Will Venmo Be Available In Canada?
We have yet to determine when Venmo will be made available in Canada.
However, in case they decide to make the peer-to-peer money-sending service available in Canada, we will be sure to let our cherished Canadian readers be the first to know.
How To Get Venmo In Canada
You need access to Venmo in Canada. You can, however, use these fantastic alternatives in place of Venmo if you are living in Canada.
5 Venmo Alternatives For People Living In Canada
As we have seen above, Venmo cannot be accessed by people in Canada.
It is restricted to American residents only. However, if you want a money-sending app similar to Venmo, here are some alternatives for you to look at.
PayPal
Almost everyone knows or has heard of PayPal before. It is one of the most popular money transfer systems in the world.
Although Venmo cannot be used in Canada, PayPal can be accessed in Canada without any issue, and the funny thing is that PayPal is the owner of Venmo.
Although Venmo is fast and cheap, its parent (PayPal) excels better.
Paypal allows you to send more than $5,000 to your friends without getting hounded by huge bank fees and other hidden charges.
PayPal allows you to make money transfers up to $60,000. With PayPal, users do not need to use a personal email address.
They can instead use custom PayPal. Me’ link, which helps with transfer privacy issues.
Paypal can even send money to the recipient’s bank account or cash pickup site if they do not have a PayPal account. With PayPal, how one can send money is almost endless.
Venmo VS. Paypal
| Feature | Venmo | PayPal |
|---|---|---|
| Availability in Canada | Not available in Canada | Available for use in Canada |
| Peer-to-Peer Payments | Yes, but only within the US | Yes, within Canada and internationally |
| Business Payments | Not supported | Yes, supported |
| Mobile App | Yes, but available only for US residents | Yes, available for Canadian residents |
| Security | Uses data encryption and has security measures | Uses end-to-end encryption and provides secure transactions |
| Fees | No transaction fees for peer-to-peer payments within the US | 2.9% + $0.30 CAD per transaction for selling goods/services |
Wealthsimple Cash
This is one of the fastest and easiest ways to send money inside Canada.
With this, you do not need to log into online banking platforms before instantly sending money to your family and friends.
Wealthsimple cash allows you to send money within seconds, just like Venmo.
All you have to do is to download the app and load your wallet with money.
You then connect it to your contacts, and you can start sending money. It is that easy.
The app is free, and users can send money as many times as they want. The company is also preparing a prepaid credit card linked to the app wallet, and users can load up the wallet and use it anywhere they choose.
Venmo VS. Wealth Simple
| Feature | Venmo | Wealthsimple |
|---|---|---|
| Availability in Canada | Not available in Canada | Available for use in Canada |
| Investment Opportunities | Not available | Yes, such as ETFs and stocks |
| Peer-to-Peer Payments | Yes, but only within the US | Not available |
| Business Payments | Not supported | Not available |
| Mobile App | Yes, but available only for US residents | Yes, available for Canadian residents |
| Security | Uses data encryption and has security measures | Uses strong encryption and rovides secure transactions |
| Fees | No transaction fees for peer-to-peer payments within the US | 0.5% management fee per year for assets under $100,000 |
Interact eTransfer
Interact eTransfer is one of Canada’s most trusted peer-to-peer money payment systems.
The service has dominated the Canadian peer-to-peer money transfer service for over 15 years and is still strong.
Interac eTransfer made sending money instantly to anyone with a phone number or email address easy.
There was no need to go through cheques or login into some online banking platform before you were able to send money.
And it is still like that today. You do not need to run to the ATM before getting it done.
All you have to do to send money is to get the person’s email address. You log into your online banking and add the email address or phone number of the person you wish to send the money.
You then create a question that only that person will know. This serves as a form of security to ensure that only they can access the money.
You can send money to anyone with an email account or a phone number.
You can also have your Interac eTransfers go straight to your bank account by setting up an auto deposit for yourself.
Venmo VS. Interact Transfer
| Feature | Venmo | Interac e-Transfer |
|---|---|---|
| Availability in Canada | Not available in Canada | Available for use in Canada |
| Peer-to-Peer Payments | Yes, but only within the US | Yes |
| Business Payments | Not supported | Yes |
| Mobile App | Yes, but only for US residents | Yes |
| Security | Uses data encryption and security measures | Protected by secure login process and transaction history |
| Fees | No transaction fees for peer-to-peer payments within the US | May vary depending on the financial institution |
WiseMoney Transfer
Wise is one of the best peer-to-peer money transfer systems in Canada. The ones we have seen above are all great for sending money within Canada.
However, Wise also makes that relatively easy if you want to send money abroad.
For people who usually have to send money outside of Canada, we know the annoying banking fees and complex processes you must pass through before sending the money abroad. This is where wisdom comes into play.
With Wise, you can send and receive money from Canada to over 50 countries for a small fee.
Unlike the hefty amounts the banks charge, the charges are levied according to market exchange rates.
Also, you are shown all the fees payable before you finalize the money transfer. No fees are hidden from you.
If you have used Paypal before, you will notice that Wise is cheaper than Paypal.
Try Wise if you want an easy and cheap way to send and receive money in Canada.
Venmo VS. Wise Money Transfer
| Feature | Venmo | Wise Money Transfer |
|---|---|---|
| Availability in Canada | Not available in Canada | Available for use in Canada |
| Peer-to-Peer Payments | Yes, but only within the US | Yes |
| Business Payments | Not supported | Yes |
| Mobile App | Yes, but only for US residents | Yes, available globally |
| Security | Uses data encryption and security measures | Uses 2-step login, data encryption, and FCA regulation |
| Fees | No transaction fees for peer-to-peer payments within the US | Charges a small, upfront fee that varies per country |
OFX
This global forex exchange and money transfer service allows people and businesses to make payments and send money internationally from Canada.
Users of the OFX service can either go online to send their money, or they can do so easily by using a mobile app installed on their phones.
They can send money to more than 170 countries in more than 50 different currencies.
These transfers are also done with competitive exchange rates and low fees. Transfers are also secured with bank-level security.
Before using OFX services, you must open and fund an account with the currency you wish to send.
You can then send the money at the current rate at that very moment, or you can wait until the rate you desire hits before you send the money. You can also have a specific rate at which all future transfers will be sent.
OFX does not charge any fees for amounts higher than CAD$10,000. However, lesser amounts attract a fee of CAD$15 and other applicable charges, which will depend on the currency being sent.
Venmo VS. OFX
| Feature | Venmo | OFX |
|---|---|---|
| Availability in Canada | Not available in Canada | Available for use in Canada |
| Peer-to-Peer Payments | Yes, but only within the US | Not available |
| Business Payments | Not supported | Yes |
| Mobile App | Yes, but only for US residents | Yes, available globally |
| International Transfers | Not available | Yes, available in over 80 countries |
| Security | Uses data encryption and security measures | Uses data encryption and is regulated by government authorities |
| Fees | No transaction fees for peer-to-peer payments within the US | No transfer fees, but there’s a minimum transfer amount of $1,000 |
Note: Venmo and OFX have different functions. Venmo is primarily used for peer-to-peer payments within the US. OFX, on the other hand, is focused more on international money transfers and is more suitable for businesses and larger transactions.
Why Is Venmo Not In Canada?
Venmo is not available in Canada at the moment. It can send money from one American bank account to another.
This means both the person sending and receiving the money must be inside the USA.
Frequently Asked Questions
Venmo is not available in Canada at the moment. It can only be used in the United States of America.
Users must also use an American phone number before accessing Venmo. However, you can use some great alternatives like the ones mentioned in this article.
These two money transfer platforms currently need to be used in Canada. However, if you want services similar to Zelle and Venmo, the platforms mentioned in this article can meet your demands.
Venmo is owned by PayPal and is based in the USA. Venmo is restricted to American users only.
However, PayPal can be accessed in Canada and is an excellent alternative for people looking for Venmo-like services in Canada.
You can also check out the platforms in this article if you feel like something other than PayPal.
Conclusion
As we have today, Venmo is a great app for sending money. However, the only downside is that it is not available to Canadians.
However, Canadians can use the alternatives in this article to get the same excellent services they would have gotten from Venmo.
We hope this article has been beneficial and you can now have a peer-to-peer money transfer platform that will allow you to transfer money quickly in Canada, like Venmo.
If you are also thinking of getting free monthly money from the Canadian government, then you might want to check out our guides on Canada PRO, Canada RIT, and Canada FTP. These are all the free ways to earn extra cash for being a Canadian citizen.
