Zelle Canada: 6 Alternatives To Use In Canada

Zelle is one of the most popular peer-to-peer mobile payment services for sending and receiving money quickly. 

It is a digital payment network based in the USA. Zelle is run by a private financial company owned by a group of banks in the United States. 

These banks are JP Morgan, US Bank, Chase Bank, Wells Fargo, Capital One, Truist, PNC Bank, and Bank of America. 

Zelle was founded in 2016, and it was formerly known as ClearXchange. The Zelle headquarters can be found in Scottsdale, Arizona, United States. 

Zelle employs more than a thousand people. Early Warning Services, LLC owns it. 

How Zelle Works

Zelle works just like Cash App, Venmo, and Robinhood. You must locate Zelle in your bank’s mobile app to use Zelle. 

If your bank does not offer Zelle, you must download the Zelle app yourself. 

You can get the app from either the Android Play Store or the Apple App Store. After downloading the app, you will then set it up for use.

To transfer money to someone, all you will need is to have the person’s email address or phone number. 

Users can transfer money from their bank accounts to another bank account owned by someone registered for Zelle. 

Money transfers can be done through a mobile device or a bank’s website with a partnership with Zelle. 

If the recipient already has a Zelle account, the money will be deposited in their bank account in a few minutes. 

If they still need to get a Zelle account, they will get an email showing them how to deposit the money into their bank account. 

However, all this must be within the USA. 

Is Zelle In Canada?

Unfortunately, Zelle is not available in Canada at the moment. People in Canada need help to use Zelle in sending and receiving money. 

The P2P platform can only be used by U.S. residents. It cannot be accessed in Canada. 

According to the Zelle website, both the sender of the money and the recipient’s bank account must be inside the United States of America. 

The phone number to which you use Zelle to send money must also be registered in the United States of America. 

6 Zelle in Canada Alternatives In Canada

However, the fact that Zelle is not in Canada does not mean all is lost. You can still get your hands on alternative P2P platforms that work just like Zelle. 

Some offer better features than Zelle and can be used within Canada. If you are looking for a P2P money transfer service like Zelle, here are some options for your consideration. 

KOHO

This is one of the best alternatives to Zelle in Canada, especially if you want to earn cash back when you make purchases. 

A free KOHO account has a reloadable prepaid card and a mobile app. The mobile app can also be used as a budgeting tool and is excellent for people who like to keep a close eye on their expenditures to ensure they spend their money wisely. 

Users can also send unlimited money transfers to anyone using their email address, even to people not using KOHO. 

Earning interest on your balance is also possible if you add a direct deposit to your KOHO account. 

Users can also get access to $100 of their payroll 3 days before it is due, and they will not have to pay a fee for it. 

Zelle VS. KOHO

Features	Zelle	KOHO Canada
Availability in Canada	Not available in Canada	Available for use in Canada
Peer-to-Peer Payments	Yes, but only within the US	Yes, but only within Canada
International Transfers	Not available	Not available
Physical Card	No	Yes, Prepaid Visa Card
Mobile App	Yes, but only for US residents	Yes, available for Canadians
Fees	No fees for peer-to-peer payments when linked to bank account	No monthly, annual, or low balance fees
Earn Rewards/Cashback	No	Yes, earn cashback on everyday purchases
Budgeting/Financial Wellness Features	No	Yes, offers real-time insights and updates

Wise Money Transfer

This is another popular money transfer platform in Canada, similar to Zelle. 

The fantastic thing about Wise is that its services are more than just centered in Canada alone. 

You can send money to people outside Canada at low fees and market exchange rates. 

There is also a multi-currency account and a debit card which allows users to hold over 53 currencies. 

This allows them to spend money easily when they travel abroad. Your first money transfer of up to CAD$800 usually is free when you sign up for a free account.

Zelle VS. Wise Money Transfer

Here’s a comparison table of Zelle and Wise (formerly TransferWise):

Features	Zelle	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	Not available
International Transfers	Not available	Available in 70+ countries
Physical Card	No	Varies depending on the amount and destination
Mobile App	Yes, but only for US residents	Yes, available globally
Fees	Yes, business accounts and services available	No fees for peer-to-peer payments when linked to a bank account
Business Services	Not supported	Yes, business accounts and services are available
Exchange Rates	N/A	Real mid-market exchange rates with no hidden fees

PayPal

PayPal is well known worldwide, so there is nowhere it cannot be available in Canada. 

If you have tried using Venmo but found out it was unavailable, you should smile because you can use PayPal, and PayPal is the owner of Venmo (if you cannot get the kid, get the dad). 

PayPal even competes with Zelle in the USA, and although its services are not free, sending money to your friends and family in Canada as a gift will be done free of charge. 

There is, however, a fee you pay when you send money for business purposes or when you send money to other countries.

Zelle VS. Paypal

Features	Zelle	PayPal Canada
Availability in Canada	Not available in Canada	Available for use in Canada
Peer-to-Peer Payments	Yes, but only within the US	Yes, worldwide
International Transfers	Not available	Available worldwide
Physical Card	No	Available (PayPal Cash Card, not available in Canada)
Mobile App	Yes, but only for US residents	Yes, available globally
Fees	No fees for peer-to-peer payments when linked to a bank account	Free for payments within Canada, fees apply for international transfers and some services
Business Services	Not supported	Available, including payment processing and invoicing
Purchase Protection	Not mentioned	Available on eligible purchases

While Zelle and PayPal offer peer-to-peer payments, Zelle is limited to the US and doesn’t support international transactions.

Stack

Although only some of that is popular in Canada, Stack is another platform that is an excellent alternative to Zelle in Canada. 

With the Stack MasterCard and app, users can save significantly on bank fees. Getting a Stack account is free if you spend at least $350 monthly.

The Stack Mastercard is reloadable and can be used to make payments anywhere MasterCard is accepted. 

Users also get cash back when they are any of the 140 retailers who are in partnership with Stack. Stack-to-stack transfers are easy and fast, and they are also free. 

They are great for sending money between you and your family and friends.

Stack also offers users early payroll when they link their Stack to their direct deposits. 

Stack waives the foreign exchange currency fees outside Canada if the users meet the specified requirements.

Zelle VS. Stack

Features	Zelle	STACK Canada
Availability in Canada	Not available in Canada	Available for use in Canada
Peer-to-Peer Payments	Yes, but only within the US	Yes, but only within Canada
International Transfers	Not available	Not available
Physical Card	No	Yes, STACK Prepaid Mastercard
Mobile App	Yes, but only for US residents	Yes, available for Canadians
Fees	No fees for peer-to-peer payments when linked to bank account	No monthly, annual, or low balance fees
Earn Rewards/Cashback	No	Yes, earn cashback, rewards, and discounts
Budgeting/Financial Wellness Features	No	Yes, offers real-time insights, savings goals, and security features

Zelle and STACK both provide peer-to-peer payment services but in different regions. Zelle operates in the U.S. and is connected to various U.S. banking institutions, while STACK is a Canadian-based digital banking platform that offers a prepaid card, cashback, and financial management features.

Interact eTransfer

This is yet another great alternative to Zelle in Canada. This platform is usually used when you send money from your bank account to someone in Canada. 

Interact eTransfer is offered by lots of credit unions and banks in Canada. 

Your account package will determine whether you will pay any fee when transferring money. 

Zelle VS. Interact Transfer

Features	Zelle	Interac e-Transfer
Availability	U.S residents only	Available for use in Canada
Peer-to-Peer Payments	Yes, within the US	Yes, within Canada
International Transfers	Not available	Not available
Physical Card	No	No
Mobile App	Yes, but only for US residents	App availability depends on the financial institution (FI)
Fees	No fees for peer-to-peer transactions when linked to a bank account	Usually free or subject to fees, depending on the FI
Security	Must have a bank account with a participating FI	Highly secure and generally non-refundable
Transfer Speed	Generally within minutes	Instant to 30 minutes (up to 30 hours)
Connection to Bank	Must have bank account with a participating FI	Must have a bank account with a participating FI

Wealthsimple Cash Card

Wealthsimple is quite popular in Canada, making it a great alternative to Zelle in Canada. 

The Wealthsimple cash card is an outstanding P2P payment that works similarly to Zelle and Cash App. It is the direct replica of Zelle in Canada and is worth trying. 

Zelle VS. Wealthsimple Cash Card

Features	Zelle	Wealthsimple Cash Card
Availability	U.S residents only	Available for use in Canada
Peer-to-Peer Payments	Yes, within the US	Yes, but only within Canada
International Transfers	Not available	Not available
Physical Card	No	Yes
Mobile App	Yes, but only for US residents	Yes, available for Canadian residents
Fees	No fees for peer-to-peer transactions when linked to bank account	No fees
Earn Rewards/Cashback	No	Yes, “Wealthsimple Cash Rewards”
Transfer Speed	Generally within minutes	Instant
Connection to Bank	Must have a bank account with a participating FI	Connects to existing Wealthsimple account

Frequently Asked Questions

Conclusion

Zelle is a great P2P platform for sending money to family and friends. However, the platform cannot be accessed in Canada. 

People looking for a money transfer system that works as fast and efficiently as Zelle can try out the alternatives in this article today. 

These are all available in Canada and have great features and benefits.