Venmo is making waves in the U.S. for its quick and simple money transfer service.
With easy transfers that are either free or very fast, Venmo became very easy to love.
It has become one of the most popular ways to send a little bit of money to a family member or friend for many Americans.
Naturally, some Canadians are starting to ask when they can start using Venmo, or at least a service like it.
Is Venmo available in Canada?
No, Venmo is not currently available in Canada.
It’s a U.S. domestic money transfer service currently owned by veteran money transfer service PayPal.
To be able to use Venmo, you must be located in the U.S., have a U.S. bank account, and be aged 18+.
If Canadians want a social media savvy, fast money transfer service like it, they will have to look to other alternatives.
Alternatives to Venmo in Canada
There are several international and Canadian-domestic money transfer services like Venmo that are available to Canadians.
Wise is a US-based international money transfer provider.
It is available in many countries, including Canada.
You can use Wise to send money from Canada to the US along with many other countries.
Users with more international transfer needs can use Wise for their international availability and many currencies.
Among international money transfer providers, Wise stands out for its transparency.
They don’t mark up currency conversion rates.
Wise is a fast service to use, making it comparable to Venmo and other fast money transfer options.
Wise is worth considering as an alternative to Venmo, especially if you’re planning on sending money to other countries.
2. Wealthsimple Cash App
Wealthsimple offers its own cash app which operates as a money transfer service and mobile bank.
It’s a convenient app that makes it easier to quickly send money, split a bill, pay someone back, or whatever other kind of transaction you need.
Deposited money in a Wealthsimple Cash App account generates interest of 0.5%.
There are no minimum deposits and sending or receiving money is free.
Wealthsimple Cash App can be considered as a Canadian equivalent to Venmo.
It’s a Canadian service that is designed for Canada-to-Canada transfers.
3. Interac e-Transfer
Interac is a Canadian network that connects the many chartered banks in Canada.
It enables electronic transactions for other financial institutions as well.
For the average Canadian, they also offer e-transfers, a fast and (normally) free option for sending money.
The specific cost and transfer times of an e-transfer depend on the bank you send money from.
Some banks facilitate completely free e-transfers that are delivered in a matter of seconds.
Some other banks will charge a fee for an e-transfer.
Service times are also quite high with some banks and may take a couple of hours.
Will Venmo ever come to Canada?
Right now, it appears unlikely that Venmo will ever come to Canada.
Venmo’s parent company, PayPal, already offers an international money transfer service.
Venmo hasn’t made any significant announcements suggesting a plan to expand beyond U.S. borders.
At most, it may offer a select few services abroad.
What’s the hype around Venmo?
Venmo’s hype comes from a mix of its great economic advantages, ease of use, and its social elements.
Venmo’s interface appeals to consumers who have become accustomed to emojis and the easy-to-use platforms created by big tech.
In this way, Venmo, even when it was new, appeared familiar to millions of users.
As many of the world’s most popular tech platforms continue to enhance user experience, ease of use will remain an important factor.
Next, Venmo is cheap.
Venmo users can send money to the recipient for free.
Fast fund transfers from your bank are also available at a low rate or free within “1-3 biz days.”
When you consider the combination of transfer speed and cost, then compare Venmo to other money transfer providers, it’s easy to understand the hype.
- Will Venmo Come To Canada?
- It currently seems highly unlikely. Unless Venmo makes a sudden, drastic change to its business model, you can assume Venmo will stay in the U.S.
- Are There Equivalent Alternatives To Venmo In Canada?
- Yes and no. While you won’t find the exact same experience Venmo provides in Canada, you can find a similar experience. The examples we’ve gone over offer many similarities to Venmo. On the flip side, a service like Interac eTransfer won’t be easily found in many other countries. Canadians ultimately have access to several fast, convenient, and low-cost money transfer options.