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.
Wealthsimple Cash App
The Wealthsimple Cash App is perhaps the most comparable Canadian service.
It’s a Canadian domestic money transfer service designed for peer-to-peer transfers.
Like Venmo, the Wealthsimple Cash App is very easy to use. It carries no fees and can facilitate instant transfers to any recipient in Canada.
Like cash, this Cash App is the pinnacle of simplicity, except that it can be sent from St. Johns to Vancouver in a matter of seconds.
If you already use a Wealthsimple product like Wealthsimple Trade or Invest, it’s worth taking a closer look at this app.
You can use the same Wealthsimple account.
Wise may not be the fastest money transfer service, but it’s cheap and fast enough to make it a great alternative to Venmo.
Wise makes it easy to send money in Canada, while also facilitating transfers to over 70 countries.
If you fund a Wise transfer using a credit or debit card, your transfer will be completed in minutes.
But the main benefit Wise shares with Venmo is an exceptionally easy-to-use interface that clearly displays your transaction details.
For international transfers, the currency exchange rate will be displayed prominently on the interface.
Wise really shines if you want a low-fee (but not free) money transfer service that offers something similar to what Venmo does, PLUS a no-margin international money transfer service.
Interac eTransfer isn’t a flashy service like Venmo, but it can perform the same practical functions.
Interac eTransfer allows you to send money to and from any chartered Canadian bank.
Almost all banks offer the service instantly and for free.
There are a few exceptions, such as Tangerine, which offers eTransfers for free, but with a delay of up to 30 minutes.
Regardless, the service can be described as free and fast.
The good thing is that you don’t need to download an app to use Interac eTransfers.
You likely have access to this feature, even if you haven’t noticed it yet.
Most banks’ mobile apps and online portals offer the option to send an eTransfer.
If you search how to make an Interac eTransfer with your bank on Google, you should be given a fast, simple way to do so.
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.