Cash App Canada: 5 Alternatives and Competitors

Cash App only works in the US and UK but Canadian alternatives include Wealthsimple, Wise, PayPal, and a few others. It depends on what features you need, read more!

Updated: May 2, 2023

Cash App Canada

Unfortunately, Cash App does not work in Canada since users must be physically located in the US or the UK to open an account.

If you want to transfer money between the USA and Canada, Wise is the best and cheapest way to do so. If you're in Canada looking for similar Cash App features, Wealthsimple is Canada's top fintech and investing app. Keep reading to learn more.

Top Two Alternatives

Kraken

Best for Sending Money Across Borders

  • Send money to Canada
  • Send money to US
  • Open CAD & USD bank accounts for free
  • Great exchange rates
Wealthsimple

Popular Canadian FinTech App

  • Similar Cash App features
  • 2.5M+ Canadians
  • Trade Stocks, ETFs, & more
  • Canada-to-Canada payments
  • Cash Card & more

Who Can Use Cash App?

According to the official terms of service, to open a Cash App account, you must be resident of the United States that is 18 years old. 

What Is Cash App?

Cash App is a financial super app that offers peer-to-peer payments, stock investing, crypto, debit cards, and more. It launched in 2013 and has grown to 49 million monthly transacting users as of Q3 2022. 

Wealthsimple and Neo Financial are the most similar all-in-one finance apps for Canadians, both of which have over 1 million users.

Cash App's Best Features

  • Money Transfers. Send, receive, and request money for free to anyone in the US or UK. All you need is the users $Cashtag (username), phone number, or QR code to send funds to them.
  • Cash Card. A free debit card with instant discounts and no hidden fees.
  • Stock Investing - Trade stocks commission-free with as little as $1.
  • Bitcoin Trading - Buy, sell, and send Bitcoin with as little as $1. Users can also earn Bitcoin on Cash Card purchases.

Cash App also offers paychecks up to 2 days early, buy now pay later, and other services. It really is an all-in-one financial app.

Cash App

5 Best Cash App Alternatives for Canadians

Cash App has a lot of features so I found several alternatives depending on what you need. Whether you're looking for peer-to-peer payments, investments, a bank account, or something all-in-one, check out the best Cash App alternatives.

Best All-In-One Finance App:

  • Wealthsimple (stocks, crypto, Visa card, P2P payments, and more)

Payment Alternatives:

Other Apps

  • Newton (best Canadian crypto exchange)

Wealthsimple

  • Best All-In-One Finance App

Like Cash App, Wealthsimple has many financial tools inside one app. On the investing side, users can invest in cryptocurrencies, stocks, ETFs, or use a robo-advisor. On the payments side, Wealthsimple Cash lets you send money instantly to other Canadians. While the Cash App has the $cashtag, Wealthsimple Cash has a $ign (username) where you can easily send funds to other Canadians.

Wealthsimple also has a no annual fee Visa debit card called the Wealthsimple Cash Card. It lets you can earn 1% back paid in cash, crypto, or stocks (your choice). With all these features, Wealtshimple is the best Cash App alternative for Canadians and has over 2.5 million clients.

  • Very easy to use
  • Send money instantly to other Canadians for free
  • Many investing tools
  • Very low fees or zero fees on most products
  • Highly secure (owned by a publicly traded company)
  • Can't send or receive money outside of Canada
  • Only one currency ($CAD)
  • High fees for crypto and US stock purchases
  • Still doesn't have as many features as Cash App

Wise (formerly TransferWise)

  • Send and Receive Money Like a Local

If you want to send money abroad, Wise is a popular money transfer service which lets you open free bank accounts in dozens of currencies. For example, you can open a US and Canadian bank account inside the mobile app which makes sending and receiving multiple currencies very easy.

The most important part is there are no monthly fees and you get excellent exchange rates. Platforms like PayPal, Western Union, and big banks charge large currency conversion fees, but with Wise, you get great exchange rates on CAD, USD, and more.

To receive USD from someone in America, you can grab your US bank info inside the app. To send USD, you can create a bank transfer to anyone with a US bank account.

  • Open free bank accounts in multiple currencies so you can send and receive bank transfers like a local
  • Send and receive money from US bank accounts
  • Get the real exchange rate
  • Low, transparent fees
  • No minimum balance requirements
  • Not as simple as sending money with a $Cashtag. There are no unique usernames
  • Focused on money transfers and cross border payments. They don't offer investing or many other financial tools

PayPal

  • Popular Global Money Transfer App

When I discovered Wise, I stopped using PayPal because I saved a great deal of money, but this is the next best alternative. You can send and request money through PayPal with just an email address or a phone number. PayPal is widely used in the United States, Canada, and other countries, with more than 300 million clients worldwide. 

Sending money to friends and family in Canada is free, but receiving and exchanging foreign currencies, such as US dollars, incurs high fees. It is particularly expensive to convert USD to CAD. If you'd like to send or receive money from your American friends, there is a good chance that they already have a PayPal account. PayPal is a convenient option for that, but I use it only as a last resort due to their high fees.

  • Send and receive payments from many countries
  • 300 million people, including many Americans, already use PayPal making it easier to send/receive funds from them
  • Fast transfer times
  • Expensive currency conversion fees
  • Charges you high fees overall

Interac E-Transfer

  • Best Canada-to-Canada Payments
Interac E-transfer

In case you haven't heard of it, Interac e-Transfers are one of the fastest and easiest ways to transfer money between Canadian bank accounts. Anyone who has a Canadian bank account is already eligible. E-transfers can be sent through your online banking app using the recipient's email address or phone number.

  • Fast transfers between Canadian bank accounts
  • Free to receive payments
  • No app or login needed. If you have a Canadian bank account, you already have e-transfer
  • Can't send or receive money outside of Canada
  • Some banks charge a $1-$2 fee to send e-transfers
  • $10,000 limit per 24 hours or less

5. Newton

  • Best Overall Crypto Exchange

Cash App lets users buy Bitcoin and earn Bitcoin rewards with their Cash Card. If you want to buy Bitcoin or cryptocurrencies in Canada, Newton has low-fees (hidden fees included), 75+ coins, and free e-transfer deposit and withdrawals. When you send crypto to another digital wallet, Newton saves you money by covering the first $5 in network fees.

Newton is also beginner-friendly making it a popular choice in Canada. You can also use our crypto exchange comparison tool to find Canada's best platforms.

  • RankFi's best overall crypto exchange in Canada
  • Low-fees (hidden fees including)
  • Trade Bitcoin and 70+ altcoins
  • Trusted by 500,000 Canadians
  • Send/receive crypto to Americans or anyone with a wallet
  • Get $25 free when you trade $100
  • Crypto only. No stock trading or banking services
  • No advanced crypto features
  • Slow customer support in my experience

How to Transfer Money Between Canada and the USA

Since Canadians can't use Cash App, Zelle, Venmo, or other popular American apps, we need to use alternative ways to transfer funds. Luckily, there are several great methods to transfer money from Canada to the USA and from the USA to Canada that are safe, fast, and low cost. Here are the top 3 ways:

  • Bank Transfer with Wise.com - Wise lets you open free CAD and USD bank accounts allowing you to easily and cheaply transfer money within North America. While traditional banks are expensive and give bad exchange rates, Wise is an online service that is very quick, user-friendly, and low cost.
  • Send Cryptocurrency -  If you're crypto savvy, you can send the recipient Bitcoin or stablecoins like USDT or USDC. All you need is their crypto wallet address and it will show up within a few minutes depending on the coin. Newton is the best Canadian crypto exchange while Binance.US is the best for Americans.
  • PayPal Transfer - Many Americans and Canadians have PayPal which makes this an easy, quick method. However, PayPal is the most expensive choice here because of high fees and currency conversion fees.

FAQ

Can I Send Money From Cash App To Canada?

No, you can not transfer money to Canadians using Cash App.

Why Is Cash App Not In Canada?

There can be a variety of reasons why Cash App has not come to Canada. First, Canada has tight regulations (especially in Ontario) and it's also less economical (Canada is 10x smaller than the US) and we already have Interac e-Transfer.

How Can Canadians Open A Cash App Account?

Unfortunately, there is no workaround such as just getting a VPN. If you try to open an account, Cash App will verify your identity before you can use the important features. They make you upload an ID, Social Security Number, and other info that proves you're a US resident. You can view the official eligibility requirements in their Terms of Service here.

🌐 What Countries Is Cash App Available In?

Cash App is available in the United States and the UK.

πŸ‡¨πŸ‡¦ Is Cash App Coming To Canada?

I'm not sure if Cash App is launching in Canada soon, but they are hiring engineers in Toronto. There is a non-zero chance that they have plans to launch in the Canadian market. I'll keep you updated if they do!

Cash App Canada Careers

Cash App is hiring in Canada

πŸ‡¨πŸ‡¦ What Is The Best Cash App Alternative in Canada?

The best financial "super app" within Canada is Wealthsimple since it has stock trading, crypto, a Visa Card, and much more. If you're looking to send money from the US to Canada or from Canada to the US, Wise.com is the best choice for fast, affordable bank transfers.

The Bottom Line

Cash App is not in Canada but there are many alternate choices for the features you need. Whether you need payments, banking, stocks, or crypto, Canada has good products for each one. You just might have to use multiple apps to get everything you need.

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