Is Venmo In Canada?

Venmo does not work in Canada. The best money transfer alternatives are Interac e-Transfer, Wise, PayPal, Wealthsimple Cash, and a few more. Read more.

Updated: Jan 20, 2024

Venmo Canada

Venmo does not work in Canada and is not listed on the Canadian App Store. To open an account, you are required to be an American resident with a U.S. phone number. Here is the official requirements page if you want to see it for yourself.

Depending on the features you want, the best Venmo alternative in Canada is Wise (open free bank accounts in any currency) and Wealthsimple (all-in-one finance app).

Who Can Use Venmo?

Venmo is available exclusively in the United States. You must be physically in the USA, have a U.S. cell phone, and be at least 18 years old.

Venmo Sign Up Requirements

What Is Venmo?

Venmo is a payments app that lets you easily send, receive, and spend money if you live in the USA. Founded in 2012, it started out by making it easy to split bills with friends and family. Then, it got acquired by PayPal in 2012 and today, Venmo has over 60 million users and introduced features like the Venmo Credit Card, cryptocurrency purchases, and more.

Venmo's Best Features

  • Pay Friends. Easily send and receive money, split payments, and more.
  • Venmo Credit Card. Earn up to 3% cash back with no annual fee.
  • Buy and Sell Crypto. Trade Bitcoin, Ethereum, Litecoin, and Bitcoin Cash with as little as $1.

Venmo Alternatives for Canadians

Lukcily, Canada has great fintech apps that are similar to Venmo. Whether you want to send or receive money from the US, split bills with friends, or find an all-in-one finance app, here are the best Canadian choices.

1. Wise (formerly TransferWise)

  • Send and Receive Money Like a Local
Wise

Wise is the best app I've found if you want to send and receive foreign currencies like USD, CAD, AUD, and more domestically or internationally. You can open free bank accounts in seconds, including US and Canadian bank accounts, allowing you to send and receive money like a local in any country.

You also get excellent exchange rates for currency conversions (eg. CAD to USD) unlike PayPal and big banks who charge huge currency conversion fees. Wise also doesn't charge monthly account fees making it truly a great service.

To receive USD from someone in America, you can give them your US banking information for a bank transfer. To send USD from Canada to the USA, you can create a bank transfer to anyone with a US bank account.

2. Wealthsimple Trade

  • All-In-One Finance App

Like Venmo, Wealthsimple offers a variety of financial services within one app. It's trusted by 2.5 million Canadians and you'll find stocks, ETFs, cryptocurrencies, and a cash back Visa card. You can also use Wealthsimple Cash to transfer money to Canadian friends for free.

Wealthsimple does not allow you to send money to the USA from Canada or vice versa. However, you can send and receive cryptocurrency anywhere in the world. To make a crypto transfer, all you need is a crypto wallet address.

3. Xe Money Transfer

  • Global Money Transfer App
Xe Money Transfer

Looking for a Venmo alternative that's not just limited to the US? Xe Money Transfer provides smooth money transfers to 130+ countries in 100+ currencies, whether it's to mobile wallets, for cash pickup, or bank deposits. It's a global money transfer app with over 57,000 Trust Pilot reviews and a 4.1 star rating. 

With Xe, you can quickly convert and send money with low fees and see exchange rates in real-time. So you can see the exact rates and fees before you hit send. It's one of the biggest players on the market, with over 70 million users. Since it's similar to Wise, here is a good post which compares Xe vs. Wise.

4. Interac e-Transfers

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

In case you haven't heard of it, Interac e-Transfers are the best choice for Canada-to-Canada transfers. You can easily transfer money between any Canadian bank account with the recipients email address or phone number. If you have a Canadian bank account, you're already eligible and can start an e-transfer via your online banking app.

5. PayPal

  • Popular Global Money Transfer App
PayPal

PayPal is widely used in the United States, Canada, and other countries, with more than 300 million clients worldwide. You can send and request money through PayPal with just an email address or a phone number and send multiple currencies.

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 and vice versa. 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.

6. Newton

  • Low-Cost Canadian Crypto Exchange

Venmo introduced cryptocurrency purchases. If you want to buy Bitcoin, Ethereum, or cryptocurrencies in Canada, Newton has 75+ coins, low-fees (hidden fees included), and free e-transfer deposit and withdrawals. Newton also has cheap crypto withdrawal fees, covering the first $5 in withdrawals.

500,000 Canadians trust Newton but you can also use RankFi's crypto exchange comparison tool to find Canada's best platforms


How to Transfer Money From Canada to the USA

Since Canadians can't use Venmo, Cash App, Zelle, or other popular American apps, we need alternative ways to transfer funds. Here are 3 ways to send money from Canada to the USA:

  • USD Bank Transfer - Wise is the cheapest option. Sign up for Wise, deposit CAD and open a free USD account. Then convert your CAD to USD and do a bank transfer. You can also open a US dollar account at your traditional bank.
  • Send Cryptocurrency - Get your recipients crypto wallet address and send them Bitcoin, USDT or any cryptocurrency. It will show up within a few minutes depending on the coin. Newton is a low-cost Canadian crypto exchange to buy and send crypto, but any app that supports withdrawals will work.
  • PayPal Transfer - Many Americans have PayPal and this can be an easy, quick method. You can transfer CAD or USD however, it's the most expensive choice here because of currency conversion fees.

How to Transfer Money From the USA to Canada

Unfortunately, Canadians don't have apps like Venmo, Cash App, and Zelle. Here are 3 ways you can transfer money from the USA to Canada:

  • CAD Bank Transfer - Wise is the cheapest option. Sign up for Wise, deposit USD and open a free CAD account. Then convert your USD to CAD and do a bank transfer.
  • Send Cryptocurrency - Get your recipients crypto wallet address and send them Bitcoin, USDT or any cryptocurrency of your choice. It will show up within a few minutes depending on the coin. Binance.US is the best low-cost U.S. crypto exchange to buy and send crypto but any app that supports withdrawals will work.
  • PayPal Transfer - Many Canadians have PayPal and this can be an easy, quick method. You can transfer CAD or USD however, it's the most expensive choice here because of currency conversion fees.

The Bottom Line

Venmo does not work in Canada but there are several peer-to-peer payment alternatives and financial tools that are similar. Whether you want to pay your U.S. friends, receive USD, or earn cash back, you can find a good Canadian alternative for each one.


FAQ

Can Americans Venmo Canadians?

No, Venmo only allows U.S. to U.S. transactions. You can not send money to a Canadian bank account.

What Countries Is Venmo Available In?

Venmo is available exclusively in the USA. They have not made any statements about expanding internationally.

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