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.
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
🇨🇦 Venmo Alternatives for Canadians
Lukcily, Canada has some great fintech apps which are similar to Venmo. Whether you want to send or receive money from America, split bills with friends, or find an all-in-one finance app, here are the best Canadian choices.
1. Wise (formerly TransferWise)
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
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
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 if you need help deciding.
4. Interac e-Transfers
In case you haven't heard of it, Interac e-Transfers is 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 through your online banking app.
5. 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
Venmo introduced cryptocurrency purchases. If you want to buy Bitcoin 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 interact with Venmo, Cash App, Zelle, or other popular American apps, we need to find alternate ways to transfer funds. Here are 3 ways to send money from Canada to the USA:
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:
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. If Venmo does come to Canada one day, I'll definitely update this post.
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. As far as I'm aware, they have not made any statements about expanding internationally.