Venmo Canada

Last Updated: Nov 14, 2022

Is Venmo In Canada?

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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 check it out. 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.

πŸ‡¨πŸ‡¦ 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)

  • 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 dozens of currencies, 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. The best part... Wise doesn't charge monthly account fees.

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

  • 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. Interac e-Transfers

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

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.

4. 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.

5. Newton

  • Low-Cost Canadian Crypto Exchange

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:

  • 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 the best 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. If Venmo does come to Canada one day, I'll definitely update this post.


FAQ

πŸ‡ΊπŸ‡Έ 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.

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