Does Venmo Work in Canada?
No, Venmo is not available in Canada. Currently, the app is only available to users in the US, and it does not work internationally. Venmo does not work internationally in Egypt, Nepal, Lebanon, Mexico, etc — you cannot make Venmo payments to someone in a different country.
Read on for Venmo alternatives that can be used to send payments both inside Canada and if Venmo can be used internationally.
If you live in Canada, you must have occasionally wondered if you can use Venmo where you live.
While that’s a no, don’t worry, though.
In this article, we’ll tell you all you need to know about why you can’t use Venmo in Canada as well as the best alternatives you can use to fulfill all your money transfer necessities.
Read: Can You Have More Than One Venmo Account? Create Multiple Venmo Accounts
Can You Use Venmo in Canada?
Unfortunately, Venmo doesn’t work in Canada and is only available for use within the confines of the United States. Once you cross the borders, Venmo won’t work.
That’s because you have to be physically present in the USA and have a US bank account and a US phone number. So, if any of the previously mentioned three requirements are no longer present, regrettably, Venmo won’t function.
What About Sending Money From the USA to Canada?
Again, that won’t work. While the sender may have a functioning Venmo account, the receiver won’t even be able to make a Venmo account in Canada.
As such, all international money transfers, Canadian or otherwise, won’t be possible via Venmo.
If you are looking to transfer inside the US, you can do so, all you need is to have enough balance in your Venmo account. You can always add money to your Venmo account if you run out of it.
Will Venmo Ever Be Available in Canada?
Not likely. There are a couple of logical reasons that Venmo hasn’t made any plans to expand to Canada.
For one, Canada’s strict banking regulations would make it very difficult for Venmo to become eligible for use in Canada. So, unless Venmo can guarantee that it’ll adhere to and follow every rule in the Canadian money book, it can’t set foot in Canada.
Another reason Venmo will most likely stay away from the Canadian payment transfer space is that Canada already has the Interac e-Transfer service in place.
This service allows its users to transfer money within Canada for negligible or absolutely no charges, all according to the banking establishments they have dealings with. So, since the Interac e-Transfer has been around for more than 30 years and is now widely used all over Canada, there won’t be much value to Venmo joining the Canadian market.
>> Read: Can You Send Money From Venmo To Cash App Card?
What Are the Alternatives to Venmo in Canada?
Thankfully, you have a few other options you can use in Canada that work in ways similar to Venmo. Through any of the following options, you’ll be able to easily transfer money to your friends and family without having to meet up in person or go to the bank.
Within Canada
Wealthsimple Cash
For any money transfers within Canada, the Wealthsimple Cash app should be your go-to. This is the closest Canadian version you can find to Venmo.
Like Venmo, it has social features and incurs no fees for money transfers, deposits, or withdrawals. You only need to sign up, create your own unique Dollar $ign/username, deposit funds into your wallet (maximum of $5000 per month), and you’re good to go.
Whether you need to settle a bill, pay your share of the rent, or send money to your relatives, Wealthsimple Cash has got you covered. You’ll be able to transfer the required funds with no fuss or hassle in just a few seconds.
Note: The funds you add to your Wealthsimple Cash app wallet will be under the protection of the CDIC as long as the amount doesn’t exceed $100,000 and certain other conditions are met.
Read: Venmo Groups Login: How to Login Venmo Group Account?
Interac E-Transfer
This is the most common method Canadians use to transfer money within their close circles, where more than 250 banking establishments support this service.
Basically, any person within Canada who has a bank account can use this service by accessing their bank’s online banking app and knowing the email address or phone number of the person they wish to send money to. So, the advantage here lies in you not needing to download and share your bank information with an app.
The only disadvantage is that the sender may be required to pay fees for using this service in certain situations, such as exceeding a set monthly limit. Still, this is the most popular method to send money throughout Canada, which goes to show how much Canadians love and trust it.
Internationally
Wise
The Wise app, formerly known as TransferWise, is your gateway to international money transfers from and to Canada.
Not only does this app comply with FINTRAC regulations, but it also supports more than fifty currencies in 70+ countries. As such, it enables its users to transfer money from overseas after showing them the exchange rates and transfer fees.
What sets this service apart from banks or other international money transfer providers is that its fees are much more reasonable, and you can easily use your bank account, debit card, or credit card for the process. All in all, Wise is a great way to send money from the US to Canada or any other country.
>> Read: Can You Have Two Venmo Accounts With Same Bank Account?
PayPal
PayPal is another excellent money transfer service that allows peer-to-peer money transfer, both within Canada and internationally. Once you set up an account, you’ll be able to send money to other PayPal users by using their email or phone number for no charge.
Sadly, while it also allows money transfer between different countries like Wise, its downfall is higher transfer fees and exchange rates. Therefore, you should stick to PayPal for Canadian money transfers, and you’ll be better off using Wise for international ones.
Final Thoughts:
Sadly, Venmo doesn’t work in Canada, and this situation will most probably continue in the future. However, many other options exist to help you send money to your friends and acquaintances within Canada.
To keep a long story short, stick to Interac e-Transfer and Wealthsimple Cash for intra-country transfers, but use Wise for all transfers from or outside of Canada. Of course, you can still use PayPal or your bank for international transfers, but keep in mind that you’ll be paying more than you would with Wise.
