Venmo Canada: 5 Alternatives You Can Use

If you’re in Canada, you’ve likely heard of Venmo.

Venmo is a popular peer-to-peer payment app widely used in the United States.

It makes splitting bills, sending money to friends, and paying for services easy.

However, Venmo is not available in Canada.

This leaves many wondering what alternatives are available for Canadians.

Fortunately, Canada has several excellent payment platforms that offer similar features.

1. Interac e-Transfer

Interac e-Transfer is one of the most widely used payment methods in Canada.

It allows you to send and receive money securely through your bank account.

Some key features:

• No need for third-party apps since it’s integrated with most Canadian banks.
• Funds are typically transferred in minutes.
• Secure transactions protected by encryption.
• Supports both personal and business transfers.

How It Works

You log into your bank’s online platform or mobile app.

Enter the recipient’s email address or mobile number.

Specify the amount and create a security question (if needed).

Once the recipient answers the security question, the funds are deposited.

This option is reliable, quick, and cost-effective.

2. PayPal

PayPal is a globally recognized payment platform that also works in Canada.

It is a convenient alternative to Venmo, especially for online purchases and money transfers.

Some main features

• Works across multiple currencies.
• Allows for sending and receiving payments both locally and internationally.
• Offers buyer and seller protection for online transactions.

How It Works

You create a PayPal account linked to your email and bank account or credit card.

When sending money, you enter the recipient’s email address.

Funds are transferred almost instantly within the platform.

PayPal is a great choice if you frequently shop online or need international payment options.

3. Wise (formerly TransferWise)

Wise is an excellent alternative for international transactions.

It focuses on offering low fees and real exchange rates for cross-border payments.

Some key features

• Low transaction fees compared to traditional banks.
• Transparent exchange rates with no hidden fees.
• Supports over 50 currencies.

How It Works

You sign up for a Wise account and link it to your bank.

Enter the recipient’s details and the amount to transfer.

Wise converts the currency at the mid-market rate and sends the money.

Wise is ideal if you frequently send or receive money internationally.

4. Cash App

Cash App is another popular peer-to-peer payment app available in Canada.

It offers a simple interface for sending money to friends or family.

Key Features

• Instant money transfers to other Cash App users.
• A free debit card that can be used for spending.
• The ability to buy and sell Bitcoin within the app.

How It Works

You download the Cash App, create an account, and link your bank or credit card.

Enter the recipient’s username or phone number to send money.

Funds appear instantly in the recipient’s Cash App balance.

Cash App is a modern option for those who want extra features like Bitcoin integration.

5. Apple Pay and Google Pay

Apple Pay and Google Pay are digital wallets that work seamlessly for payments in Canada.

They are ideal for contactless payments and peer-to-peer transfers.

Some key features are:

• Easy to use on compatible devices like iPhones or Android phones.
• Highly secure with encryption and tokenization.
• Works with major Canadian banks and credit cards.

How They Work

You set up Apple Pay or Google Pay on your device and link it to your bank or credit card.

To send money, you use the app’s built-in peer-to-peer transfer feature.

These platforms are great for tech-savvy users who value convenience.