Venmo Canada money transfer & banking alternatives
Compare eight popular alternatives to Venmo in Canada for sending free, instant transfers and even crypto trading—including platforms where you can earn interest on your balance.
Venmo is a mobile payment service that allows users in the US to send instant money transfers. It’s user-friendly, very popular, and commonly used to split bills and make small payments. So you might be wondering, is Venmo available in Canada?
Is Venmo in Canada?
Can Canadians use Venmo? Unfortunately, the answer is no. Venmo is available in the US only, so you can’t use it in Canada.
But the good news is that there are several alternatives available. If you want to send free instant money transfers via Interac e-Transfer, or if you want user-friendly platforms for buying and selling crypto, here are the top Venmo alternatives in Canada.
What can Canadians use instead of Venmo in Canada?
When most people think of Venmo, they think of fast, cheap peer-to-peer (P2P) payments. And while you can’t use Venmo outside of the US, there are comparable services in Canada that essentially offer the same thing. The most straightforward alternatives to Venmo in Canada are:
Interac e-Transfers
Money transfer apps
Top Venmo alternatives in Canada
These Canadian apps and accounts offer free and low-fee instant money transfers, just like Venmo:
The EQ Bank Personal Account is free to open and use, and offers free Interac e-Transfers, which is the best alternative for the money transfer service Venmo offers in the US. The account differs from Venmo in that it is a hybrid bank account that combines unlimited free transactions with an attractive savings interest rate. The standard rate is 1%, but you can earn up to 2.75% if you meet the requirements.
If you want to send instant transfers just like Venmo, KOHO supports free Interac e-Transfers. But it also offers several extra features compared to Venmo, like paying at least 3.50% interest on your balance or more depending on the KOHO plan you select. Other features include a prepaid card that pays cashback on groceries, transportation and food & drink, and fast international transfers to over 190 countries.
Earn at least 3.50% interest
Earn cashback on your spending
Send fast e-Transfers
Affordable international transfers
Monthly fee (waivable on the Essential plan)
You'll need to pay a high monthly fee to get the highest interest and cashback rates
Wealthsimple's no-fee chequing account somes with $0 FX fees and $0 Interac e-Transfers, making it a great alternative Venmo in Canada. Perks include earning 1.75% to 2.25% interest (depending on the total value of your assets held with Wealthsimple), being able to access your pay a day early, CDIC deposit insurance of up to $1,000,000, and the ability to earn 1% cash back in stock or cash when you make a purchase with your card.
Plus, Wealthsimple gives you access to investment and savings options to help your money grow.
No monthly fees
Earn up to 2.25% interest on your account balance
Unlimited free transfers
No minimum balance
Access to $0 commission stock trading
While Wealthsimple doens't charge an ATM fee, you'll have to pay to use any ATMs (fees are typically $3/withdrawal)
Tangerine's No-Fee Daily Chequing Account offers exactly what its name suggests. It doesn't charge any fees on daily transactions, including e-Transfers, so you can send almost instant transfers just like Venmo, and there's no minimum balance requirement to worry about. It's also easy to manage your funds online via Tangerine's streamlined mobile app and online banking portal.
Neo's Everyday Account differs from Venmo by offering the convenience of fee-free daily banking, with the ability to earn cashback on your spending. It includes free e-Transfers and bill payments, and Neo Financial doesn't charge any fees for ATM withdrawals. You can earn cashback at over 12,000 partner retailers across Canada, and it's easy to manage the funds in your account via a highly-rated mobile app.
Simplii's No-Fee Chequing Account supports free e-Transfers for when you need to send money fast. It also supports unlimited transactions with no monthly fee, and you can use a linked debit Mastercard to pay for purchases. And if you need overdraft protection, that's available for an additional cost.
If you appreciate Venmo's ease-of-use for money transfers, Wise is a great alternative for Canadians. Money transfer services don't get any more user-friendly than Wise. This popular provider offers a simple three-step transfer process, a clean online user interface and is transparent about its transfer fees. Full Review
Why it's one of the best
Mid-market rate. Wise doesn't add exchange rate markups and instead gives you the mid-market rate for transfers.
Easy to use. The Wise website and mobile app offer clean user interfaces, making it easy to sign up and send a transfer.
High sending limits. You can send transfers of up to $1,500,000 with Wise.
No hidden fees
Simple and straightforward transfer process
Send money to over 52 countries and the European region countries
Has earned an average of 4.1 out of 5 stars from almost 200,000 Trustpilot reviews
No cash pickup transfers
Fees make your transfer more expensive
Doesn't support as many destinations as some other providers
Transfer Amount
$1 – $1,500,000
Payout Method
Bank account Alipay (China only)
Pay By Method
Credit card Debit card Bank transfer Interac e-Transfer Online bill payment Direct debit (EFT)
PayPal is a P2P platform with a massive presence in Canada, and is actually the parent company that owns Venmo. Like Venmo, PayPal is a money transfer app where you can transfer money between PayPal accounts for free. You can also make online and in-app purchases straight from your PayPal account.
Why it's one of the best
Free transfers. PayPal-to-PayPal transfers are free for Canadians.
Link to your bank account. You can choose to link your bank account to your PayPal account.
Make online purchases. Many websites and apps are linked to PayPal so you can make purchases directly from your PayPal account.
Free standard transfers
Simple money transfer interface
Pay for online purchases directly from your PayPal account
Fees will be charged for some types of transfers
Other platforms will pay interest on your balance
Transfer Amount
$1 – $10,000
Payout Method
Cash pickup location Bank account Mobile wallet
Pay By Method
Credit card Debit card Bank transfer
Transfer Methods
Through app Online
Top Venmo alternatives in Canada for crypto trading
Venmo also offers crypto trading in the US. If you’re looking for an equivalent service in Canada for crypto trading, these platforms offer Canadians similar features to what Venmo’s crypto trading offers in the US:
No, Venmo does not work in Canada — it’s only available in the USA. So if you want to send fast and free payments to friends and family, or buy and sell cryptocurrency, you’ll need to consider Venmo Canada alternatives.
One of Venmo’s main selling points is that it allows you to send money instantly to someone else for free. But as you’re probably already aware, we already have that in Canada with Interac e-Transfers. e-Transfers arrive within minutes, they’re simple to send and receive, and they’re widely available at Canadian financial institutions.
They’re also available with no-fee bank accounts. So if you open an EQ Bank Personal Account or a Tangerine No-Fee Daily Chequing Account, for example, you can send free e-Transfers and not have to worry about any monthly account fees either.
If you’re a US resident with a Venmo account, you might be wondering if you can use Venmo while vacationing in Canada.
The answer is no. You can’t sign in to your Venmo account when you are outside the US. So if you need to send a payment while in Canada, you’ll need to consider other payment providers — Venmo’s support page suggests creating an account with its parent company, PayPal.
Can you download the Venmo app in Canada?
No, the Venmo app is not available for download in Canada. If you’re searching for an app you can use to transfer money or buy crypto, you’ll need to consider other options.
Is Venmo available in any country outside of the US?
No, Venmo is only available in the USA. You’ll need to be physically located in the United States to use Venmo.
You can only open a Venmo account if you’re a resident of the United States or one of its territories and at least 18 years old or the age of majority in your state.
Venmo meaning: What does it mean to “Venmo” someone?
To “Venmo” someone means to send them money using the Venmo app. Venmo is a peer-to-peer mobile payment service that makes it quick and easy to send money to other people. It’s commonly used to split bills between friends and family or pay for shared purchases.
So if someone says they will “Venmo” you, this means they will send money to your Venmo account.
How does Venmo work?
Venmo offers the following products and services to users in the USA.
Mobile payments
Venmo offers fast and easy mobile payments, allowing you to send instant transfers to friends and family. It’s free to send money from a linked bank account, debit card or your Venmo account, but there’s a 3% fee when you send money using a credit card. You can also use Venmo to pay for purchases online, in-store and in apps.
Many of the accounts featured in our list of Venmo alternatives offer similar features. Chequing accounts like the Tangerine No-Fee Daily Chequing Account and the Simplii Financial No-Fee Chequing Account support free e-Transfers, while they also offer debit cards that you can use to pay for purchases.
Direct deposit
You can choose to have your pay direct deposited into your Venmo account. If you do so, you could receive your paycheque up to two days earlier than if you have it sent to your bank account.
If you need some extra funds to help you get through to your next payday, check out our guide to 10 apps like Venmo in Canada.
Venmo Debit Card
The Venmo Debit Card allows you to spend using your Venmo balance. You can earn up to 15% cashback on your purchases, and Venmo doesn’t charge any international purchase fees. Venmo also offers a Teen Debit Card with no monthly fee, and with the ability for parents to track spending and set card limits.
Simplii Financial and Tangerine offer convenient debit cards on their chequing accounts. And if you want to earn cashback on your spending, prepaid cards from EQ Bank, KOHO and Neo allow you to do exactly that.
Venmo Credit Card
The Venmo Credit Card pays up to 3% cashback on eligible purchases, and there’s no limit to the amount of cashback you can earn. There’s also no annual fee to worry about, and the card can be added to Apple Pay, Google Pay and Samsung Pay.
If you’re searching for credit cards like Venmo in Canada, there are plenty of options worth checking out. The BMO eclipse rise Visa Card has no annual fee and a 0.99% introductory rate on balance transfers for the first 9 months. It also allows you to earn five times as many BMO Rewards points for every $2 you spend on recurring bill payments, groceries, dining and takeout.
The Neo Financial Mastercard offers up to 5 cashback on gas and groceries, depending on your Neo Money Account balance. It’s also available with no annual fee.
The RBC Cash Back Mastercard is another popular option that offers unlimited cashback and a $0 annual fee. It also offers fuel savings at Petro-Canada along with a range of other perks.
Cryptocurrency
You can start trading crypto with as little as $1 on Venmo. You can use the app to buy and sell popular crypto assets like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Solana, Chainlink and PayPal USD, while the cashback you earn from the Venmo Credit Card can also be used to automatically purchase crypto.
Coinbase, Kraken and Paybis are three Venmo alternatives in Canada that all support a wider range of cryptocurrencies. These three providers all support multiple deposit methods too, and they offer user-friendly apps to make it quick and easy to buy and sell crypto.
Bottom line
While you can’t use Venmo in Canada, there are several great alternatives worth checking out. So whether you want to send fast transfers or buy and sell crypto, compare a range of options to find the best alternative to Venmo for your transaction needs.
Frequently asked questions about Venmo
No, Canadians cannot use Venmo. You’ll need to be a United States resident and physically located in the US to use Venmo.
The CDIC is a federal Crown corporation responsible for protecting Canadians’ savings. When you deposit money into an eligible account at a CDIC member institution, up to $100,000 you deposit is covered by CDIC insurance in case the bank fails.
The best bank account for you will vary depending on factors such as the type of transactions you perform, how many transactions you perform, and whether you need branch and ATM access. You might also want to compare the best bank account offers to take advantage of a welcome bonus when you open an account.
No, you can’t use Venmo in Canada. You’ll need to be physically located in the United States to access your Venmo account, so you’ll need to consider other payment services if you want to send money from Canada to the US.
Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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