Venmo is a popular, cost-free way to send money in the U.S., but it’s not available in Canada. Canadians can choose from several alternatives, such as PayPal, Interac e-Transfer, and Wise.
Banking in Canada primarily relies on the Interac e-Transfer system to send peer-to-peer funds, but Venmo doesn’t integrate with Interac.
Here's our guide to the Venmo Canada alternatives, including a few that offer both domestic and international transfers.
Key Takeaways
- Venmo is an electronic money transfer service that's only available in the United States.
- PayPal is the top Venmo alternative for Canadians, which makes sense since it owns Venmo.
- Other Venmo alternatives include Interac e-Transfers, Wealthsimple Cash, and Wise.
Venmo isn’t available in Canada
You cannot use Venmo in Canada with CAD. Venmo is limited to U.S. residents who are transferring money in U.S. dollars.
Comparison of best Venmo alternatives in Canada
Let’s compare several Venmo Canada alternatives side-by-side to see how the features and costs stack up.
Here's an overview of Venmo vs. the top 7 money transfer options available for Canadians:
| Payment service | Best for | Cost to send money in Canada | Cost to send money to U.S. | Extra perks | More info |
|---|---|---|---|---|---|
| Interac e-Transfer | Simplicity | * Fees vary (or aren’t charged at all) based on your bank or financial institutions * If charged, fee is typically around $1 | N/A | * Ease of use * Secure * Bank accounts often offer free and unlimited use | Interac e-Transfer |
| Wealthsimple Chequing | Social sending | None | N/A | * Send large sums of cash (up to $5k/day, $10k/week $30k/month) * Create unique personal username/handle | Wealthsimple Chequing |
| Wise | International transfers | Free between Wise accounts | Varies based on amount sent and payment method used | * Real-rate currency exchange | Wise |
| Simplii Financial™ Global Money Transfer | International transfers | *Free *$100 minimum transfer | 2.5% of converted amount (debit and credit cards) | * Easy * Secure * Bank and transfer money from same account * Send from various types of Simplii accounts * Earn cash back * Refer-a-friend perks * Eligible for monthly cash prizes | Simplii Financial Global Money Transfer |
| Verto | Social sending | Free | N/A | * QR code, to pay and get paid instantly * Shareable payment link * Bill split feature * Scheduled and recurring payments | Verto |
| Skrill | Peer-to-peer | * Up to 2% * Skrill-to-Skrill 2.99% * Must log in or make a transfer every six months to avoid a monthly service fee of approximately $7.50 | * Bank account: $0 * Skrill-to-Skrill: 2.99% * Other payment methods: 1% to 4.99% with up to 4.99% exchange rate mark-up * Foreign exchange fee of 1.% on non-Euro currencies | * Personal and business accounts * Pre-paid debit cards (ATM fees apply) * 40 global currencies supported | Skrill |
| PayPal | Online transactions with strangers | * Bank account: $0 * PayPal account: $0 * Credit card: 2.9% + fixed fee ($0.30) | * Bank account: $2.99 * PayPal account: $2.99 * Credit card: 2.90% + fixed fee ($0.30) | * Easy * Secure * Works for personal or business use | PayPal |
1. Interac e-Transfer
- Best for: Simplicity and ease of use
- Cost to send $100 within Canada: $0 - $1.50 per transaction
- Cost to send $100 to U.S.: Varies
- Extra perk: None
Interac e-Transfer is one of the most widely used money transfer services in Canada, offering a fast and convenient way to send funds between domestic bank accounts. Originally launched in 2003, it quickly became a staple for Canadians looking to transfer money without needing cash or cheques. Today, nearly every major Canadian bank and credit union supports Interac e-Transfer, making it accessible to anyone with an online banking account.
Fees for sending money are usually around $1-$1.50 unless you have a premium chequing account that offers services like this for free. Some banks will also charge to cancel or reject an Interac e-Transfer, usually about $3.50.
Transaction limits vary from bank to bank, usually around $3,000 per transaction, $3,000 per day, $10,000 per week, and $20,000 per month.
If you’re looking to send money outside of Canada, an alternative e-transfer service like Wise is a good option.
2. Wealthsimple Chequing
- Best for: Social sending
- Cost to send $100 within Canada: $0
- Cost to send $100 to U.S.: N/A
- Extra perk: Ability to send large sums of money
Wealthsimple Chequing is a high-interest chequing account offered by Wealthsimple, a Canadian financial technology company best known for its robo advisor and investing services. Launched in 2019 as part of Wealthsimple’s expansion into banking services, Wealthsimple Chequing offers a modern, fee-free alternative to traditional chequing accounts. With competitive interest rates on deposits, it is one of the few chequing accounts in Canada that lets users earn a return on their balance.
Wealthsimple Chequing has a strong focus on social sending, and it’s easy to send large sums of money to friends and family for free. Sending limits are $5,000 per day, $10,000/week CAD, $30,000/month.
You can create a handle or username that your recipients can see.
Account holders are eligible for an optional Mastercard, which functions as a prepaid debit card. However, you won’t build a credit history with this card.
Wealthsimple also offers opportunities for crypto investing with Wealthsimple Crypto. This is an obvious attempt to compete with Venmo, which also offers cryptocurrency.
Wealthsimple has a high interest spending account known as the Wealthsimple Chequing account. It’s actually a hybrid account that gives you fairly easy access to your money for no monthly fees. With an interest rate of 2.75%, unlimited e-Transfers, no FX fees, and 1% back on your purchases when you use your Wealthsimple Card, this account is worth taking a look at – especially for investors.
- Impressively high standard interest rate
- Free and unlimited Interac e-Transfers
- No monthly fees, and no transaction fees
- Earn 1% back in cash, stocks, or crypto with the Wealthsimple card
- Get paid early with direct deposits
- Free from foreign transaction fees
- High minimum balance to reach maximum interest rate
- Get 1% back in cash, stock, or crypto with the Wealthsimple card
- Up to $1 million in CDIC coverage
3. Wise
- Best for: International transfers
- Cost to send $100 within Canada: Free between Wise accounts
- Cost to send $100 to U.S.: Varies based on amount and payment method
- Extra perk: Real-rate currency exchange
Wise, formerly known as TransferWise, was founded in 2011 as a cost-effective alternative to traditional bank transfers for international payments. It offers international money transfers with transparent fee structures for currency conversion, which is based on the real exchange rate (lower than banks). Wise customers save significant amounts when compared to what the big banks offer, and both the website and app are easy to use.
The platform has a free multi-currency account, so you can hold and convert money in 50+ currencies for no monthly fee. Use their built-in calculator to calculate fees for the specific amount you want to send internationally.
80+ countries are eligible to receive money from Wise, which is a fairly low number when compared with the countries that other transfer services support.
Transfer fees depend on the amount sent, currency, and payment method. There’s no fee for transferring funds between Wise accounts in the same currency, though there is a small transaction fee. Otherwise, there’s a conversion fee.
Your transfer can arrive within the hour, depending on the payment method and country of destination. Small transactions are completed within 1 to 5 business days and converting funds can take an additional 2 days. Large transfers may require photo ID verification.
- USD: Start at $7.40
- EUR: Start at $6.34
- GBP: Start at $6.78
- INR: Start at $8.21
- CNY: Start at $15.66
- Direct debit: $9,500/day, $30,000/week
- Debit/credit: $3,000/transfer
- Interac e-Transfer: $25,000
- Bill payment/wire transfer: $1.5 million
Wise, formerly known as Transferwise, is an international money transfer service that allows users to send funds to 80+ countries, including Wise transfers in Canada. Transferwise was launched in 2011 by two friends from Estonia. The company started out offering international money transfers, and soon grew to include multi-currency accounts, business accounts, and a debit card. In 2021, Transferwise changed its name to Wise.
- Cheap international money transfers
- Transparent fee structure
- Free multi-currency account to hold over 40 currencies
- FINTRAC regulated in Canada
- Ability to enable two factor authentication (2FA)
- Your Wise account can be deactivated with no reason given
- Limits on the amount that can be transferred
- Relatively small list of countries
- No hidden fees or markup
- USD: Start at $7.40
- EUR: Start at $6.34
- GBP: Start at $6.78
- INR: Start at $8.21
- CNY: Start at $15.66
- USD: Same day
- EUR: Same day
- GBP: Same day
- INR: Same day
- CNY: Same day
- Direct debit: $9,500/day, $30,000/week
- Debit/credit: $3,000/transfer
- Interac e-Transfer: $25,000
- Bill payment/wire transfer: $1.5 million
4. Simplii Financial™ Global Money Transfer
- Best for: International transfers
- Cost to send $100 within Canada: Free with $100 minimum transfer
- Cost to send $100 to U.S.: 2.5% of converted amount (debit/credit cards)
- Extra perks: Refer-a-friend perks, eligible for monthly cash prizes
A Simplii Financial™ Global Money Transfer allows you to send money to 130+ countries in your chosen currency. Transfers are fast, secure, and free of transaction fees. Note that Simplii Financial products and services are not available in Quebec.
The Simplii Financial Global Money Transfer service doesn't incur any transfer fees, only applicable exchange rates.
You have options for sending money with Simplii. Send money from your Simplii No Fee Chequing Account, or from a Simplii Financial Cash Back Visa Card – each of which is highly rated with excellent features.
Simplii’s minimum transfer amount is $100, with a maximum daily transfer limit of $30,000. With the Simplii Financial Cash Back Visa Card, the maximum daily transfer limit is $5,000.
Most transfers are processed within 1-3 business days, though delivery times will vary based on payment amount, recipient country, and currency.
Other promotions can earn you up to $650 based on your account type and transfer amount, and there are monthly prizes that could earn you up to $5,000.
Monthly fees on your chequing account can get as high as $30 per month, but thankfully the CIBC-owned digital bank Simplii has a solution for you. With the Simplii No-Fee Chequing account, you'll get unlimited access to your money, plus you can even use CIBC ATMs for free.
- No monthly fee or minimum balance requirement
- Free and unlimited transactions
- Earn interest on your balance
- Free international money transfers
- Free access to over 3,400 CIBC ATMs
- Get up to $125 in friend referrals
- Going into overdraft can be costly
- Extra fees on non-affiliated and international ATMs
- No extra bells and whistles
- Not available in Quebec
- Resident of Canada
- Age of majority
- Free access to CIBC ATMs
- Send money internationally for free
- Valuable referral bonuses
5. Verto
- Best for: Social sending
- Cost to send $100 within Canada: Free
- Cost to send $100 to U.S.: N/A
- Extra perks: QR code, bill split feature
Verto is a peer-to-peer payment app designed for seamless money transfers and expense sharing. It eliminates the hassle of traditional payment methods by offering quick transfers, bill-splitting tools, and QR code payments – all without transaction or monthly fees.
Setting up an account is simple. Users only need a mobile number to register, after which they can link a bank account and load funds into their Verto balance. The platform prioritizes privacy, allowing payments through QR codes and shareable links so users don’t have to share personal banking details.
E-transfers with Verto can take seconds to 2-3 days to complete. When using the e-transfer feature, there’s no need to add a recipient or create/answer security questions like with Interac. All you need is the person’s mobile number or Verto account information.
Verto’s bill-splitting feature allows you to multi-select everyone in a group payment using their mobile number or Verto account information. From there, you can calculate even or uneven payment amounts to split with others and follow payments using real-time tracking and auto reminders.
6. Skrill
- Best for: Peer-to-peer sending
- Cost to send $100 within Canada: Up to 2%, Skrill-to-Skrill: 2.99%
- Cost to send $100 to U.S.: Bank account: $0, Skrill-to-Skrill: 2.99%, other payment methods: 1% to 4.99% with up to 4.99% exchange rate markup
- Extra perks: 40 global currencies
Skrill is an international online payment platform that allows users to send and receive money in over 40 currencies. It’s widely used for peer-to-peer transfers, online purchases, and even cryptocurrency transactions. The platform integrates with over 100 local payment methods, providing multiple ways to send money, including bank transfers, credit and debit cards, and Skrill-to-Skrill transfers.
Opening an account is straightforward, though users must verify their identity before making transactions. Users don't pay service fees as long as they log in and/or make a transaction once every six months.
Bank transfers are free (unless currency conversion is needed), but there are fees for other payment types. Sending money to another Skrill user incurs a 2.99% fee.
Domestic transfers can have fees up to 2%, while international transfers via bank account remain free aside from any currency conversion costs. If sending internationally via credit card, expect a fee of up to 2.99%. International debit sends incur fees up to 1%.
Skrill's VIP program has three tiers, each with various perks and lower fees. You can only join this program, however, after making €15.000 (or your chosen currency's equivalent) worth of transactions
7. PayPal
- Best for: Transactions between friends and strangers
- Cost to send $100 within Canada: Free to 2.9% + $0.30
- Cost to send $100 to U.S.: $2.99 to 2.90% + $0.30
- Extra perks: Longevity and popularity, QR code, PayPal.Me link
PayPal is one of the most well-established online payment platforms available, with over 400 million users worldwide. It's earned a reputation for security, convenience, and widespread acceptance. Whether you’re sending money to a friend, paying for an online purchase, or receiving payments for freelance work, PayPal provides a seamless experience.
Users can link their PayPal account to their bank account, debit card, or credit card, enabling fast transfers and online transactions. Money can be sent using an email address or mobile number, eliminating the need to share banking details.
A standard PayPal transfer takes 1-3 days to arrive in your bank account. You can pay an additional fee to send an instant transfer within 30 minutes.
Venmo vs. PayPal
Even though Venmo isn’t available in Canada, the company owns PayPal.
There are some similarities in the two services:
- Both offer peer-to-peer transactions
- Both specialize in domestic and international money transfers.
- Both offer an optional Mastercard (pending approval) which acts like a debit card
- Both will increase your transaction limits once you verify your account
- Neither charges a fee to open an account
There are also key differences between Venmo vs. PayPal:
- Venmo is only available in the U.S.
- Venmo is more focused on personal transactions
- Venmo charges no transaction fee when sending from a linked bank account, debit card, or your Venmo account
- Venmo charges a 3% fee when sending via linked credit card
- Venmo limits transfers to $299.99 USD/week for purchasing and sending and $999.999 USD/week for weekly bank transfers if your account is unverified
- PayPal is available in 190 countries, over 200 markets worldwide, supporting 25 currencies
- PayPal is geared toward business transactions or payments for goods and services
- PayPal charges a 2.9% fee plus a fixed fee ($0.30) when sending money via a linked credit card
- PayPal charges transaction fees for international transfers
- PayPal only allows sending money and making purchases via debit/credit card while your account is unverified
Where does Venmo work?
Venmo is limited to domestic money transfers and payments in U.S. dollars within the United States. Venmo cannot be used for international transactions.
To use the service, you must be a resident of (or physically located in) the U.S. and have a U.S.-based mobile phone service.
Is Cash App available in Canada?
No, Cash App is not available in Canada even though it’s a popular peer-to-peer money transfer service in the U.S. and U.K.
However, there are many viable alternatives to Cash App for Canadians.
Reddit’s advice for transferring money without Venmo in Canada
Reddit is full of Canadians asking for more information about Venmo and its alternatives, with most users recommending PayPal, Wise, and Interac e-Transfers.
In response to a user asking about sending funds from Canada to family in the U.S., this user recommends PayPal:
With a slightly different question, a Canadian newcomer asked what services were available for peer-to-peer services, like Venmo, and received these and other responses highlighting Interac e-Transfers:
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
$25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFs
$12 GeniusCash + Access trusted news coverage 24/7 + Digital and home subscription options.
$25 GeniusCash + Delicious meal choices with fresh ingredients + Front-door delivery.FAQ
What is Venmo?
Venmo is a fast, safe, social payment system available to residents of the U.S. It’s free to send and receive via your bank account or Venmo account. It's owned by PayPal and yet isn't available in Canada.
Does Venmo work in Canada?
To use this payment service, simply download the Venmo app, link your Venmo account to a funding source (bank account, credit card, etc.), then pay, send, or request funds as needed. Remember, though, that Venmo isn't available in Canada.
What’s the best alternative to Venmo in Canada?
In Canada, the best alternative to Venmo is PayPal – and, ironically, PayPal actually owns Venmo. PayPal is as safe and convenient as Venmo, and it’s widely recognized and accepted by merchants and personal users around the world.
How does Venmo work?
To use this payment service, simply download the Venmo app and link your Venmo account to a funding source (bank account, credit card, etc.). You can choose Pay/Request to send or request money through the app.
What are the Venmo fees?
Venmo doesn't charge fees for sending or receiving money between user accounts, but it does charge fees for transactions involving credit cards. If sending money directly from your credit card, you’ll pay a 3% fee.
Do you need a bank account to use Venmo?
Yes, you'll need to link your account to a U.S. chequing account, debit card, prepaid debit card, or credit card. If you receive money and want to transfer it from Venmo, you'll need to link a bank account.
Why is Venmo so popular?
Venmo grew in popularity when people needed a simple peer-to-peer payment service in the U.S.A. Users enjoy the lack of fees for sending and requesting funds, just as Canadians appreciate these features with Interac e-Transfers.
Can you reverse a Venmo payment?
Once payments have been received in the recipient's account, the payment cannot be canceled or reversed. If you sent a payment in error or to the wrong person, you can send a charge request for the same amount.
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