Venmo is a popular transaction app in the United States that has been able to successfully admit to over 70 million active users in only about 13 years. It has even become more than a transaction app as it is now a part of an everyday US citizen. With Venmo, sending and receiving money from friends and/or family members has become easy, safer, quicker, and cheaper. More than this, Venmo allows its users to make online, in-store, or in-app payments, direct deposits, and even to buy crypto coins with as little as a dollar. The transfer is also free with almost no fees attached. The only sad news is that Venmo is not available in Canada. However, there are some other great options (maybe not exactly as Venmo) that can serve as alternatives for Canadian residents.
7 Alternatives for Venmo in Canada
- Wise: Wise (formerly known as TransferWise) is also a popular money transaction option – maybe even more popular than Venmo. It also has a good history and is available in more than 70 countries including Canada. Wise has some of the same features as Venmo which makes it a great alternative. For example, you can use the app to send and receive money across several countries. Plus, you can also convert between different currencies without any additional charge.
- OFX: Wise isn’t the only transaction app with a new name. OFX was also formerly known as OzForex. Though a lot of people already know about OFX, a common misconception is that it is for forex traders alone. Yes, OFX is a great app that allows users to transfer money across multiple currencies at a cheaper and faster rate. It is also great for direct debits, bill payments, and fast electronic fund transfers between friends and family. The best is that this app can be used by Canadians also.
- MoneyGram: This is another famous money transfer app that can be used as an alternative for Venmo. MoneyGram supports over 200 countries and though it might not have the same features as Wise or OFX, it still helps to send and receive money quickly. MoneyGram is secure, relatively cheap, and fast.
- XE: A little like OFX, this allows users to transfer money both locally and internationally at a low cost. It covers over 130 countries including Canada as well as over 50 currencies including, of course, the Canadian dollar. In addition to being able to make payments, send and receive money, you can get real-time currency rates on the app. Users can also track their payments easily which makes it somewhat a better option.
- Interac e-Transfer: Interac is also quite popular for mobile money transactions in Canada. Using your bank account details alone, you can have access to flexible money transfers via a phone number or email address. The only downer is that Interac charges a small fee but these charges are almost close to nothing when compared with their functions.
- PayPal: PayPal is free for all domestic transfers but would charge a small transfer fee for international transfers. However, it is fast, simple, and highly secure. It also encourages multiple currencies across several countries. To use the app for a transfer, all you need is a phone number or email address.
- Western Union: There is hardly anyone who doesn’t know Western Union. It is the last on this list but certainly not the least money transfer option. Western Union allows users to make money transfers across over 200 different countries. You can also get access to real-time currency rates on the app. Additional advantages include the ability to track transactions, make direct deposits, and cash pickup. There is one con though; Western Union isn’t entirely free. There are some charges when transferring money between different countries or currencies.
Venmo is one great app but, sadly, Canadians cannot use the app. However, other companies rose to the challenge and have created other options that Canadian residents and natives can use to do the same thing with other advantages. Although some of the options don’t do all that Venmo does, some added benefits will make the money transaction app stand out to you.