No Venmo in Canada? Try These 10 Best Alternatives for Easy Money Transfers

Looking for Venmo alternatives in Canada? You’re not alone! While Venmo’s user-friendly platform is popular in the U.S., many Canadians wonder: Is Venmo available in Canada? or Can Canadians use Venmo? The short answer is No, Venmo isn’t accessible here. Whether you’re trying to split a dinner bill with friends, pay rent, or send money cross-border, you’ll need a reliable Canadian-friendly app. But don’t worry—Canada’s fintech scene is booming with secure, fast, and affordable options. Ready to find your perfect match? Let’s dive into the top 10 apps that make sending money as easy as texting!

Venmo isn’t available in Canada

Let’s clear up the confusion once and for all: Venmo isn’t available in Canada, and here’s why. Venmo is a U.S.-only app owned by PayPal, designed to comply with American financial regulations and banking infrastructure. To use Venmo, you need a U.S. bank account, a U.S. phone number, and a Social Security Number (SSN)—requirements that lock out most Canadians. Even if you could download the app while visiting the U.S., you’d hit roadblocks trying to link a Canadian bank account or verify your identity.

So, does Venmo work in Canada for cross-border transfers, like sending money from Venmo Canada to US? Unfortunately, no. Venmo doesn’t support international transfers, and its system isn’t integrated with Canadian financial networks. While Canadians might envy their southern neighbors for Venmo’s seamless split-bill feature, our homegrown apps offer similar (or better!) perks without the red tape.

10 alternatives to Venmo in Canada

While Venmo remains unavailable in Canada, numerous alternatives cater to Canadians seeking seamless peer-to-peer payments, domestic transfers, and international transactions. Below, we explore ten of the best platforms, highlighting their features, costs, security, and ideal use cases.

1. Interac e-Transfer

Interac e-Transfer is the go-to solution for instant bank-to-bank transfers within Canada. It’s Canada’s most popular P2P transfer service, allowing you to send money directly from your bank account to another person’s bank account using just their email or mobile number​. Interac is built into nearly all Canadian banks and credit unions, so you likely already have access to it through your online banking. It’s ideal for domestic transfers like splitting bills, paying rent to roommates, or sending money to family, all without needing a separate app.

Key Features: Transfers typically arrive within minutes, and recipients can enable Auto-Deposit for direct access to funds. Security is robust, with optional security questions and bank-level encryption. Interac’s universal acceptance across Canadian financial institutions ensures broad accessibility.

Fees: Most personal bank accounts offer unlimited free Interac e-Transfers. Some institutions charge up to $1 per transaction on basic accounts. International transfers via Interac are routed through Western Union, incurring exchange markups, but domestic use remains fee-free.

Security: Interac employs multi-layered security, including encryption and fraud monitoring. Funds are protected by your bank’s policies, and transfers require recipient authentication (unless Auto-Deposit is enabled).

Why Choose Interac? For fast, no-frills domestic transfers, Interac is unmatched. Its integration with existing banking platforms eliminates app downloads, and funds arrive directly in the recipient’s account. Perfect for everyday use among trusted contacts.

2. Wealthsimple Cash

Wealthsimple Cash is a peer-to-peer payment app. Offered by Toronto-based fintech Wealthsimple, this app lets you send, receive, and request money instantly with friends in Canada​. It’s designed for easy, casual money transfers – perfect for splitting bills, paying someone back, or even just sending a gift – all from your phone. Wealthsimple Cash integrates with the broader Wealthsimple ecosystem (which includes investing and saving products), but you can use the Cash app as a standalone for payments.

Key Features: Transfers occur in seconds, and the app integrates with phone contacts for easy access. A prepaid Cash Card (Visa) links to your balance, compatible with Apple/Google Pay.

Fees: No fees for sending, receiving, or withdrawing funds. Transactions are CAD-only, with no international support.

Security: Wealthsimple uses bank-grade encryption, biometric authentication, and CIPF insurance for balances up to $1 million.

Why Choose Wealthsimple Cash? Ideal for users seeking a social, app-based payment method. Its intuitive design and instant transfers make it a favorite among younger demographics.

3. Wise

Wise (formerly TransferWise) is an online money transfer service that has gained a huge global user base for its low-cost international transfers. Wise is available to Canadians and focuses on letting you send money abroad (and domestically) with transparent fees and excellent exchange rates. It’s essentially a modern alternative to wire transfers or bank drafts, built for the internet age. If you need to send money from Canada to the US, Europe, Asia – anywhere – Wise is often one of the cheapest and fastest ways to do it. It’s ideal for both individuals and businesses who send money across borders frequently, or anyone looking to convert currencies without getting ripped off.

Key Features: Transparent fees, multi-currency accounts, and speedy transfers (often within 24 hours). Wise’s debit card allows spending in foreign currencies with minimal markups.

Fees: Fees start at 0.4% of the transfer amount, plus a small fixed cost. Currency conversions use the mid-market rate, avoiding hidden markups.

Security: Regulated globally, Wise uses two-factor authentication and segregated client accounts. Funds are protected under Canadian (FINTRAC) and international regulations.

Why Choose Wise? For low-cost international transfers, Wise outperforms traditional banks. Its transparency and multi-currency tools make it a top choice for frequent senders.

4. Simplii Financial™ Global Money Transfer

Simplii Financial is an online bank (a division of CIBC) that offers a Global Money Transfer (GMT) service, allowing its clients to send money abroad for free. If you have a Simplii Financial account, you can transfer money to over 130 countries without paying any transfer fees​. Simplii’s GMT is essentially a built-in remittance service in your banking app. It’s best for people who want to use a traditional bank’s infrastructure with zero fees – for example, sending money to family overseas regularly – and prefer not to use a separate app or service. It’s a strong alternative to Venmo for international transfers, especially since Venmo itself doesn’t support international moves at all.

Key Features: Recipients receive funds via bank deposit or cash pickup. Promotions like waived fees for first-time users enhance affordability.

Fees: No transfer fees, but currency conversions include a ~2.5% markup. Recipient banks may charge incoming wire fees.

Security: Backed by CIBC, Simplii uses bank-level encryption and fraud detection. Transfers are trackable through online banking.

Why Choose Simplii? A trusted option for fee-free transfers, especially for existing Simplii clients. Combines banking convenience with global reach.

5. Verto

Verto is a cross-border payments platform tailored for businesses and freelancers who deal in multiple currencies. Think of it as a digital bank for global business: it provides multi-currency accounts, currency exchange, and international payments, all in one platform. Verto isn’t as widely known among everyday consumers, but for Canadian entrepreneurs, freelancers, or companies that need to send/receive money internationally, it can be a powerful Venmo alternative. It’s particularly useful if you invoice clients abroad or manage payouts to international contractors. Verto markets itself as offering fee-free transactions for payments, making money through exchange rate markups instead of explicit fees

Key Features: Fee-free transactions, competitive exchange rates (~0.5% markup), and API integration for automated payments.

Fees: No transaction fees; revenue comes from exchange rate margins.

Security: Regulated by the UK FCA, Verto uses segregated accounts and two-factor authentication.

Why Choose Verto? Ideal for businesses reducing PayPal or wire transfer costs. Offers flexibility for holding and converting foreign currencies.

6. Skrill

Skrill is a well-known digital wallet and money transfer service that operates globally. Think of Skrill as similar to PayPal – you can store money in a Skrill wallet, send it to other people instantly, or use it to pay online merchants. Skrill has been around since the early 2000s (formerly known as Moneybookers) and is popular for things like online gaming, e-commerce, and international money transfers. For Canadians, Skrill offers another way to send money abroad or even within Canada, and it can be an alternative to Venmo for those who prefer a dedicated digital wallet approach. It’s especially useful if you want to send money to someone’s email address or mobile (they’ll get it in their Skrill account), or if you need a multi-currency wallet to manage funds in different currencies.

Key Features: Loyalty rewards, cryptocurrency support, and merchant acceptance for online payments.

Fees: Fees include card funding (2.99%), currency conversion (up to 4.99% markup), and inactivity charges.

Security: Encryption, two-factor authentication, and segregated accounts safeguard funds.

Why Choose Skrill? A versatile wallet for international users, gamers, or freelancers needing multi-currency flexibility.

7. PayPal

PayPal is the original online payment giant and remains one of the most ubiquitous payment methods worldwide. It’s so well-known that it almost needs no introduction. For context, PayPal owns Venmo – but while Venmo is US-only, PayPal operates in Canada and over 200 countries​. With PayPal, you can send money to other PayPal users, pay for goods and services online, and even use it for in-store payments in some cases. It’s equally handy for personal use (sending money to a friend or splitting a check) and for business (invoicing clients, accepting payments on a website). If you haven’t heard of Venmo, you’ve definitely heard of PayPal – it’s effectively Venmo’s older sibling and a very strong alternative available to Canadians.

Key Features: Buyer/seller protection, integration with major platforms, and a user-friendly app.

Fees: Free domestic P2P transfers (bank-funded); international transfers incur fees (2.9% + fixed charge). Currency conversions include a 3-4% markup.

Security: Robust fraud detection, encryption, and dispute resolution.

Why Choose PayPal? Ubiquity and buyer protection make it ideal for online purchases and casual transfers.

8. Western Union

Western Union is a name that’s been synonymous with money transfers for decades. It specializes in both domestic and international money transfers, with a unique strength: the ability to send cash for pickup. Unlike the other digital-focused options on this list, Western Union has a vast physical network, allowing someone to send money from one location (or online) and the recipient can collect physical cash in another city or country within minutes. This makes it an excellent option if your recipient doesn’t have a bank account or needs money in an area without advanced banking. In Canada, Western Union can be used via their website/app or through agent locations (like convenience stores, post offices, etc.). It’s not “social” like Venmo, but it’s incredibly reliable for international transfers, especially those that require speed or cash delivery.

Key Features: Transfers to bank accounts, mobile wallets, or 500,000+ agent locations.

Fees: Variable fees (up to $30) and exchange markups (~4-5%).

Security: MTCN tracking and ID verification ensure secure pickups.

Why Choose Western Union? Optimal for urgent cash deliveries to remote areas or non-banked recipients.

9. OFX

OFX is a global money transfer provider that is particularly attractive for large transfers and currency exchanges. Originating from Australia over 25 years ago, OFX has a strong presence in Canada and worldwide. It is designed for people and businesses who want to send larger sums internationally – think amounts in the thousands or more – and want to get a better exchange rate and personalized service. Unlike Venmo, OFX isn’t for small day-to-day transactions; it’s more for significant transfers like moving savings to another country, paying international tuition, or making business payments. What sets OFX apart is no (or low) fees and competitive rates that improve with volume, plus 24/7 human support. It’s one of the best Venmo alternatives when your needs go beyond quick peer payments and into the realm of serious cross-border banking.

Key Features: 24/7 support, forward contracts, and fee-free transfers over $10,000 CAD.

Fees: No fees for large transfers; exchange markups as low as 0.5%.

Security: FINTRAC-regulated with segregated client accounts.

Why Choose OFX? Cost-effective for large sums, with personalized service and rate-locking tools.

10. TorFX

TorFX is another specialist in international money transfers, quite similar in spirit to OFX. Based in the UK with a global presence (including Canada), TorFX is known for its personalized service and excellent exchange rates, especially for currency exchange large transactions. They’ve been around since 2004 and have consistently high customer satisfaction. TorFX is often recommended for people emigrating or making big overseas purchases because they pair you with a dedicated account manager who can help you plan your transfers. Essentially, TorFX acts like a currency brokerage – making sure you get the best rate at the right time – rather than just a one-off transfer processor. For a Canadian looking for a Venmo alternative in the context of exchanging money internationally (say converting a large sum of USD to CAD or EUR), TorFX could be an ideal choice.

Key Features: Rate-match guarantee, 40+ currencies, and market insights.

Fees: No transfer fees; minimal exchange markups (~0.1-0.5%).

Security: FCA-regulated with segregated accounts and 24/7 monitoring.

Why Choose TorFX? Ideal for strategic, high-value transfers requiring expert guidance.

Final Comparison Table

To help you compare these options at a glance, here’s a summary of all 10 Venmo alternatives in Canada based on fees, transfer speed, best use case, and platform availability:

FAQ

What is Venmo?

Venmo is a peer-to-peer (P2P) mobile payment app that allows users to send and receive money instantly within the United States. It is owned by PayPal and is popular for splitting bills, paying friends, and making purchases. Venmo also has a social feed feature, allowing users to share payments publicly or with friends.

Does Venmo work in Canada?

No, Venmo does not work in Canada. It is a U.S.-only service that requires a U.S. phone number, a U.S. bank account, and a U.S. debit or credit card to sign up. Canadians cannot download, register, or use Venmo, even for transactions with U.S. users. Instead, Canadians can use alternatives like Interac e-Transfer, PayPal, Wealthsimple Cash, or Wise for local and international money transfers.

Can Canadians use PayPal instead of Venmo?

Yes, PayPal is a great alternative to Venmo in Canada. Unlike Venmo, PayPal is available in over 200 countries, including Canada, and supports both domestic and international money transfers. Canadians can send money within the country or abroad, use PayPal for online shopping, and even accept payments for businesses. However, PayPal lacks the social feed and instant bank transfer features that make Venmo unique.

Can you reverse a Venmo payment?

No, Venmo payments are usually final and cannot be reversed once sent. However, if you paid the wrong person or made an error, you can try to request a refund from the recipient. If the payment was fraudulent or unauthorized, you should contact Venmo support immediately to report the issue and potentially dispute the transaction.