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If you're a Venmo user, you probably know that it's one of the best ways to send and receive money right from your smartphone. But if you've ever tried to use Venmo to send money across the border to Canada, you'll probably not have found a clear way of doing so.
This is because, sadly, Venmo is only available in the US and doesn't work in Canada. If you want to transfer your money to Canada, you'll need to pick a Venmo money transfer alternative to Canada instead, such as Paysend or Wise.
In this short guide, we look at why Venmo doesn't work in Canada in the first place. Then, we'll delve into the best Venmo alternatives for sending money to Canada to help you make the best money transfer choices.
Venmo doesn't work in Canada. Compare providers instead:
Venmo Canada: Alternatives and More
- 01. Why isn't Venmo available in Canada? scroll down
- 02. CurrencyFair as a Venmo alternative to Canada scroll down
- 03. Wise as a Venmo alternative to Canada scroll down
- 04. Paysend as a Venmo alternative in Canada scroll down
- 05. Banks or PayPal as Venmo alternatives to Canada scroll down
- 06. FAQ about Venmo Canada transfers scroll down
Why Isn't Venmo Available in Canada?
As we saw above, Venmo is not available in Canada, and the app is currently only available to US residents. —
To use the Venmo app in the first place (let alone send and receive money via online banking), both the sender and the recipient must have US bank accounts. And while you will be able to use Venmo in Canada if you're an American in that country, you won't be able to transfer money via Venmo to a Canadian-based bank.
So why exactly doesn't Venmo work in Canada?
In a nutshell, Venmo transfers to Canada aren't possible because foreign exchange is a hugely complex market, with many rules, regulations, and industry standards that companies are obligated to follow. Over and above this, the profit margins tend to be very tight and competitive.
Simply put, this leads to many mobile payments apps avoiding international transfers altogether. It saves them a lot of time, money, and stress! Venmo isn't the only app to avoid foreign exchange for this reason: VenmoandSquare Cash do the same. And those mobile payments apps that do get involved in foreign exchange usually charge exorbitant fees to cover the costs (e.g. Paypal).
Venmo Alternatives for Transfers to Canada
The good news is that if you're a Venmo user who'd like to send money abroad, you'll have plenty of options to choose from to send your money overseas instead. In summary, here are the main two:
- Transfer via a digital provider: Many money transfer providers offer low fees to Canada, as well as fast transfers, and a great user experience to suit your needs. The best are Wise for bank transfers, and Remitly or Small World for cash pick-ups. However, pricing and USD to CAD exchange rates vary constantly, so compare providers on Monito to find the best deal every time.
- Send an international bank wire: US banks such as Wells Fargo, Bank of America, Citibank, and others charge very high fees and poor exchange rates because they transfer over SWIFT. We therefore don't recommend them for transferring money abroad for most people. You can learn more about bank charges for international transfers here.
We go over both of these options in detail below:
Option 1 — Digital Providers
Digital international transfer providers are online platforms that have grown in popularity in recent years as a low-cost, savvy, and safe way to send money across borders. If you're a Venmo user, we think switching over to a digital provider is a natural choice for a number of reasons:
- Savviness: The user-friendly, seamless experience is usually slick and similar to Venmo in terms of accessibility and convenience.
- Cost: They're (by far) the cheapest way to send money to Canada, usually costing between 0.5% and 3% in total fees.
- Speed: Money usually arrives overseas in a matter of hours or, at most, around one to two days depending on the provider.
To learn more about digital providers and how they differ from banks, take a look at ourbank vs digital provider comparison.
In the end, the digital provider that's best for you will depend on factors such as 1) which country you're sending to, 2) how much you're sending, and 3) how your recipient will receive their funds. According to millions of searches on Monito's real-time comparison engine, here are the three best digital providers for transfers from the US to bank accounts abroad:
CurrencyFair
CurrencyFair is an Irish-based money transfer platform that offers some of the cheapest rates for transfers from the US to Canada. CurrencyFair offers a top-notch user experience and fast, seamless money transfers.
8.4
Monito Score 2023
Transfer cost (US to Canada): 0.3-0.9% on average.
Transfer time:1-3 business days.
More info:See our CurrencyFair review, or visit their website.
Wise
One of the most popular and widely-used money transfer services out there, London-basedWisehas built a solid reputation on fast, affordable bank transfers over its user-friendly web and mobile platforms.
9.5
Monito Score 2023
Transfer cost (US to Canada):0.9% on average
Transfer time:1-2 business days.
More info:See our Wise review, or visit their website.
Paysend
An excellent service with easy and fast transfers, Paysend is another good option for sending money from the US to Canada instead of Venmo. Paysend's fees are usually one of the cheapest on Monito, especially for transfers from your card, or transfers to a card.
8.5
Monito Score 2023
Transfer cost (US to Canada):1.4% on average
Transfer time:2 business days.
More info:See our fullInstarem review, or visit their website.
Option 2 — Banks and PayPal
The second (and generally the far worse) alternative to using Venmo for Canada-bound transfers is to use your bank or PayPal.
Not only is using your bank or PayPal the slower and less convenient to transfer abroad, but going this route also comes with high hidden fees, as both your bank and PayPal will typically give you a poor USD to CAD exchange rate on top of the standard service fees for transfers to Canada.
For example, our research revealed that sending $1,000 from the US to a Eurozone country withWells Fargowould cost$30 in service feesand$50 in exchange rate margin fees. Together, these fees amount to around 8% of the amount transferred, which is about10 times more than the cheapestavailable service compared on Monito's comparison engine for the same transfer. And given PayPal's similarly high exchange rate margins, the story isn't very different with them either.
But it doesn't stop there. When sending money to Canada with your bank, your funds will go over SWIFT, meaning third-party banks (called correspondent banks) can potentially charge additional fees (called correspondent bank fees) that can further reduce the amount that arrives in your beneficiary's account.
This makes banks a costly way to send money abroad — and finding a cheap solution is as crucial as ever.
As we explored above, by offering bank-beating exchange rates, very low fees, and a top-notch user experience, digital providers are fortunately doing what Venmo does within the US, but internationally! And depending on where you're sending money to, providers such as Wise,Remitly, and Small World will probably be your best choice. See the table below to understand why.
In summary, if there were one thing to take away from this article, here's what it'd be:
You cannot use Venmo to transfer to Canada. This means you'll need to find alternatives. Banks (and PayPal) charge high service fees and exchange rates, making them a poor choice for most. Digital providers, on the other hand, are by far the cheapest, fastest, and savviest options, making them the best Venmo alternatives for transfers to Canada.
Get started now by comparing your options below: —
Compare leading digital providers:
Frequently Asked Questions About Using Venmo in Canada
🌎 Can I send money to Canada with Venmo?
No, you cannot send money to Canada with Venmo, as Venmo is available only in the US. The payment app only allows you to send money from one US bank account to another, meaning both the sender and the recipient must have US bank accounts. We recommend using Monito.com to compare alternatives instead.
💵 What's the best Venmo international alternative?
There are plenty of good options as intuitive as Venmo for sending money abroad with an app. We recommend using Monito.com to compare money transfer providers and find the best alternative for your needs in real-time.
🌐 Can I use Venmo in Canada?
While you can use Venmo if you're in Canada from the US and already have the app, you cannot use Venmo to transfer money to Canada. We recommend using Monito.com to compare alternatives instead.
🇨🇦 Can I Venmo someone in Canada?
Only if they already have a Venmo account and a linked US bank. If not, you'll probably need to use a remittance service to send money to your recipient in Canada. We recommend using Monito.com to compare money transfer providers and find the best alternative for your needs in real-time.
