Luisa Rollenhagen is a writer and editor who lives in Berlin.
Venmo has become ubiquitous in American culture. The phrase “I’ll Venmo you,” means, “I’ll pay you for my share later.” One of the most popular mobile payment apps on the market, Venmo allows for the easy and instant transfer funds between friends or acquaintances. It’s no wonder that many Canadians are asking if it’s available in Canada. Unfortunately, Venmo is only for American users and is not available in Canada.You work hard so you can retire. Your money should work hard too. In about five minutes we’ll build you a smart investment portfolio for your retirement - get started.
What is Venmo?
Venmo is a mobile “peer-to-peer“ payment service launched in 2009. It’s designed for smaller cash exchanges, such as splitting a dinner bill with your friends, lending a friend some cash, or sending your landlord or your roommate your share of the rent. A Venmo zccount is connected to a bank account or a credit card, so you can add funds to your Venmo account directly (similar to how you would fill up your PayPal account).
Venmo has no monthly or annual fees, and it doesn’t charge fees for receiving money into your Venmo account or sending money from a linked bank account.
Is Venmo available in Canada?
Venmo is not available in Canada. In order to sign up for Venmo, you and the person you’re sending money to or receiving money from needs to be located in the U.S. You also have to have a U.S. phone number.
Other mobile payment services in Canada
Although Venmo isn’t available in Canada, there are still plenty of options for uncomplicated, quick, and free money transfers via your phone. Wealthsimple Cash, for example, has no recurring fees, offers instant transfers between other Wealthsimple Cash users, and doesn’t charge a cent for deposits or withdrawals. It couldn’t be easier: You simply create a unique user name, add cash to your account, and start using it.
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