Venmo is a common and trendy means of sending and receiving money (cash and cryptocurrencies) within the borders of the United States of America.
It has found its way into the country’s (mainstream) pop culture–social media, movies, daily interactions, etc. Its awareness has also travelled beyond USA and that's why we see questions like “Is Venmo in Canada?” being asked.
In this article, we dig into alternatives to Venmo like Pesa and how to send and receive money internationally at the best exchange rates in the market.
Venmo Isn’t Available In Canada
Venmo is unavailable in Canada or anywhere else outside the United States of America.
But, why is that?
The requirements to be on-boarded on Venmo include:
- The user must be physically located or resident in the USA
- The user must also own a US-based mobile phone service
These two simple criteria are impossible to meet while in Canada. However, Venmo’s parent company, PayPal, is very popular in Canada.
Is PayPal The Best Alternative To Venmo?
Key Features of PayPal
Although PayPal may be a practical alternative, it is not the one and only for users in Canada.
Meet Pesa: Your Instant and Secure International Transfer Method
Pesa is an international money transfer service that is also available to users in Canada and +35 countries. Pesa provides the services provided by Venmo in the US, while it takes advantage of or exploits the shortcomings of Venmo’s parent company, PayPal. A typical example is the Pesa’s exchange rate which is at the mid-market rate. This rate allows users to preserve or save more money per exchange transaction.
That’s not all! At Pesa, the pricing is 100% transparent with no hidden fees or charges–not even hidden as markup in the currency exchange rate–and you can see all the monies you are going to pay ahead of every transaction (zero CAD). Pesa also comes with other features like a multi-currency wallet–that lets you feel like a local wherever you find yourself–and the Pesa card (coming soon). All these features serve to ease money transfer for users no matter where they find themselves in the world.
Alternatives To Venmo In Canada
Here are other popular Venmo alternatives available to you in Canada.
Skrill
The Skrill app provides users with virtual wallets and other use-based features–the more the user makes use of Skrill, the more features become available to them. Here’s a look at some of the key features and fees on Skrill that are germane to Canadians or residents in Canada.
Simplii Financial
Simplii Financial not only covers a vast area in the international transfer business sector in Canada, but it is also a digital banking division of CIBC. Some of the key features, fees, and exchange rates to look out for on Simplii Financial include:
Verto
Verto app is what one can call or refer to as a specialist in the international money transfer business. Verto makes a bold proclamation of “fee-free for local and international transfer,” while it charges its users a markup in its exchange rates for international transfers. Here are some key features to consider if Verto is your preferred Venmo alternative in Canada:
Interac e-Transfer
The Interac e-Transfer service is one of the leading alternatives or options for account-to-account transfer services in Canada. Interac is popular because it has made money transfers as easy as sending a text message or an email. If you end up with Interac as your preferred Venmo alternative or option in Canada, then here are some key features to put into consideration:
An important criterion for using Interac’s e-transfer service is that the user must have an account with National Bank for e-transfers. In situations where the user doesn’t have a National Bank account, international e-transfers will be made through Western Union–which also has a markup in their exchange rates.
Conclusion
Evidently, there are more than enough alternatives for Venmo for users in Canada. As you decide on the alternative to go for, you should consider all the fees and (hidden) costs of local (domestic) and international money transfers offered by the Venmo alternatives. To get and make the most from all transfers (local and international), how about you download the Pesa and make your first instant, secure, fee-free, and hidden charges-free (local and international) transfer a go?
Some other alternatives are Google Pay, WorldRemit, Stripe, Paysend, Zelle, Wealthsimple, Square Payroll, Remitly, Currency Fair, and Payoneer
Create a PESA account today - and start sending and receiving money globally.
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