Top 5 best Venmo alternatives in Canada
US customers can make fast and easy social payments with Venmo. You can also pay businesses, in person and when shopping online, and even apply for a Venmo debit or credit card.
However, Venmo isn’t available in Canada and - even if you have a Venmo account - it can’t be used for international payments. If you’re looking to send money locally or overseas from Canada you need a different solution. Join us as we walk through 5 alternatives to Venmo, how they compare and why they might be better than Venmo.
Different Venmo alternatives may suit you depending on the specific transaction you want to make. To give some options, we’ll look at 5 great Venmo alternatives:
Wise - Mid-market exchange rates, transparent fees and fast international transfers
OFX - 24/7 phone support and no transfer fee for higher value payments
TorFX - Personal account management options
Remitly - Payments on popular remittance routes
WorldRemit - Popular option with different pay out methods including cash collection and airtime top up
Why you should consider a Venmo alternative
Venmo offers fast social payments for account holders in the US, but it’s not available for customers based in Canada. If you’re a US resident traveling abroad, you’ll also be unable to use your Venmo account for payments until you get back home.
| Pros of Venmo | Cons of Venmo |
|---|---|
✅ Great range of services for US customers including transfers and cards ✅ No fee for eligible customers to send USD payments from their bank ✅ No monthly fees | ❌ Not available in Canada ❌ Doesn’t support international transfers ❌ Not available for US customers who are traveling overseas |
Alternatives to Venmo comparison
In this guide we’ll walk through 5 international money transfer providers that compare to Venmo. We selected these companies similar to Venmo based on their transfer speed, transparency, ease of use and price - as well as any extras they have on offer, like multi-currency accounts or cards.
Here’s an overview of the Venmo alternatives we’ll look at:
| Provider | Exchange rate | Speed | Convenience |
|---|---|---|---|
| Wise | Mid-market exchange rate | 50%+ of payments are instant, 90% arrive in 24 hours* |
|
| OFX | Exchange rate includes a markup | Most transfers are received within 24 hours |
|
| TorFX | Exchange rate includes a markup | 1 - 2 working days |
|
| Remitly | Exchange rate includes a markup | Varies by destination and payment type |
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| WorldRemit | Exchange rate includes a markup | Varies by destination and payment type |
|
*Speed: The speed of transaction claim depends on funds availability, approval by Wise's proprietary verification system and systems availability of Wise partners' banking system, and may not be available for all transactions
We’ll work through the providers we’ve selected one by one next - here’s a quick summary of why we think they’re a good Venmo alternative to consider, depending on your specific needs:
Wise provides multi-currency accounts and fast payments with the mid-market exchange rate, deposited to bank accounts in 160+ countries
OFX has no transfer fee for high value payments, and a 24/7 phone service which you can use to discuss your transfer with a broker
TorFX has a personal service with most payments arriving in just a day or two
Remitly offers payments to banks and for cash collection, on popular remittance routes
WorldRemit supports payments to 130+ countries, with digital transfer methods and 24/7 multi-lingual support
Wise
If you want your payment to be deposited to a bank account, and you’re sending it to someone overseas, Wise is a Venmo alternative you should consider.
Wise offers cheap, fast international payments and multi-currency accounts for business and personal customers, to hold and exchange 40+ currencies in one place. Wise transfers are fast, and can be deposited into bank accounts in 160+ countries.
Currency exchange uses the mid-market rate with no hidden fees. Set up a transfer online or in the Wise app, in just a few minutes.
Best Wise features
Wise payments use the mid-market exchange rate with transparent fees which can be as low as 0.33% for currency conversion and when sending payments. Plus, if you’re looking for ways to receive, exchange or easily spend in foreign currencies, you can also get a Wise account.
Wise accounts can hold 40+ currencies, receive payments in a selection of global currencies, and you can also order a linked Wise international debit card to spend seamlessly in 150+ countries.
| Wise pros | Wise cons |
|---|---|
✅ Available for customers in Canada and many other countries and regions ✅ Mid-market exchange rate used for currency conversion ✅Send money to 160+ countries, direct to bank accounts ✅ Transparent fees you can see and compare before you make a payment | ❌ Fees vary based on payment method and destination ❌ No cash collection options |
Wise vs Venmo
Wise is a good Venmo alternative if you want to send a payment abroad from your phone or laptop. Wise offers currency exchange which uses the mid-market exchange rate and low, transparent fees, with transfers to 160+ countries. Plus Wise also offers the option to hold and exchange 40+ currencies in their Wise Account - worth considering if you travel often or love to shop with a range of international ecommerce stores.
OFX
If you need to send a high value transfer to a bank account abroad, it’s worth looking at OFX as a Venmo alternative.
OFX offers international transfers to personal and business customers in Canada and many other countries. It’s particularly handy for higher value transfers as there’s no transfer fee over 10,000 CAD, and you’ll have the reassurance of being able to talk through your transaction with a broker on the phone if you want to.
Best OFX features
OFX is known for its 24/7 phone service which you can use to get information, talk through your payment options, or set up more complex currency risk management tools. OFX uses an exchange rate markup which can be smaller than the one your bank would use, and has no transfer fee when sending 10,000 CAD or more.
| OFX pros | OFX cons |
|---|---|
✅ Send in 50+ currencies, to over 170 countries ✅ No transfer fee when sending higher value payments ✅ Most payments arrive in 24 hours ✅ 24/7 broker service by phone | ❌ Exchange rates include a markup ❌15 CAD fee if you send a payment worth under 10,000 CAD
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OFX vs Venmo
OFX could be a good Venmo alternative if you need very high value payments or more complex currency risk management tools. Because OFX has a 24/7 phone service you’ll also be able to talk through your needs with a support agent, which can be reassuring.
TorFX
If you’re looking for a site like Venmo which lets you send money, but which has phone service options and offers high value transfers, TorFX might be a good bet for you.
TorFX holds the highest possible credit rating and is a big hit with customers. It’s a frequent recipient of customer service awards and offers a personal broker service which lets you talk through your transaction needs by phone when you need to. As well as international transfers, TorFX has other currency risk management products for personal and business clients.
Best TorFX features
Use TorFX by phone, online or in app, to send one off or recurring payments, and to access currency services including forward contracts and market orders.
There are no transfer fees when you send a payment with TorFX. Instead, a charge will be added to the exchange rate used to convert your funds.
| TorFX pros | TorFX cons |
|---|---|
✅ Send in 40 currencies, to 120 countries ✅ No transfer fee ✅ Personal broker service to discuss your needs ✅ Fast payments | ❌ Exchange rates include a markup ❌ You’ll need to register an account to see the rates offered and compare the cost of your transfer |
TorFX vs Venmo
TorFX may be the best Venmo alternative for you if you’re making high value transfers and don’t want to pay a separate transfer fee for the payment. TorFX is also celebrated for its personal service - ideal if you’re looking for in person advice.
Remitly
Remitly offers international payments globally which are arranged online or in the Remitly app. You can make a Remitly payment from Canada in around 100 different currencies. You can also choose the best delivery method for you, including deposit to a bank account, or mobile wallet, or cash pickup, depending on your recipient’s location.
Best Remitly features
Send Remitly payments to bank accounts, mobile money accounts and for cash collection, with services and currencies offered varying by destination country. Many payments arrive very quickly, especially when you pay with a card.
| Remitly pros | Remitly cons |
|---|---|
✅ Send to around 100 currencies ✅ Good range of payout options ✅ Trusted and popular service with good customer support ✅ Online and in-app service for convenience | ❌ Exchange rates may include a markup, and there’s usually a transfer fee to pay ❌ Relatively low transfer limits |
Remitly vs Venmo
Remitly may be a good Venmo alternative if you’re sending a personal payment and want the money to be collected in cash locally, or even sent out for home delivery in some destinations. Remitly can also deposit to bank and mobile money accounts in many currencies.
WorldRemit
WorldRemit could be a good Venmo alternative if you want to make a transfer for cash collection, or if you’d prefer to send money for airtime top up. You can also send to bank accounts and mobile wallets.
Venmo lets you send money online or in-app, to 130+ countries, with a range of different payout options depending on what suits your recipient. You could send money to a bank or mobile money account, or for airtime top up for example. There’s also the option to have your money collected by the recipient in cash which is handy for people who don’t have easy access to a bank account.
Best Venmo features
Venmo really stands out because of the range of pay out options. You can send money to 130+ countries, and have it collected in cash - often in just a few minutes. Plus you can send to mobile money accounts and as airtime top up.
| WorldRemit pros | WorldRemit cons |
|---|---|
✅ Send to 130 countries around the world ✅ Range of ways for the money to be received, including cash collection ✅ Easy to use service you can manage entirely online or in app ✅ Cash collection payments can be instant | ❌ Exchange rate markups apply ❌ Fees vary depending on the specific service you pick |
WorldRemit vs Venmo
WorldRemit is another strong Venmo alternative for cash collection transfers, or if you want to send money for airtime top up.
Are the alternatives safe?
Yes. At Exiap we only review providers which are properly regulated for the services they offer, and which are safe to use. These guides can provide further information: Is Wise safe? And Is Remitly safe?
Venmo alternatives conclusion
Venmo is not available in Canada - or for US users traveling overseas. However, different sites similar to Venmo can help. Which is right for you may depend on the specific service you need.
We’ve looked at options like Wise which can be a great fit if you want to send money to a bank account overseas, with the mid-market exchange rate - or if you want to hold and exchange a foreign currency balance. Or if you’re looking for alternatives to Venmo because you prefer to transact by phone, you may like OFX or TorFX. And finally, if you’re thinking of sending a payment to someone in cash, it’s also worth comparing the costs of your transfer with WorldRemit and Remitly to see if one of these is the right alternative for you.
Use this guide to pick out the right Venmo alternative for you, based on the specific transaction type you need to make.
Alternatives to Venmo in Canada FAQs
What is the cheapest way to send money internationally?
Sending money internationally with a specialist online or digital service is often cheaper than using a bank. However, different services have their own rates and fees - so to find the cheapest way to send money internationally in your specific case, you’ll want to compare a few options based on both the transfer fees and the exchange rate markups applied.
Which is the safest mode of money transfer?
Sending your payment with a properly regulated and trusted provider is essential. Check the money transfer service you pick is reputable - in most cases these services are regulated in the same way as your bank, which makes them just as safe for the services they offer.
What is the best company to transfer money with?
There’s no single best company to transfer money with. Comparing a few is the best way to get a good deal. Use our top picks as a starting point to find the best one for you.