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Is Cash App in Canada? 6 Best Cash App Alternatives 2024

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Cash App is a peer-to-peer (P2P) payment platform that lets you send money, receive funds and enjoy other financial services such as cryptocurrency trading online.

Unfortunately, this platform is unavailable in Canada, as only U.S. and U.K. residents can use the Cash App. 

However, Canadian residents can enjoy many Cash App alternatives, such as KOHO, Neo Money, Wise, and PayPal.

Cash App is not Available in Canada

Since Cash App by Square is not available in Canada, here are the best alternatives you can use instead:

AlternativeFeaturesTransfer SpeedFees and Costs
KOHOCashback card, Budgeting app, credit builder, unlimited transactionsInstant or up to 3 hoursFree and paid plans
Neo MoneyEarn cashback on all purchases; free unlimited transactionse-Transfers may take up to 45 minutesFree and paid plans
WiseLarge amount transfers, Multicurrency accountsInstant or up to 2 working daysFees vary by currency and type of transaction
Wealthsimple CashPay for purchases, Send/receive money, Invest money Instant for cash and savings, Up to 7 days for other accountsNo monthly fees, but some financial transactions have charges 
PayPalSimple money transfers, secured buying/selling transactions Instant or up to 3 business daysVary based on transaction type 
Interac e-TransferSend/receive money within Canada Typically within minutes Free to receive, but sending fees vary based on your bank account

Best Cash App Alternatives in Canada

If you want to split bills with your friends and send cash instantly without paying a fee, there are Cash App alternatives you can use in Canada, including:

1. KOHO

KOHO is a combination of a reloadable prepaid card and an app. If you are looking for a Cash App alternative in Canada, the KOHO app does P2P transfers and more.

The main KOHO features are:

Cashback Card: When you pay using the KOHO Prepaid Mastercard, you earn 1% cashback on grocery, restaurant and gas purchases, plus up to 5% unlimited cash back at partner retailers. If you upgrade to a premium KOHO account, your base cashback rate is higher.

Free Transactions: KOHO users enjoy free debits, bill payments, and Interac e-Transfer. You can also send cash instantly to other KOHO users.

Earn Interest: All users earn 5% high interest rates on their balance.

Credit Builder: KOHO offers free credit score checks and an optional paid credit building service.

CDIC Protection: The funds in your account are held at a CDIC-insured bank, Peoples Trust.

Budgeting App: KOHO is a versatile app that can be used to budget and save automatically towards various financial goals.

Instant Use: The card can be added to Apple Wallet or Google Pay for immediate use after approval.

Free to use: Continue using KOHO Essential for $0* monthly after the 30-day free trial by setting up a recurring direct deposit or setting aside money to save.

New KOHO users get a $20 signup bonus when they sign up here and complete their first purchase of any amount.

2. Neo Money

The Neo Financial Money Card is a modern alternative to traditional debit cards. It is an excellent Cash App alternative and offers several features:

Cashback Rewards: Earn an average of 5% cashback at Neo partners and 1% on everyday purchases like gas and groceries.

Interest Earnings: The card allows you to earn interest on every dollar deposited in your Neo Money account.

No Annual Fees: It offers free everyday transactions without any annual fees. You can upgrade to a premium account for $4.99.

Real-Time Notifications: Get instant updates on account activities, with options to freeze and unfreeze your card.

Easy Bill Payments: Automate payments directly from your Neo Money account.

CDIC Protection: Deposits are eligible for CDIC protection, ensuring safety and security.

When you sign up for a new Neo Money card, you receive a $20 bonus after depositing at least $50 and completing your first purchase. Learn more about how it works in this guide.

3. Wise Money Transfer

Wise is an international money transfer service that is available in 160+ countries. It was formerly known as TransferWise and has more than 16 million users.

Unlike Cash App, you can also use Wise for cross-border payments.

Its fees are low, and foreign exchange rates occur at the competitive mid-market rate, which means you get more bang for your buck.

When you open a Wise multi-currency account, you can hold 53 currencies and apply for a debit card that works in 200 countries.

Learn about Wise in this review. You can send your first Wise transfer for free here.

4. Wealthsimple Cash

Wealthsimple Cash is the equivalent of a Cash App for Canadians. It is free to use and offers these benefits:

Instant Transfers: Send or receive cash instantly from friends and pretty much anyone on your contacts list who has installed the app.

No Fees: This app has no fees for sending or receiving money; deposits and withdrawals are also free.

Cash Card: Wealthsimple Cash Card works like a prepaid Mastercard. You earn 1% cash back on purchases.

Unique Dollar $ign: Get a unique username (handle) that helps others identify who they are sending money to.

5. PayPal

PayPal can be used to send and receive money in Canada and internationally. It also owns Venmo, a Cash App competitor in the U.S.

While it’s free to receive PayPal transactions from your friends and family, you may pay transfer fees when you send money abroad or use the platform for business purposes.

6. Interac e-Transfer

An Interac e-Transfer transaction that moves money between two bank accounts is also a reliable alternative to Cash App. 

Depending on the chequing account package you have with your bank, sending Interac e-Transfers may be free, or you may need to pay a fee per transfer.

You can send e-Transfers to anyone with an email address and a Canadian bank account.

How Cash App Works

Cash App is operated by Square Inc. It was established in 2013 and has millions of users. The app is available on the App Store and Google Play.

To send or receive money, you can download Cash App for free and create your “$Cashtag,” the unique username that identifies your account.

When sending a payment, open the Cash App and enter the email address, phone number, or $Cashtag of the recipient, or scan their QR code.

Cash App’s other interesting features include:

Cash Card: This Visa debit card is free, and you can add it to Google Pay and Apple Pay.

Direct Deposits: You can set up direct deposits to receive your paycheck and tax refund directly in Cash App. It also offers a 2-day early access to your paycheck.

Stock Trading: Users can buy stocks directly via Cash App starting at $1. It offers access to hundreds of stocks and supports fractional shares.

Bitcoin Trading: Easily buy and sell BTC from your Cash App account. You can also send Bitcoin to others for free.

Cash App Canada FAQs

Is Cash App in Canada?

No, Cash App is only available in the United States and the United Kingdom. The best Cash Apps in Canada are Neo Money, KOHO, Wealthsimple Cash, and Wise.

Is a Cash App US to Canada transfer possible?

You can only use Cash App to send money to individuals who are signed up with the app. They can live in the US or UK. Cash App transfers to residents of Canada are not possible.

Does Canada have Venmo?

No, Venmo is not available in Canada. Instead of Venmo, you can use KOHO or Neo Money to send money for free.

Can Canada use Zelle?

No, Zelle is only available to residents of the United States.

What is the best way to transfer money from the US to Canada?

You can easily send money from the US to Canada using a direct bank wire transfer or a money transfer app like Wise, Xe, PayPal, or Remitly.

Can I send e-Transfer from Canada to the US?

Yes, you can send an Interac e-Transfer from your eligible Canadian bank account (e.g. National Bank) to a recipient abroad via a collaboration with Western Union and Mastercard.

Which money transfer apps work in Canada and the US?

PayPal and Wise work in both countries.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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