Is Cash App in Canada? 5 Best Cash App Alternatives in 2022

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by Enoch Omololu, MSc (Econ)

Updated

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Cash App is a peer-to-peer (P2P) payment platform for sending and receiving money using a smartphone app.

Cash App alternatives in the U.S. include PayPal, Venmo, and Zelle.

Like Venmo, Cash App has expanded its service offerings in recent times to include early paychecks, cryptocurrency trading, and a debit card.

Is the Cash App available in Canada? What alternatives can you use?

Is Cash App Available in Canada?

No. Cash App by Square is not available in Canada.

Only residents of the U.S. and the U.K. can use Cash App.

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 start sending or receiving money, you can download Cash App for free and create your “$Cashtag” which is 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 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: Early buy and sell BTC from your Cash App account. You can also send Bitcoin to others for free.

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:

koho app

1. KOHO

KOHO is a combination of a reloadable prepaid card and an app.

This financial technology company was founded in 2014 and offers one of the highest savings rates in Canada.

If you are looking for a top Cash App alternative in Canada, the KOHO app does P2P transfers and more.

The main KOHO features are:

Cashback Card: You earn 0.50% cashback on all purchases when you pay with the free KOHO Prepaid Mastercard. If you upgrade to KOHO Premium, your cashback rate is up to 2%. Both free and premium accounts earn up to 5% cash back at select KOHO partner stores.

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

Earn Interest: Users who set up a direct deposit (e.g. payroll, government benefits) to their KOHO account earn 1.20% interest on every dollar.

Early Paycheck: You can access $100 of your paycheck 3 days early without paying a fee.

Credit Building: You can improve your credit score by subscribing to the paid KOHO Credit Building service.

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

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

When you sign up for a new KOHO account here, you get a $20 bonus after making your first purchase (use our referral code CASHBACK during sign-up).

Get KOHO

2. Wise Money Transfer

Wise is an international money transfer service that is available in 80 countries. It was formerly known as TransferWise and has more than 13 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.

Visit Wise

3. 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 that 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 is in beta and works like a prepaid Visa card. You earn up to 5% cash back when you pay for specific purchases.

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

Features of Wealthsimple Cash that are not yet available include bill payments, direct deposits, FX fees waivers, and ATM cash withdrawals.

Get Wealthsimple Cash

4. PayPal

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

While P2P PayPal transactions in Canada (friends and family) are free, you pay transfer fees when you send money abroad or use the platform for business purposes.

5. Interac e-Transfer

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.

Related

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 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 Wealthsimple Cash to send money for free.

Have you tried any of the Cash App payments alternatives in Canada? Let us know about your experience in the comments.

Is Cash App in Canada? 5 Best Cash App Alternatives in 2022

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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