Is Venmo available in Canada?

Short Answer

No, Venmo is not available in Canada. However, PayPal which is the owner of Venmo is accessible to the Canadian residents.

Detailed Answer

What is Venmo?

Venmo is a mobile payment app that was established in 2009 by Iqram Magdon-Ismail and Andrew Kortina. It has over 60 million users till date. You can transfer money for personal purposes and for business, using Venmo. It is associated with PayPal. Anyone who has a bank account and is a major can have an account with Venmo.

You can simply download the app, register, go through the verification process, enter your debit card, credit card or bank account details after which you can commence paying or requesting for money using Venmo. Payments can be made from Venmo balance, debit card, credit card, or directly from bank account.

Pros of Venmo

  1. The transfer goes through Automatic Clearance House payment process
  1. You can access your transaction history
  1. You can get access to reports and analytics of your financial activities
  1. Venmo is for both individuals and business
  1. You can chat with your receiver or the sender
  1. There is no account opening fee, transfer fee or account keeping fee
  1. Venmo offers its own debit card and credit card which can be used in Master card, Cirrus or Pulse ATMs
  1. Quick payments
  1. Convenient
  1. You can make payment even if you do not have sufficient balance as the money will later be retrieved from your savings account or card
  1. Easy to use
  1. Interactive interface
  1. Access to crypto currencies

Cons of Venmo

  1. Scam issues
  1. You cannot cancel the payments you have made
  1. Credit card transactions are charged at 3%

Is Venmo available in Canada?

Venmo is not available in Canada and is accessible only to those US residents who have an account with a US bank and has a US mobile number.

Venmo Payment App

Although Venmo is not accessible to Canadians, there are other alternatives such as Interac e-transfer, wealth simple cash, Wisse, Shakepay, PayPal etc.,

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Categories: Finance
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