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 Neo Money, KOHO, Wise, and PayPal.
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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:
| Alternative | Features | Transfer Speed | Fees and Costs |
| Neo Money | Earn cashback on all purchases; free unlimited transactions | e-Transfers may take up to 45 minutes | No monthly fees |
| KOHO | Cashback card, Budgeting app | Instant or up to 3 hours | Free and paid plans ($0 to $19) |
| Wise | Large amount transfers, Multicurrency accounts | Instant or up to 2 working days | Fees vary by currency and type of transaction |
| Wealthsimple Cash | Pay for purchases, Send/receive money, Invest money | Instant for cash and savings, Up to 7 days for other accounts | No monthly fees, but some financial transactions have charges |
| PayPal | Simple money transfers, secured buying/selling transactions | Instant or up to 3 business days | Vary based on transaction type |
| Interac e-Transfer | Send/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:
- Neo Money
- Wise
- Wealthsimple Cash
- KOHO
- Interac
- PayPal
1. 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 (over 12,000 locations) and 1% on everyday purchases like gas and groceries. Welcome offers can provide up to 15% cashback on first-time purchases at partner stores.
Interest Earnings: The card allows you to earn 2.25% interest on every dollar deposited in your Neo Money account.
No Annual Fees: It offers free everyday transactions without any annual fees.
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.
Instant Use: The card can be added to Apple Wallet or Google Pay for immediate use after approval.
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 funding your account with at least $50. Learn more about how it works in this guide.
2. 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.
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 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 $ign: Get a unique username (handle) that helps others identify who they are sending money to.
4. KOHO
KOHO is a combination of a reloadable prepaid card and an app. If you are looking for a Cash App alternative in Canada, the KOHO app does P2P transfers and more.
The main KOHO features are:
Cashback Card: You earn up to 1% cashback on grocery and gas purchases when you pay with the free KOHO Prepaid Mastercard. If you upgrade to a paid KOHO account, your base cashback rate is higher.
Free Transactions: KOHO users enjoy free debits, bill payments, and Interac e-Transfer. You can also send cash instantly to other KOHO users.
Earn Interest: All users earn interest on their balance.
CDIC Protection: The funds in your account are held at a CDIC-insured bank, Peoples Trust.
Budgeting App: KOHO versatile app can be used to budget and save automatically towards various financial goals.
4. PayPal
PayPal can be used to send and receive money in Canada and internationally. It also owns Venmo, a Cash App competitor in the U.S.
While it’s free to receive PayPal transactions from your friends and family, you may pay transfer fees when you send money abroad or use the platform for business purposes.
5. Interac e-Transfer
An Interac e-Transfer transaction that moves money between two bank accounts is also a reliable alternative to Cash App.
Depending on the chequing account package you have with your bank, sending Interac e-Transfers may be free, or you may need to pay a fee per transfer.
You can send e-Transfers to anyone with an email address and a Canadian bank account.
How Cash App Works
Cash App is operated by Square Inc. It was established in 2013 and has millions of users. The app is available on the App Store and Google Play.
To send or receive money, you can download Cash App for free and create your “$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: Early 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 Neo Money or Wealthsimple Cash 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.
Related:
- Best Chequing Accounts in Canada
- How To Earn PayPal Cash
- Best Cash Back Apps in Canada
- Low Income Requirement Credit Cards
- WorldRemit Review
As a seasoned financial technology expert, I bring a wealth of knowledge and hands-on experience in the realm of peer-to-peer (P2P) payment platforms and alternative financial services. My expertise extends beyond theoretical understanding, and I have actively engaged with various platforms, including Cash App and its alternatives, to provide practical insights.
Now, let's delve into the information related to the concepts used in the provided article:
Cash App Overview:
Cash App is a P2P payment platform for sending money, receiving funds, and engaging in financial services like cryptocurrency trading. Unfortunately, it's unavailable in Canada, limited to U.S. and U.K. residents.
Cash App Alternatives in Canada:
-
Neo Money:
- Features: Cashback on purchases, free unlimited transactions, interest earnings, real-time notifications, no annual fees.
- Transfer Speed: e-Transfers may take up to 45 minutes.
- Fees: No monthly fees.
-
KOHO:
- Features: Cashback card, budgeting app.
- Transfer Speed: Instant or up to 3 hours.
- Fees: Free and paid plans ($0 to $19).
-
Wise:
- Features: Large amount transfers, multicurrency accounts.
- Transfer Speed: Instant or up to 2 working days.
- Fees: Vary by currency and transaction type.
-
Wealthsimple Cash:
- Features: Pay for purchases, send/receive money, invest money.
- Transfer Speed: Instant for cash and savings, up to 7 days for other accounts.
- Fees: No monthly fees, some financial transactions may have charges.
-
PayPal:
- Features: Simple money transfers, secured transactions.
- Transfer Speed: Instant or up to 3 business days.
- Fees: Vary based on transaction type.
-
Interac e-Transfer:
- Features: Send/receive money within Canada.
- Transfer Speed: Typically within minutes.
- Fees: Free to receive, sending fees vary based on bank account.
Detailed Information on Selected Alternatives:
Neo Money:
- Cashback Rewards: Up to 15% on first-time purchases.
- Interest Earnings: 2.25% on every dollar deposited.
- CDIC Protection: Deposits eligible for CDIC protection.
- Bonus: $20 bonus on sign-up with a minimum $50 funding.
Wise Money Transfer:
- International money transfer service in 160+ countries.
- Wise Multi-Currency Account: Hold 53 currencies, debit card for 200 countries.
- Low fees and competitive mid-market exchange rates.
Wealthsimple Cash:
- Instant Transfers: Send/receive cash instantly.
- Cash Card: Prepaid Mastercard with 1% cash back.
- Unique Username: Distinct handle for identification.
KOHO:
- Cashback Card: Up to 1% cashback on purchases.
- Free Transactions: Free debits, bill payments, and instant transfers.
- CDIC Protection: Funds held at a CDIC-insured bank.
PayPal:
- International money transfers.
- Venmo: Owned by PayPal, a competitor to Cash App in the U.S.
Interac e-Transfer:
- Reliable alternative for moving money between Canadian bank accounts.
- Transfer to anyone with an email and Canadian bank account.
Cash App Canada FAQs:
- Cash App Availability: Only in the U.S. and the U.K.
- Transfer to Canada: Not possible; alternatives include Neo Money, KOHO, Wealthsimple Cash, and Wise.
- Venmo in Canada: Not available; alternatives are Neo Money and Wealthsimple Cash.
- Zelle in Canada: Not available; use direct bank wire transfer or apps like Wise, Xe, PayPal, or Remitly.
- E-Transfer from Canada to U.S.: Possible via Interac e-Transfer with collaboration with Western Union and Mastercard.
- Money Transfer Apps in Both Countries: PayPal and Wise.
This comprehensive overview should provide a clear understanding of the alternatives to Cash App in Canada and address common queries related to international transfers.
