Can Canadians Use Cash App (+ 7 Alternatives to Try)
No, Cash App is not currently available to Canadians.
However, there are similar apps you can try that enable low-fee money transfers, convenient and user-friendly interface, as well as additional benefits such as investing in stocks or trading cryptocurrencies.
Let’s take a closer look at the best Cash App alternatives for Canadians.
What is Cash App And How Does It Work?
Cash App enables individuals to send and receive money quickly and safely. In addition to mobile banking, the app offers a linked debit card, support for direct deposit, and the option to purchase fractional stock and BTC through its investment platform.
Opening a Cash App account is easy, fast and free, while the app itself is intuitive and very simple to use.
However, the platform charges some fees (for instance there is a $2.50 fee for withdrawing cash from an ATM with the Cash App card). It also limits users to a certain number of transactions—namely you cannot receive more than $1,000 a month without requesting a limit increase.
Still, the biggest drawback of Cash App is that it is currently only available in the US and UK, so if you reside in the Great White North, you need to look at other alternatives.
1. WealthSimple Cash
Wealthsimple is one of Canada’s biggest online investment platforms and the best alternative to Cash App for Canadians.
The company has several products, including Wealthsimple Cash, a free-to-use P2P payment platform that facilitates money transfers within the country.
Unlike Cash App, Wealthsimple Cash does not impose account minimums, monthly and FX fees or limits on the number of transactions. At the same time, it enables you to actually make money, providing 1% stock, crypto or cash back on spending as well as a 3% interest on your entire balance if you set up direct deposit through the app.
Wealthsimple Cash users can also pair their account with the Wealthsimple Cash card to further facilitate spending. Like the app, the prepaid card is free—there are no ATM or transaction fees involved, apart from a 1% charge imposed by Mastercard when you make a purchase in a different currency.
On top of that, Wealthsimple provides ease of use and security—the company is registered with FINTRAC, while your money is held in a CDIC member institution, which protects it up to $100,000.
In addition to Wealthsimple Cash, the company also offers many of the functionalities of Cash App, including robo-advisors, crypto, stock and ETF investing as well as easy-to-use tax software.
Read more about Wealthsimple and its services in our in-depth review.
Wise is an international money transfer service that allows users to send and receive funds from and to 175 countries in the world.
The app, available for Android and iOS devices, is easy to use and has top-notch security features, including 2FA verification and a dedicated security team. On top of that, it is registered with FINTRAC in Canada, so you know your money is secure.
Wise also has some of the lowest fees around, costing 9 times less than what banks would normally charge. Currently, their fees start at 0.41% to send money and USD$4.14 to receive USD wire payments. Opening an account, receiving and holding funds in your account is free of charge. A conversion fee is also payable, although Wise always offers a great deal by giving users real and fair mid-market rates.
Like Cash App, Wise users can link their accounts with a debit card. However, Wise goes one step beyond by allowing you to use the card almost anywhere in the world—the funds are converted automatically at live rates in more than 50 currencies.
PayPal is one of the most popular payment platforms in the world and a great Cash App alternative. It currently has over 300 million users who send and receive money, get paid or shop online through the app.
Unlike Cash App, though, PayPal enables Canadians to send and receive money domestically and internationally—the company uses Xoom for money transfers, which is available in more than 130 countries worldwide. Transfers to and from Canadian accounts are free, while international transfers come with a fee ranging from $2.99 to $4.99 (+ 2.90% + fixed fee) depending on where you send money to. The app also charges a hefty inactivity fee of $20 and high currency conversion charges of 4.00%.
The fees are a bit steep compared to other platforms like Wise and Xe. Another downside is that at the time of writing Canadian users do not have the option to link a credit or debit card to their PayPal account, so they do not have access to their digital PayPal funds in the real world.
KOHO is a free spending and savings account, helping over half a million Canadians save money and budget their expenses.
KOHO offers a prepaid Mastercard that gives you all the benefits of a regular credit card, including credit-building options, without the hefty fees and interest. It also comes equipped with a budgeting app that provides insights into your spending habits and a RoundUp feature which stashes away your spare change for rainy days.
The company provides earning potential too—users get 1% cash back on essentials such as groceries and bills and 0.5% interest on the entire balance. Clients who opt for the top-tier subscription plan, though, can get up to 2% interest and cashback, as well as other perks, such as no FX fees and one free withdrawal at ATMs outside Canada each month.
In terms of security, KOHO is a federally regulated financial institution, so no worries here. Plus it provides an extra virtual card as well as the option to lock in your card from the app further enhancing protection.
You can find out more about KOHO in our detailed review.
5. Interac e-Transfer
Interac e-Transfer is one of the best ways for Canadians to transfer money in and out of the country and get paid for services and products.
The biggest pro of Interac is convenience. Namely, if you already have a bank account at one of the company’s 250+ participating banks and credit unions, you already have access to Interac services and there is no need to download other apps or open separate accounts.
In fact, all you need to send or receive money is an active email address or mobile phone number. Transfers are fast and there are no fees involved (although some financial institutions might charge you between $1 and $2 when you send funds).
Interac also supports international transfers for National Bank account holders, but there is a $5.95 fee per transaction involved as well as conversion fees, so it might not be the most affordable option for sending money overseas.
Xe does not have the same features as Cash App, such as trading in stocks and crypto, but it is one of the fastest and easiest ways to transfer money internationally.
With Xe, you can send money in more than 100 currencies to over 170 countries across the globe. The company supports cash pick-ups (there are more than 500,000 Xe cash pick-up locations worldwide), bank deposits and mobile payments so you have a wide range of payment options to choose from.
In addition, Xe users get access to advanced features, including past and future currency trends, updated rates and alerts so you can determine the best time to send foreign currencies and save on conversion fees in the process.
Finally, Xe has low and transparent fees (which range from $0 to $2.89, depending on where you are sending money) and there is no limit on the amount you can transfer (although if you want to move more than USD$500,000 you need to contact the company directly).
If you are interested in Cash App as an investment platform, take a look at Mogo.
Founded in 2003, Mogo is a fintech company that offers several financial services, including digital banking, robo-investing and lending services.
What’s more, Mogo lets you trade stocks with zero commission and no FX fees. You can also invest in savings accounts like TFSA and RRSP—Mogo is a trusted IIROC member, while the accounts are held by CI Investment Services and are protected up to $1m.
Similar to Cash App and Wealthsimple, Mogo offers a prepaid Visa Card. Considered one of the best prepaid cards for Canadians, the Mogo Card is free to order and can be used domestically and internationally (note that $1.50 and $3 ATM charges apply for withdrawals at home and abroad, respectively). The card also comes with free credit monitoring and identity theft & fraud protection, allowing you to take control of your money and reduce security risks.
Finally, Mogo helps you make a positive impact on the planet, by planting a tree for every purchase you make with the card, eliminating a whopping 1341,482,000+ lbs of CO2 in the process.
Will Cash App Be Available for Canadians Soon?
The company has not announced any expansion plans regarding Canada, Australia or other countries and is currently only available to US and UK residents. Luckily there are several alternatives to Cash App in Canada, depending on what type of services you are looking for.
Here is a quick summary of the best Cash App alternatives for Canadians:
- Wealthsimple Cash—Best overall
- Wise—Best for low-fee money transfers
- PayPal—Best payment app
- KOHO—Best budgeting app
- Interac e-transfer—Best for domestic money transfers
- Xe—Best for international transfers
- Mogo—Best for zero-commission trading