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Over the past few decades, the world has seen a rise in fintech products and services, including many different payment systems and money transfer platforms. E-transfers have become especially popular among Canadians because they’re quick, affordable and easy to use and send money around.

That’s why tons of mobile apps and websites, like Cash App, use e-transfers as their main payment method. Find out if the Cash App is the best option for you when it comes to sending and racing. 

What Is Interac E-Transfer? 

Interac E-Transfer is a money transferring service offered by Interac Corporation. This service is currently used by more than 250 participating financial institutions across Canada, including credit unions, alternative providers and all of our Big-5 banks

Their main product is the e-transfer (a.k.a email money transfer or EMT), which allows you to send money securely between financial accounts via email. Usually, the process is instantaneous but can take up to 30 mins in some cases. 

What Is The Cash App?

E-transfers are also used by many online payment platforms. For example, Cash App is a peer-to-peer (P2P) mobile wallet app that lets people e-transfer money to friends, family and merchants. This payment service was created by Square Inc. in 2013 and has over 30 million monthly users in the United Kingdom and the United States. 

Cash App Features

Cash App is simple to use. All you need is your contact’s email address and phone number, along with their QR code or a $cashtag (a unique identifier for individuals and businesses, available through Cash App). When you use the Cash App, you’ll benefit from: 

  • Instant Payments – Sending e-transfers to other Cash App users is quick and easy but transferring money to linked bank accounts could take 2 – 3 days.  
  • Fast Direct Deposits – Use Cash App to collect payments like tax returns and income from your job. You can get 2-day early access to your paychecks too.    
  • No-Fee Debit Card The Cash Card is free for all users. It can be added to your Google Pay or Apple Pay and used for online purchases or ATM withdrawals. 
  • Stock & Bitcoin Trading Cash App members can start investing in stocks with as little as $1 (fractional shares). Plus, it’s free to buy, sell and transfer Bitcoin (BTC) to and from other users.

Is Cash App Available In Canada?

For now, the Cash App mobile wallet isn’t an option for Canadians. Only senders and receivers located in the UK or US (with US or UK phone numbers) can use the app.

Best Cash App Alternatives In Canada

Luckily, there are plenty of other good mobile payment apps in Canada that have similar options as Cash App. Here are the best Cash App alternatives for Canadians in 2022:

Wealthsimple Cash

Available on the App Store and Google Play, Wealthsimple Cash is a P2P app that lets you send instant e-transfers using your mobile device. There are no fees to open an account or perform standard transactions. This, coupled with their unique Dollar $ign identifiers, makes Wealthsimple Cash one of the closest alternatives to Cash App.

Wealthsimple Cash is different because they don’t offer bill payments, direct deposits, FX fee waivers or ATM cash withdrawals. However, you can send and receive money without a fee. You can also split or settle bills with other users using your Dollar $ign. Other features of Wealthsimple Cash include:

  • Signup Bonus – When you activate your Wealthsimple Cash account and use the one-time code provided, you’ll automatically receive a bonus of $10 – $25.
  • Wealthsimple Cash Card – This card works like a prepaid Visa card and with it, you can get up to 1% cashback on all purchases.

KOHO

KOHO is a fintech company that was founded in 2014. They offer four full-service accounts with a virtual prepaid Mastercard. 

With each account, you get free unlimited debits, Interac e-Transfers and bill payments. KOHO also offers a free budgeting app and CDIC protection for your funds. Overall, the KOHO account might be the most versatile alternative to the Cash App on this list, simply due to the range of features you can access with your account.  

  • Cash Back – Get up to 2% cashback on various purchases and up to 5% extra cash back when you shop at select partner stores. 
  • Interest Earned – Depending on the account you open, you can earn up to 5% savings interest on your entire KOHO account balance.
  • Credit Building KOHO offers two options for users who want to build better credit histories. KOHO Credit Building and KOHO Flexible Credit Building.

PayPal

Launched in 2002, Paypal is one of oldest alternatives to Cash App on this list. Paypal offers domestic and international money transfers, setting them apart from platforms like Interac and Wealthsimple Cash. Paypal also owns Venmo, which is a major competitor to Cash App in the United States. 

After linking your bank account, use the Paypal platform to send money for free within Canada. International transfers may come with conversion-related fees that vary according to the currency and location you’ve selected. Other noteworthy aspects of Paypal include:  

  • Security – Paypal Inc. is a reputable company that’s over 20 years old. Plus, they offer protection on select transactions and purchases (for sellers and shoppers).
  • Business Services – Paypal has multiple solutions that make it easier for your business to accept client payments, streamline its operations and manage risk. 
  • Mobile App – With the Paypal app (App Store/Google Play), you can send cash, track your spending and make contactless payments at participating stores.   

Wise 

Wise (formerly known as TransWise) is an international money transfer service that currently reaches 80 countries with a network of 10+ million users worldwide. They also support more than 50 different currencies. If you’re planning to send money across borders or overseas, Wise is definitely a better alternative to Cash App. 

In 2019, Wise partnered with Equitable Bank (a.k.a EQ Bank). This not only helps solidify their overall reputation, but also adds a few extra layers of financial security. The other positive aspects of Wise are:

  • Good Rates – Wise’s fees and foreign exchange rates occur at the competitive mid-market rate, making them lower than those of other money transfer services. 
  • EQ Bank Compatibility – Wise’s partnership with EQ Bank means EQ members have the ability to send money internationally using their online bank accounts. 

Can You Use Cash App To Send Money To Someone In Another Country?

Unfortunately, Cash App is only supported in the US and UK, so senders and receivers must be US or UK residents. In addition, transfers can only be made in local currency. If you want a transfer service that allows you to send money from Canada to other countries, you may be better off choosing an internationally known company like Wise or Paypal.                    

Cash App FAQs

What is Apple Pay?

Apple Pay is a digital wallet and mobile payment system that lets users send instant contactless payments in-person through iOS apps or online with Safari. While Apple Pay is accepted at many locations and is somewhat more flexible than Cash App, it’s only supported on Mac, iPhone, iPad or Apple Watch products.    

Is Venmo available in Canada?

No, Venmo is only accessible to residents of the United States with US phone numbers.  

Can I open a Cash App account in Canada?

No! As mentioned, Cash App is exclusively available in the US and UK (to residents with corresponding phone numbers and addresses). Square Inc. hasn’t announced any plans to expand to Canada, which is why other alternatives above may be preferable. 

Looking For A Good Money Transfer Service In Canada?

Although Canadians can’t access Cash App for the time being, there are plenty of other e-transfer platforms out there that can provide all the same options. Before you make your decision, don’t forget to do research and check out the entries on our list of the best Cash App alternatives in Canada.                  

Bryan Daly avatar on Loans Canada
Bryan Daly

Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer.

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