Cash App in Canada: Exploring Alternatives and Competitors

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Unfortunately for all of those who are Canadian, the company distributes its widely known Cash App, which coordinates peer-to-peer payments, investing in stocks, and trading of cryptocurrencies. Geographically restricted, millions of US and UK users leave Canadians looking for the same kind of options. The services like money transfer deposit, stock investment tools and even a debit card are unavailable in Canada. But several Canadian alternatives provide similar services with their own specificity. In this post we will be looking at some of the best alternatives for Canadians who wish to make peer to peer payments or use some investment tools to achieve their financial goals.

What is Cash App?

Cash App, first launched in 2013, is now one of the most popular U.S and U.K financial apps. It offers a ring of options such as making payments instantly, buying and selling of shares easily, and the trading of different cryptocurrencies such as Bitcoin. Cash Card, a free debit card that lets users buy and take advantage of instant discounts, is one its best things. In addition to the ability to receive paycheck two days early and “Buy Now Pay Later” options, Cash App is an all-in-one financial super app.

Unfortunately, as it’s username only, Cash App is not available to Canadians — but only to those who are resident in the United States or the United Kingdom. As a result, many Canadians have turned to alternative services that perform these functions, whether for peer to peer payments, investing or money transfer.

Cash App Alternatives in Canada

After all, while Cash App is not available in Canada, other platforms that are similar to it. Cash App is a familiar entity when it comes to having Canadians transfer money, invest in stocks and cryptocurrencies, use debit cards and so much more. Some of the best Canadian alternatives are shown below.

1. Wealthsimple: Canadian All in One Finance App

If you’re looking for the same features as Cash App as Canadians, then Wealthsimple is one of the best options for you. As an all in one solution, this platform combines investing tools, money transfers and payment services. Wealthsimple is Canada’s most popular fintech platform with over 2.5 million users. It is able to provide users with ability to invest into stocks, exchange listed funds (ETFs) and cryptocurrencies. Other than that, Wealthsimple allows its users to have Wealthsimple Cash Card, a Visa debit card that lets users earn 1% cashback on purchases.

Unlike Cash App, Wealthsimple does offer instantaneous money transfers between Canadian users meaning you can easily and quickly send and receive funds. Wealthsimple Trade also lets users stock trade commission free on a range of financial assets.

But Wealthsimple isn’t perfect. Unlike Cash App, you can’t send or receive money in foreign currencies or make international money transfers on Wealthsimple. Furthermore, unlike Cash App, Wealthsimple doesn’t offer as many investment tools, and some aren’t as customizable or easy to use.

2. Wise (formerly TransferWise): Great for Cross Border Transfers

If you are a Canadian wishing to send money abroad, Wise is one of the best options. Wise doesn’t have the same extensive suite of financial tools as Cash App, but it’s the best site around for international money transfers. Users of Wise can send and receive money in a variety of currencies including USD and CAD, for low, transparent fees. Unlike PayPal, and traditional banks, Wise offers exceptional exchange rates without sneaky charges commonly found on currency conversions.

Users can also set up a multi currency account with Wise which lets them send and receive payments like they’re living in another country. Wise is just an excellent service for Canadians to make cross border payment, or to send money to the US or any other country internationally.

However, the main downsides of Wise are that they focus on money transfers. Like Cash App, Bitcoin offers a set of investment tools, but not the variety.

3. PayPal: Popular Global Payment Platform

Sending and receiving money using the PayPal is widely used in Canada and internationally. PayPal has over 300 million active users across the world and can send money through email or through phone number saving users money transferring funds from one person to another. Online buys can also be made by the platform, and it is a favorite for e-commerce.

4. Interac e-Transfer: A Domestic Payment System is a Secure payment

As an easy alternative to Cash App to send and receive money in Canada, Interac e-Transfer is an excellent option, supported by the majority of Canadian banks, making it only a matter of sending funds from one’s bank account to another person’s bank account through their email address or mobile phone number. With fast and secure service and being widely used as a way to peer to peer payments within Canada, the service is pretty reliable.

5. Neo Financial: Being a Newer Canadian player in Finance

Not that it’s new to the Canadian fintech scene, but Neo Financial has quickly become one of the most popular names in Canada due to its innovative offerings. It offers financial products such as Savings accounts, Credit cards as well as personalized Financial planning tools. Mastercard, who we partner with for the debit card, gives users access to a massive network of merchants and retailers.

Conclusion

Cash App is not available in Canada and there are several other crypto exchanges that are suitable replacements, as most of them offer similar functions. The overall best all in one investment, payments and financial management provider is Wealthsimple, and Wise really shines with cross border transfers. Domestically, there is PayPal, and internationally, Interac eTransfer. Neo Financial brings a new take on personal finance, including cashback rewards and a legion of financial tools. While each of these platforms has its strengths and weaknesses, the correct one for you will depend on what your financial needs are.

Disclaimer: The content provided reflects the authors personal opinions and is influenced by current market conditions. Conduct thorough research before making any cryptocurrency investments. The author and the publication are not liable for any financial losses you may incur.