The past few years have seen an increase in the number of people sending, receiving, and accepting money online whether from or to friends, family members, or even businesses. Taking note of this, a number of companies have popped up offering peer-to-peer payment services meant to make this process as smooth as possible. One such company is PayPal. Through Venmo, they’ve been able to make the process of online money transfer very easy.
Sadly, however, not all these peer-to-peer payment systems offer their services to everyone. One such peer-to-peer payment system that restricts the people who can use it is Venmo. Simply put, Venmo is not available to everyone or in every country. This is why many wonder whether or not they will be able to use Venmo in their country. For this particular post, we’ll be looking at whether or not you can be able to use Venmo in Canada.
Well, the answer is no. You cannot use Venmo if you are in Canada. The reason being, Venmo only works in the USA. Here is everything there is to know about Venmo and its use in Canada.
What Is Venmo?
Despite being very popular in countries such as Canada and even the U, not many know what exactly Venmo is. Having said that, Venmo is basically an American mobile payment platform that allows users to send and receive money from friends or family members. Worth noting about Venmo is that it has undergone a number of owners over the years. Today, they are completely owned by PayPal after acquiring it from Braintree for $26 million back in 2012.
A plus with Venmo is that it connects users with a number of financial options. This includes their bank accounts, debit card, and credit card. This option is very ideal especially when it comes to making purchases online to merchants that actually accept payment using the said methods. Worth noting as well is Venmo’s physical debit card. Users can use this card at a number of stores in the US where Mastercard is accepted.
Venmo: The Good
In addition to having great features that are very useful, Venmo has a number of positives associated with it. For starters, it boasts a social feed that allows its users to see their transactions as well as display any other message or emoji they want as long as you are comfortable sharing it with friends or families.
In terms of good, Venmo has two main benefits. It allows its users to send requests for money. To put it simply, you can now easily ask your buddy for money the next time you are out at a pub and you run out of cash for some reason without having to nag them in person. Another good is associated with the fact that transactions are public. With transactions public, no one would like to be labeled as a “moocher” as such they are likely to pay back money that they’ve borrowed.
Will Venmo Ever Come To Canada?
We’ve already pointed out that Venmo is not in Canada. Despite this, however, especially given the benefits associated with having a Venmo account, many Canadians are hopeful that it will one day come to Canada. But will this ever happen? Well, no. There are two main reasons why this is so. One, unlike Americans, a majority of Canadians don’t need Venmo given that a majority of them use Interac e-transfer.
This is basically a service that, just like Venmo, allows users to send money from one another. Another reason why Venmo is likely not going to be coming to Canada any time soon is Canadian banking policies and regulations. To put it lightly, Canada has very strict banking policies and regulations that make it very hard for a company like Venmo to operate with ease.
We can confidently conclude that you cannot use venom in Canada. In fact, it is likely never coming to Canada. While this is so, there are other alternatives like Interac e-transfer you can make use of if you want to transfer funds easily to friends or family members.