Venmo alternatives picked by Monito

Venmo International: Why It's Not Available, and How To Save Money With Alternatives

Pascal Briod


Byron Mühlberg


Dec 13, 2022
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Every Venmo transfer that's processed requires both the sender and beneficiary to have bank details in the US, meaning it's impossible to use Venmo internationally to send money to a friend or family abroad. Despite its closeness to the US, this includes Canada too, meaning it's also not possible to use Venmo to send money to a friend across the border in Canada.

While this may sound like bad news if you'd like to use Venmo internationally, fortunately, it isn't! In reality, there are plenty of alternatives to compare for sending money abroad hassle-free and with low fees. Find the cheapest and fastest alternative using Monito's live comparison engine below 👇

Venmo isn't international. Compare top digital providers instead:

Can You Use Venmo Internationally?

Before we get started, let's address the obvious question — can you use Venmo internationally, and can it be used to send money abroad from the US to countries overseas?

The short answer is no. Venmo is not internationally supported, and the app is only available to US residents. To use Venmo in the first place — let alone send and receive money via online banking — both the sender and the recipient must have US bank accounts and, in some circumstances, Social Security Numbers too.

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Venmo Supported Countries

Venmo is licensed in some US territories, specifically in the US Virgin Islands, Puerto Rico, and Guam. However, Venmo isn't available in American Samoa and the Northern Mariana Islands.

Why You Can’t Use Venmo Internationally

Digital wallets have changed how we pay for things on the internet and send money to our friends and family. Specialized companies such as PayPalSquare Cash, Venmo or tech giants such as Google, Apple, and Facebook, have revolutionized peer-to-peer payments, from how we pay back a friend for a loan to how we split the bill at the end of a meal.

However, these solutions are designed for local peer-to-peer payments in a single currency, generally to avoid the expensive complexities of currency exchange, cross-border payments, and increased anti-money laundering (ALM) and know your customer (KYC) regulations. As a result, innovative solutions such as Venmo dodge this space entirely and don’t offer international transfers to their users.

Is Venmo Available in Canada?

No, Venmo is not currently available in Canada. This means that you won’t be able to send money from your Venmo account to a friend in Canada, who also won’t be able to Venmo you in return either.

Check out Monito’s comparison if you’re looking to send money from the US to Canada or Canada to the US to find a cheap alternative for your cross-border transfers. If you’re looking for an alternative to Venmo to send money within Canada with your friends, we have two options to recommend:

  • Interac: Canadian banks have partnered to offer an inter-operatable way to send or receive money from almost anyone in Canada via mobile.
  • Wealth Simple Cash App: By opening an account with Wealth Simple Cash App, you can split bills and send cash to your friends.

Is Venmo Available in the USA?

Yes, Venmo is available in the USA. If you’re looking for a Venmo alternative in the US, you can check out:

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Since you can't use Venmo outside the US, run a search on Monito's comparison engine instead. You may also want to read our guide to finding the cheapest ways to send money internationally, which ranks the best providers on average.

Venmo Alternatives

Because you can't use Venmo internationally, you'll probably be wondering what the best alternative to Venmo is to suit your needs and preferences. Fortunately, looking for Venmo alternatives is easier than ever, and you'll have plenty of quality international money transfer services to choose from.

Broadly speaking, you have two routes to send money internationally instead of Venmo: using an international money transfer specialist or using PayPal or your bank.

Option 1 — International Transfer Specialists

The first option is finding the best among dozens of innovative companies doing what Venmo does locally in the US, but for international transfers. They offer bank-beating exchange rates, low fees, and a top-notch user experience using their online platforms or mobile apps. Companies like Remitly, Paysend, or Wise will probably be your top choice, depending on where you want to send money.

Remitly — Best for Cash Transfers

Remitly is a US-based digital remittance service that's frequently the fastest and cheapest way to send money internationally on Monito. The platform offers various pay-in and pay-out options (including card payments, bank transfers, and cash services) and supports money transfers to over 85 countries worldwide.

Cost: Remitly's fees are built into the exchange rate and typically range between 0.50% and 2.00% of the international money transfer value, depending on the currencies in question. Remitly was the cheapest service on 20% of global comparisons on Monito between July 2020 and 2021. For transfers from the United States alone, Remitly has taken the undisputed top spot for the cheapest transfer service from June 2021 and 2022.

Recommendation: Because of its speed and pricing for cash-related transfers in particular, we recommend Remitly for sending money for cash pick-up and cash home delivery services.

More info: See our full Remitly review.

Paysend — Best for Card Transfers

A true specialist in international card payments, Paysend is a flexible and fast-growing money transfer platform that supports credit and debit card payments to an impressive network of nearly 100 receiving countries through various pay-out options.

Cost: Paysend charges a fixed fee for most card-to-card and card-to-Paysend-wallet transfers and an exchange rate margin of between 0.50% and 2.00% of the international money transfer value. Paysend was the cheapest service on roughly 25% of global comparisons on Monito in May 2021.

Recommendation: We recommend Paysend for international card payments to credit cards, debit cards, or bank accounts due to its outstanding fees and exchange rates for these transfers.

More info: See our full Paysend review.

Wise — Best for Bank Transfers

London-based fintech Wise is a world-class option for sending money internationally and frequently ranks as the cheapest way to transfer money internationally on Monito. According to the Monito Score, Wise is also ranked as the best money transfer service of all, and its mobile app is rated the best money transfer app.

Cost: Wise charges a mix of fixed fees and commissions for different corridors, which usually constitute between 0.25% and 1.00% of the total transfer value. Wise was the cheapest service on 21% of global comparisons on Monito between July 2020 and 2021.

Recommendation: We recommend Wise especially for small- to medium-sized bank transfers (up to US$10,000.00) destined for international bank accounts, as the platform is remarkably well-priced for these transfers.

More info: See our full Wise review.

Option 2 — Banks, PayPal, and Legacy Solutions

Your first intuition may be to use your bank or Paypal to send money to a friend or family member abroad. Not only would these options be less convenient, but they would also cost you a lot of money as banks usually give you a poor exchange rate (on top of charging you fees for international transfers).

International Fees

Monito's research has found that sending $1,000 to a Eurozone country with Wells Fargo would cost $30 in fees and $50 in exchange rate margin fees. These fees amount to around 8% of the amount transferred, which is about 10 times more than the cheapest available service on Monito for a similar transfer. Given PayPal's similarly high exchange rate margins, the story isn't different with them either.

But fees can get even steeper. Your funds will go over the SWIFT network when sending money internationally with your bank. Here, middlemen banks (called correspondent banks) can potentially charge additional correspondent bank fees that can further reduce the amount that arrives in your beneficiary's account.

This is why digital providers offering bank-beating exchange rates, very low fees, and a top-notch user experience stand out as clear solutions. They are doing what Venmo does within the US, but internationally! And depending on where you're sending money, providers such as Remitly, Paysend, and Wise will probably be your best choice. See the table below to understand why:

Last updated: 2022/06/14

If there's one lesson to take home from this article, it would be this:

You cannot use Venmo to transfer internationally, so you'll need to find alternatives. Banks (and PayPal) charge high commission fees and poor exchange rates, making them expensive and inconvenient choices. Digital providers, on the other hand, are the cheapest, fastest, and savviest options, making them the best Venmo alternatives for money transfers outside the US.

To find the best transfer for your country of destination, we recommend comparing the top money services on Monito to save up to 95% in fees compared to the bank for wire transfers from the US:

Compare top Venmo alternatives:

FAQ About Using Venmo Internationally

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