May 15, 2024 Travel Finance Int'l payments

5 Cash App Alternatives In Canada

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Tolu osho

May 15, 2024

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Cash App is a popular peer-to-peer (P2P) payment service in the United States, and it has changed how people send and receive money. It boasts of features like instant transfers, low fees, and a user-friendly interface. However, it is only available in the United States and the United Kingdom, which is a disadvantage for Canadians seeking a similar experience.

Fortunately, there are alternatives and here are some popular options.

PESA

Pesa is a multi-currency digital wallet that allows users to store, send, and receive various currencies. It was created to make cross-border transactions easier and provide convenience to users who frequently deal with different currencies. Pesa's features typically include currency conversion, peer-to-peer transfers, and bill payments.

To fund your Pesa wallets, you can link your bank accounts or cards. You also have the option to hold multiple currencies in the same wallet. Pesa is designed to streamline financial transactions and reduce the stress of managing multiple currencies with no extra cost or hidden charges.

Why PESA?

Guaranteed Support

Unlike Cash App, which primarily operates in the United States, PESA is tailored to the Canadian market and 20+ other countries. This localization extends to customer support, ensuring that users can access assistance tailored to their specific needs and concerns.

Enhanced Security

PESA prioritizes the security of user data and transactions. Through robust encryption protocols and strict security measures, PESA offers peace of mind to users, safeguarding their financial information from unauthorized access.

Swift Services

You will also Experience the fast service of your regular domestic transfers, ensuring you enjoy the same speed and convenience whether sending money to loved ones abroad or making payments for international purchases.

Seamless Cross-Border Transactions

For Canadian users with international connections, PESA facilitates seamless cross-border transactions. Whether sending money to friends and family abroad or conducting business transactions overseas, PESA ensures swift and cost-effective transfers across borders.

Zero Fee Structure

PESA prides itself on transparency regarding fee structures. Users can exchange money with no transfer charges while giving you the most competitive exchange rate, saving you money on your transactions.

Send and receive money in Canada with Pesa.

Other Cash App Alternatives

Interac e-Transfer

Interac e-Transfer is one of the most popular forms of money transfer in Canada, and it allows secure and instant money transfers between bank accounts. Widely accepted by most major banks and financial institutions, it offers exceptional convenience. They provide free service for sending money within Canada (receiving might incur a small fee depending on your bank) as well as instant transfers between most accounts, which are secure and widely accepted. However, transfers within Canada are limited, and the sender must have a Canadian bank account.

Wise

Wise, a money transfer service available in Canada, is used to make global transactions. Wise provides exchange rates at the mid-market rate, helping you manage your funds. Additionally, Wise ensures transparent pricing, allowing you to understand what you're paying for upfront. It presents features that are either free or available at a low cost to you, including the Wise card, business accounts, and mass payments.

Wealthsimple

Wealthsimple Cash stands out as a peer-to-peer (P2P) app allowing instant e-transfers on your mobile device. Opening an account and conducting standard transactions incur no fees, making it stand out as one of the closest alternatives to Cash App, especially with its unique Dollar $ign identifiers. While Wealthsimple Cash lacks features like bill payments, direct deposits, FX fee waivers, or ATM cash withdrawals, it allows fee-free money transfers and facilitates bill splitting or settlement among users using the Dollar $ign. The card is similar to a prepaid Visa card, offering up to 1% cashback on all purchases.

KOHO

KOHO is primarily known as a prepaid Visa card and banking app. While it does allow for money transfers between KOHO users, the functionality is limited to sending money to other KOHO users who are on your contact list. While its main focus is on budgeting, saving, and spending features, it also allows users to transfer money to other KOHO users for free. These transfers are instant and can be done through the app. The daily and monthly spending limits on the card could pose restrictions for those who spend generously. Additionally, international purchases incur a 1.5% foreign transaction fee, which could be a disadvantage for frequent money senders.

Create a PESA account today - and start sending and receiving money globally.

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