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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. Your funds will go over the SWIFT network when sending money internationally with your bank. Given PayPal's similarly high exchange rate margins, the story isn't different with them either.īut fees can get even steeper. 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. 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. 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). Your first intuition may be to use your bank or Paypal to send money to a friend or family member abroad. Option 2 - Banks, PayPal, and Legacy Solutions 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. Remitly is a US-based digital remittance service that's frequently the fastest and cheapest way to send money internationally on Monito. Companies like Remitly, Paysend, or Wise will probably be your top choice, depending on where you want to send money. They offer bank-beating exchange rates, low fees, and a top-notch user experience using their online platforms or mobile apps.
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The first option is finding the best among dozens of innovative companies doing what Venmo does locally in the US, but for international transfers. Option 1 - International Transfer Specialists Fortunately, looking for Venmo alternatives is easier than ever, and you'll have plenty of quality international money transfer services to choose from.īroadly speaking, you have two routes to send money internationally instead of Venmo: using an international money transfer specialist or using PayPal or your bank. If you’re looking for a Venmo alternative in the US, you can check out:īecause you can't use Venmo internationally, you'll probably be wondering what the best alternative to Venmo is to suit your needs and preferences. Wealth Simple Cash App: By opening an account with Wealth Simple Cash App, you can split bills and send cash to your friends.
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Interac: Canadian banks have partnered to offer an inter-operatable way to send or receive money from almost anyone in Canada via mobile.If you’re looking for an alternative to Venmo to send money within Canada with your friends, we have two options to recommend: 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.Ĭheck 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. No, Venmo is not currently available in Canada. As a result, innovative solutions such as Venmo dodge this space entirely and don’t offer international transfers to their users. 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. Specialized companies such as PayPal, Square 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. Monito has reviewed and compared more than 200 money transfer services, and our comparison engine helped our users save $40 million in fees over the past year: -ĭigital wallets have changed how we pay for things on the internet and send money to our friends and family. We recommend Remitly, a fast and easy way to send money online to over 100 countries on bank accounts, mobile wallets, or cash pick-up.Ĭompare international money transfer platforms on Monito's real-time comparison engine to find the best alternatives to Venmo. 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. 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. 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.