Top 6 Best Cash App Canada In 2023: Picks And Reviews
Reviewed by Randolph Vialva, MBA
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When it comes to money transfer apps, there are a lot of different options available. But which one is the best? That’s a tricky question to answer, as there are a lot of great choices out there. These apps differ in many ways, such as the fees they charge, the countries they support, and the features they offer.
Cash App has been necessary for many people in different parts of the world. It is one of the most convenient ways to receive and send money. In this post, we will be discussing the best cash app alternatives in Canada for 2022.
What Is Cash App And How Does It works?
As we move into a more digital world, how we handle our finances is also changing. Having a cash app or mobile wallet app is now becoming more and more popular as they offer a convenient way to send and receive money.
A cash app is a digital wallet that allows you to store, send, and receive money. You can link your bank account, credit card, or debit card to the app and use it to pay for goods and services or transfer money to others.
Why Should You Use A Cash App?
Cash apps are designed for convenience, but ease of use isn’t the only appeal of these apps.
- A cash app can be a great way to send money to friends and family members who live in different parts of the world. The fees associated with international transfers are usually meager, and the process is quick and easy.
- A cash app can also be used to pay for goods and services. This can be handy if you don’t have enough cash or want to avoid carrying around a lot of money.
- Most cash apps also offer some rewards programs. This means that you can earn points or cash back on your purchases. These programs can be a great way to save money, mainly if you use the app frequently.
- Cash apps are also a great way to keep track of your spending. Many of these apps offer features that allow you to see where your money is going and set limits on how much you can spend. This can be helpful if you’re trying to stick to a budget.
- Lastly, cash apps can provide a sense of security. You can usually cancel the transaction and get your money back if you lose your cash or have it stolen. This is not always the case with traditional methods like wire transfers or checks.
6 Best Cash App In Canada In 2023
We listed the top 6 best cash app alternatives in Canada for you to use. These apps are the most popular and used by Canadians.
- KOHO: Best Overall
- Wise: Best For Budgeting
- Wealthsimple Cash: Most Affordable
- Mogo: Best For Rewards
- PayPal: Best For Online Shopping
- Interac e-Transfer: Best For Sending and Receiving Money
Top 6 Best Cash App In Canada March 2023
KOHO
KOHO is a prepaid Visa card that helps you budget and saves. It has an app where you get real-time insights into your spending, so you can make informed choices about where to spend your money. You also get up to 0.5% – 2% cash back on select purchases, which can help you manage your personal finance and save even more.
- No monthly account fees
- Get up to 2% cash back on select purchases
- Real-time insights into your spending
- Budgeting tools
- ATM fees may apply
- A foreign transaction fee of 2.5%
Every KOHO review will confirm the same thing: daily banking is simple, quick, and reasonably priced compared to a traditional bank account. You just need to e-transfer some of your funds or send a portion of your income to your KOHO account after you’ve opened one. Following that, you are prepared to spend and save.
This app is one of the most highly recommended for a number of reasons. Here are some of its best features:
- Insights: Know exactly where your money is going with real-time insights into your spending and personal finance. This way, you can make informed choices about where to spend your money and where to save.
- Pay bills: You can use KOHO to pay your bills, which can help you stay on top of your finances.
- Set up direct deposit: Get your paycheque as a direct deposit from your Canadian bank account into your KOHO account so that you can access your money right away.
Suppose you are one of those people who wish to establish a kind of budget, a self-imposed spending cap, to save by rounding up to the following number and obtaining some cashback with every transaction. In that case, you will find the most benefit from having a KOHO Canada account.
Wise
Formerly known as Transferwise, Wise is a money transfer app that offers fair, transparent, and low-cost international money transfers and is widely available in Canada. You can send money abroad in over 53 currencies and track all your transactions on your mobile device.
You can learn the price of each function you could utilize in advance on Wise’s website, thanks to their outstanding charge transparency.
- Most currencies are available
- Great customer service
- Fast Wise money transfer
- Accurate exchange rate
- No banking license
- Occasionally low transfer speeds
Wise is one of the best cash apps for those looking to send money internationally without being charged an arm and a leg in fees. The customer service is excellent, and most currencies are available on the app. If you are looking for high conversion and low fees, Wise is the app for you!
Wise has significantly demonstrated its ability to disrupt the international money transfer services market. And in recent years, its growth has been rapid.
Here are its key features:
- Cheap fees: Wise charges a low, transparent fee for each transfer. When you compare its fees with those of other providers, you’ll see that it’s up to eight times cheaper.
- Fast transfers: Unlike a transfer from a traditional bank account, your money will reach its destination within one to two days – sometimes even on the same day.
- Convenient app: The Wise app makes sending money abroad from your phone easy. You can also track all your transactions in one place, and view life exchange rates.
- Wise Debit Card: The Wise Debit Card allows you to spend your money abroad without being charged any fees. You can also use it to withdraw cash from ATMs.
- Convert and hold multiple currencies: With Wise, you can hold and convert over 53 currencies in one cash app account. This is handy if you’re planning a trip or need to make regular international payments.
These are just some of its key features. Wise has been the go-to cash app, not just in Canada but all across the Globe. From students to freelance workers, Wise is the most reliable cash app in the market.
Wealthsimple CA
If you don’t know Wealthsimple, it is a Canadian Robo-advisor that offers mobile investing and saving products. The company has over $5 billion in assets under management and over 85,000 clients.
Wealthsimple Cash account is a no-fee cash management account that gives you a free Wealthsimple Cash card and access to Interac e-Transfers. You can also earn up to 1.80% interest on your deposits with Wealthsimple’s Smart Savings account feature.
- Cashbacks
- Easy to setup
- Affordable
- Zero Transfer fees
- Free Visa Card
- Low-interest rates
- Limited features
The primary purpose of having a cash app is to have a place to easily store your money without having to worry about fees. Wealthsimple cash app does this as a cash app and more. With its easy setup and zero fees, you will never go wrong with WealthSimple. Although low, you can still earn interest on your deposits.
Furthermore, here are some of its features:
- Instant transfers: You can instantly transfer money to your Wealthsimple account from another bank account using Interac e-Transfer.
- Smart Savings: You can earn up to 1.80% interest on your deposits with Wealthsimple’s Smart Savings feature.
- Free Forever: E-transfers may be subject to fees at some banking institutions. You may send money in as many transfers as you’d like with Wealthsimple Cash, which is free to use. Account fees and minimum balance requirements are also nonexistent.
- Private: You may stay anonymous since you only transfer money using your dollar sign handle.
- Secure: Wealthsimple Cash protects your account using biometrics and fingerprint ID, and account balances up to $100,000 are guaranteed by the CDIC.
With zero fees, an easy setup, and a free Visa debit card, Wealthsimple Cash is the right cash app for you if you’re looking for an affordable cash app.
Mogo
Same to Wealthsimple, Mogo is not just a simple cash app where you deposit and withdraw your money. It is a complete financial platform that offers you a Mogo Visa* Platinum Prepaid Cash Card with which you can get 2% cash back on all your purchases, as well as a free monthly credit score check and report. You also have the option to take out personal loans and mortgages with Mogo.
- 2% Cashback
- Mogo Loan options
- Earn crypto rewards
- Free MogoCard
- Easy to sign-up
- High fees
- High-interest rates (loan)
Moreover, if you are looking for an app that allows you to manage your money and grow it, Mogo is the way to go. With their unique rewards system, you can earn cash back on all purchases and free monthly credit score reports.
Here are some of the app’s key features:
- Free credit score: Mogo offers a free monthly credit score check and report.
- Loan options: You can take out personal loans and mortgages with Mogo.
- Rewards system: With the Mogo rewards system, you can earn cash back on all purchases and free monthly credit score reports.
- Easy sign-up: Signing up for Mogo is easy and only takes a few minutes.
- Access to other products: In addition to cash management, Mogo also offers access to other products such as personal loans and mortgages.
If you want an app that helps you manage your personal finance and grow your wealth, Mogo is the way to go. With their unique rewards system, you can earn cash back on all purchases and free monthly credit score reports.
PayPal
PayPal is the most popular online payment system in the world, and it’s also one of the best cash apps available in Canada. You can use PayPal to buy things online, send money to friends and family, or even pay your bills. And if you have a PayPal account, you can withdraw cash from your account at any ATM that accepts Mastercard.
- Send money
- Bill payments through a payment platform
- Connect Google Pay, Apple Pay, or Google Play Store
- Fees for some transactions
- Can be difficult to set up a cash app account
Paypal has been a top payment processor for many years now and continues to grow in popularity. They are constantly innovating and expanding their services. For instance, you can now use Paypal to buy things online, send money to friends and family, add funds to your google pay, or even pay your bills.
You can use Paypal at millions of online and physical stores. This is incredibly convenient because you can use Paypal no matter where you are or what you’re doing. You don’t have to carry cash or worry about whether or not a store accepts your credit card.
Here are some of its app’s key features:
- Accessibility: You can use Paypal at millions of online and physical stores.
- Ease of use: Paypal is easy to use and understand.
- Security: Paypal is a very secure way to receive and send money.
- Support: If you have any problems with using Paypal, their customer support is excellent, and they will help you solve your problem quickly.
Overall, if you are an online shopper or just need a convenient way to send and receive money, then Paypal is the best cash app for you.
Interac e-Transfer
Last but not least on our list of the best cash app in Canada is Interac e-Transfer. This app is best for sending and receiving money and tracking your expenses. You can also use it to pay bills and send invoices. This is the most popular way of sending money in Canada and for a good reason. It’s quick, easy to use, and very reliable.
- Quick and easy to use
- Very reliable
- Safe and secured
- Can’t be used to make purchases
What sets Interac e-Transfer apart from other cash apps is its focus on security. Every time you send money, the recipient will need to confirm the transaction with their banking information. This ensures that only the intended recipient can access the funds.
Here are some of the key benefits of having an Interac e-Transfer cash app account:
- Safe: Every transaction is confirmed with the recipient’s banking information, so you can be sure that your money is going to the right person.
- Low fees: There are no fees for sending or receiving money.
- Easy to use: The app is quick and easy to use, so you can send money without any hassle.
- Convenient: You can use Interac e-Transfer to pay bills, send invoices, and track your expenses.
If you’re looking for a quick, easy, and secure way to send money, then Interac e-Transfer is the best option for you.
Why Should You Use A Cash App?
As mentioned earlier, when you use a cash app, your financial possibilities are endless. You can use it for a number of things, such as sending or receiving payments, making online purchases, and even ATM cash withdrawals.
Some fintech companies have also started offering cash-back rewards, personal loans and even bitcoin trading through their platforms. So if you’re looking for a one-stop shop when it comes to your finances, a cash app is definitely the way to go!
Why Should You Use A Cash App In Canada?
Here are some of the top reasons why you should use a cash app in Canada:
- They are extremely convenient.
- They are fast.
- They are secure.
- They offer great features.
- They are affordable.
What You Should Consider When Using A Cash App?
When choosing a cash app, you should consider the following:
- How easy is it to use? You don’t want a cash app that’s too complicated or time-consuming.
- What are the fees? You’ll want to find a cash app that has low or no fees.
- How safe is it? Ensure your information is safe and secure even if you have a linked bank account.
- What are the features? Research until you find a cash app with all the features you need and want.
For something as important as your own hard-won money, it’s crucial to do your research and find the cash app that meets your needs.
Final Thoughts
A cash app can be a great way to receive and send money in Canada. They are simple to use, fast, and convenient. The best cash app alternatives we’ve listed above are worth considering if you are looking to complement your traditional bank account.
Frequently Asked Questions (FAQs)
A cash app is a payment app that allows users to receive and send money. A cash app typically has a user-friendly interface and provides features such as instant transfers, low fees, and support for multiple currencies.
Several different cash apps are available in Canada, but the best ones include Wise, Mogo, and Wealthsimple. Each of these apps has its own unique features and benefits, but all three offer low fees, support for multiple currencies, and fast transfers.
There are many benefits of using a cash app, including the ability to send and receive money quickly and easily, low fees, support for multiple currencies, and more. Cash apps can also be used to make purchases online and in-store, and some even offer rewards programs.
When choosing a cash app, it’s important to consider your needs and preferences. Some things you may want to consider include fees, supported currencies, transfer times, and rewards programs. Once you’ve considered these factors, you can select the cash app that best suits your needs.
