Does Venmo Work in Australia in 2024? (All You Need to Know)

Venmo has become a go-to for fast, easy payments in the United States. The mobile payment app lets you instantly send and receive money with friends or pay businesses for purchases big and small. No wonder over 60 million Americans use it monthly.

But how about Down Under? With rising rates of digital payment use all across Australia, it‘s no surprise Aussies want Venmo access too for convenient money transfers in their everyday lives.

So can you actually use Venmo in Australia in 2024?

Unfortunately, Venmo still does not work whatsoever for accounts based in Australia as of early 2023. And there remains no clear timeline for if or when it may launch internationally to support payments here.

This guide will explain everything you need to know about whether Venmo functions in Australia, top payment app alternatives, and your best options for money transfers even without Venmo locally available.

Why Venmo Doesn‘t Work in Australia

First, why hasn‘t the wildly popular Venmo expanded to Australia yet despite such demand?

There are a few key reasons Venmo itself remains limited to the United States market only:

• Requires compliance with complex Australian financial regulations before launching here
• Needs to meet local know-your-customer (KYC) identity rules
• Hasn‘t committed resources to adding regional payment rails integration
• Continues rapid growth still within massive US market

Essentially regulatory hurdles exist, while prioritizing fast expansion in America kept the company plenty busy so far.

But Australia actually represents an appealing future market for digital payments, and not supporting it leaves money on the table.

Digital Payment Trends in Australia

Rates of using cash for payments dropped substantially among Australian consumers in recent years.

eftpos Australia reported the total value of digital card and mobile app payments ballooned 101% from 2016 to 2021. And this rapid shift away from cash has accelerated since the COVID-19 pandemic.

With cash use declining quickly, user-friendly payment apps that facilitate direct bank account transfers like Venmo yield strong appeal.

But which options actually allow Australians to make peer-to-peer payments right now?

Top Payment App Alternatives for Australia

Fortunately, Australians don‘t lack ways to send money to friends or pay for things digitally even without access to Venmo. Top mobile payment apps used include:

Out of these, Beem It seems to gain particular traction in Australia recently as a homegrown option tailored to local needs.

Major Australian banks developed Beem It specifically to enable fast bank account-linked transfers via mobile. And it mimics certain features which make Venmo so appealling like a social news feed showing what friends paid each other for.

The app‘s convenient money transfers and growing adoption among young people yield Beem It the unofficial status of the "Venmo of Australia."

But Australia still allows access to big global digital wallets like PayPal and Apple Pay too.

PayPal Australia Stings Users With New Fees

PayPal remained a popular payment method for many Australians for years. But that may now change after significant fee hikes took effect in 2022.

Sending peer-to-peer payments within Australia now costs a 1.9% charge per transaction, capped at $1 maximum per individual transfer.

This extra fee comes as an unwelcome surprise and financial burden to many account holders after PayPal previously offered free bank transfers. And it could push users to shift toward local apps like Beem It which don‘t charge sending money domestically.

Sending Money from Australia to Other Countries

Managing payments beyond borders presents another challenge without an internationalized Venmo. How can Australians send money overseas to friends or family abroad?

Banks notoriously charge very high hidden fees for standard wire transfers internationally. But these apps provide better exchange rates and lower transparent costs:

• Wise (formerly TransferWise) – Low-cost transfers to 70+ countries
• OFX – Foreign currency exchange veteran with multi-currency app
• Remitly – Simple way to send money abroad from Australia

Wise, OFX, and Remitly cut out the middlemen that make bank wires so expensive. And they allow Australians to directly convert AUD into 70+ global currencies including popular ones like USD.

So if you have a friend or purchase in America you need to pay, using one of these apps provides the cheapest and quickest ways to send money abroad. No need to wait and hope for Venmo to make its way Down Under to transfer money virtually anywhere.

Can Australians Use Venmo While Traveling in the US?

We‘ve established Venmo doesn‘t function whatsoever from accounts registered inside Australia. But here‘s a quirk:

Aussies who travel to the United States can sign up and use Venmo just fine while visiting within the 50 states. The geo-restriction lifts by simply entering the country as a tourist.

So feel free to download the Venmo app while stateside and link your Australian bank card or another payment method. Transfer money to American friends freely and get or make any payments with your account during your travels.

One catch – that Venmo access will almost certainly stop working properly once you return to Australia after. The app checks device location and logs international users out or limits services abroad.

But special permission to use it in the US provides a nice perk for handling payments conveniently during an American holiday. Just don‘t expect uninterrupted account functionality after you head home.

When Will Venmo Ever Launch in Australia?

The million dollar question remains – with such strong demand Down Under matched by booming rates of digital payments, will Venmo ever actually launch in Australia?

Unfortunately, Venmo still makes no official indication of firm plans to expand services internationally anytime soon. The company chooses focusing on growing its massive US user base for now.

However, with Australia representing an attractive market for digital financial services, Venmo would seem negligent not to broaden support here eventually.

We can hope regulatory hurdles get cleared allowing Venmo‘s international rollout within the next 2-3 years. But realistically, it may still be a long wait before Australians gain the Venmo access they crave natively.

In the meantime, alternate digital wallets like Apple Pay and money transmitters fill most payment needs reasonably well without it.

Final Thoughts

While Venmo holds appeal down in Australia, geographic restrictions still block usage or transfers back home as of early 2023.

But with growing rates of cashless payments across Australia, peer-to-peer apps like Beem It now gain traction to facilitate convenient local money transfers instead. And Wise, OFX, Remit make sending funds abroad fast and affordable substitutes too.

So ultimately you need not overly miss Venmo in your everyday Aussie life. Convenient money movement options exist without it. But here‘s hoping eventual Australia support comes allowing direct Venmo access soon to simplify payments for all.

Sources:

eftpos Australia Digital Payments Report
https://www.eftposaustralia.com.au/insights/digital-payments-report-2021

The Australian Financial Review – PayPal Australia introduces new fees
https://www.afr.com/technology/paypal-australia-introduces-new-fees-20220719-p5b2qk