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(image: https://greendayonline.com/wp-content/uploads/2016/12/065e16157780f9b36e815af6455f2aeb.png)Cash App Money Transfer: What It Is, and How To Use It
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Cash App Money Transfer: What It Is, How to Utilize It
By Chanelle Bessette Lead Writer/Spokesperson Banking, checking accounts, cash Management Accounts Chanelle Bessette is a personal financial writer at NerdWallet who writes about banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. She is also a spokesperson for the banking team. Her expertise has been featured on The New York Times, Vox and Apartment Therapy.
Updated February 26, 2021
Written by Carolyn Kimball Assigning Editor - Banking | Los Angeles Times, San Jose Mercury News Carolyn has worked in newsrooms around the country as a reporter and editor. Her interests encompass personal finance, Sci-Fi fiction novels and absurd Broadway musicals.
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With more and more people embracing the convenience of cashlessness technological advancements have made it easier to transfer and receive money instantly from smartphones. Cash App, one of these services, offers some unique functions compared with other money transfer options that include placing money into stocks and gaining special savings with "cash boosts" and buying and selling bitcoin.
Read on to learn the details of Cash App and its features as well as its benefits and drawbacks.
You might want to check out other money transfer options? Have a look
What is Cash App?
Cash App is a peer to peer money transfer service developed through Block Inc. that allows users to transfer and collect money. The service lets you transfer your portion of your utility bills for your housemates. You can also pay your friends back for coffee, or split the cost of a vacation or whatever other financial job you'd like to do in conjunction with other Cash App users. Cash App works similarly to an bank account, giving users an account with a debit card known as a "Cash Card" -- that allows them to purchase items using funds that are in their cash App account. The app also allows users to put their money in stocks, and to buy bitcoin and sell it.
How do I add money to the Cash App?
You can load funds into the Cash App by tapping the Banking tab in your app and inputting how much cash you'd like to add from your bank account. bank account.
How do I transfer or receive cash using the Cash App?
It's best to start by having an external bank account so that you can deposit cash into your Cash App account and also having a location to take cash out of the Cash App money. After that, you'll install Cash App on your smartphone. The app will guide you through enrollment, where you'll create a user account and link at minimum an bank account. You'll be able to utilize the bank account to send money to other Cash App users, as well as to transfer money out of your Cash App account to the bank account. Similar to the services offered by and that permit linking an existing bank account to send money; you can also hold any received funds within the app until you're ready take them out.
Are you looking for an account to connect to your app? Check out
To make a payment:
Start cash.app. App mobile app.
Select the sum you would like to send.
Tap "Pay."
Enter the email address, phone number or "$Cashtag" (another user's username on the application).
Input the amount you're making the payment to.
Tap "Pay."
To view the details of a received payment, tap to open the "Activity" icon. You'll also see the money deposited into the Cash App account on the "My Cash" button, which keeps a running total of your deposited funds.
You can also fill out an application form to have your paycheck directly transferred to your account on the Cash App account.
>> Want to check out a similar service to the Cash App?
Benefits of Cash App
There are no fees for basic services. Cash App doesn't charge monthly fees, charges to transfer or receive money, inactivity fees , or foreign transaction fees.
Comes with an optional debit card for free. The "Cash Card" allows users to make transactions and withdraw the money that is in their Cash App account. The card is issued from Sutton Bank and is unique to a user's Cash Account on the App. It's not linked to an individual bank account or another debit card.
Free ATM withdrawals when you set up direct deposit. Otherwise , the fee is $2 to use an ATM using a cash card.
"Cash boosts" help you save money using your debit card. Users who have the Cash Card may select a specific "boost" on their account that lets them save money when they purchase from a particular vendor (for example, 10% off your purchase with DoorDash). One boost is permitted for use at a time, but you can switch boosts as often as you want.
You receive a cash bonus when friends sign up using your referral code. If you give a referral number to friends, and then they register for Cash App with your link then you receive a $5 cash bonus for each friend who registers.
The ability to invest. Cash App allows users to purchase shares in certain companies with as small or as much as they'd like to invest. Stocks can be purchased using the cash that are in the Cash App account. If you don't have enough funds within the app, the remaining funds can be taken directly from the associated bank account.
Bitcoin compatible (but with fees). Cash App users can buy and sell bitcoin, but Cash App will charge two types of charges: a service fee per transaction, and, based on the market's activity the additional cost is that is determined by the volatility of prices across U.S. exchanges.
Things to think about when it comes to Cash App
The funds you deposit are not FDIC-insured. Cash App's functionality could be somewhat like an institution, but there's a clear distinction between it and a bona fide bank that is a chartered financial institution. FDIC insurance is a guarantee that, in the event that your bank should suddenly go under, your funds will be insured by the federal government typically up to $250,000. Despite the fact that it is the case that Cash Card is issued by FDIC-insured Sutton Bank, customers' funds held in the Cash App are not transferred or held with Sutton Bank and therefore don't get FDIC insurance.
There is a fee to use a credit card. Cash App costs 3percent of the transaction cost to transfer money through a linked credit card. This is a common cost when compared to other money transfer applications; Venmo, for example has a 3% fee to send money with linked credit cards. To avoid paying this fee completely, use an account linked to your bank account or the funds in your Cash App account to send money.
There are spending restrictions on the Cash Card. The maximum amount you can spent on your Cash Card can be $7,000 for each transaction, daily and the maximum is $10,000 for a week. The maximum amount that can be spent in a month is $25,000.
There are limitations on withdrawals for cash Card. The maximum amount that can be withdrawn from an ATM or a store register cash-back transaction is $1000 per transaction, $2,000 per day or $1,000 per week.
About the author: Chanelle Bessette is a personal finance writer at NerdWallet writing about banking. She is a specialist in checking and cash management accounts.
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