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Cash App Money Transfer: What Is It, and How To Utilize It
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Cash App Money Transfer: What Is It and How Do I Utilize It
By Chanelle Bessette Lead Writer/Spokesperson Banking, checking Accounts, cash management accounts Chanelle Bessette is a personal finance writer at NerdWallet covering banking. She was previously employed at Fortune, Forbes and the Reno Gazette-Journal. She also serves as a spokesperson for the bank team. Her expertise has appeared in The New York Times, Vox and Apartment Therapy.
Feb 26 2021
Editor: Carolyn Kimball Assigning Editor – Banking | Los Angeles Times, San Jose Mercury News Carolyn has been employed in newsrooms across the country as a reporter and editor. Her passions include personal finance, sci-fi fiction novels and ridiculous Broadway musicals.
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As more people embrace the convenience of cashlessness technology, companies have made it simpler to transfer money and pay immediately from your smartphone. Cash App is one of these services. It provides unique features when compared to other money transfer options like investing in stocks, receiving special savings through “cash boosts” as well as buying and selling bitcoin.
Read on to learn more about Cash App and its features, benefits and possible drawbacks.
Are you looking to find 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 send and receive money. This service can help you pay your utility bill to your roommates, pay friends back for coffee, split the cost of a vacation or any other money-sending job you’d like to do together with other cash App users. Cash App is also similar to a bank account, giving users the option of a debit card known as a “Cash Card” — that lets them purchase items using funds in their Cash App account. Cash App also permits users to invest their money in stocks and buy as well as sell bitcoin.
How do I load funds into the Cash App?
You can load funds into the Cash App by tapping the Banking tab within your app and inputting how much cash you’d like to deposit from your bank account that you have linked.
How do I send and receive money with Cash App?
You’ll need to begin by having an additional bank account in order to add funds to the Cash App account and have an account from which you can take cash out of the Cash App money. Then you’ll download Cash App on your smartphone. The app will walk you through registration, where you’ll sign up for an account for yourself and connect at minimum an account with a bank. You’ll be able to utilize this account to transfer funds to fellow Cash App users as well as to transfer money out of cash App account to the bank account you have. This is similar to the services offered by and that permit you to connect an account with a bank to transfer money; you can also keep any funds you receive in the app until you’re ready withdraw them.
>> Looking for a user account that you can make use of with your application? Check out
To make a payment:
Launch cash.app. App mobile application.
Input the total amount that you want to send.
Tap “Pay.”
Enter the email address, telephone number, or “$Cashtag” (another user’s username within the application).
Input the amount you’re making the payment for.
Tap “Pay.”
To see the specifics of a transaction click on the “Activity” icon. The money will also be deposited into Your Cash App account via”My Cash “My Cash” button, which will keep an ongoing total of your funds deposited.
You can also complete a form to get your pay directly deposited to your cash App account.
>> Are you looking to test out a service similar to Cash App?
Cash App Benefits
Free basic services. Cash App doesn’t charge monthly fees, costs for sending or receiving money, inactivity fees or foreign transaction charges.
The app comes with an additional debit card for free. This “Cash Card” allows users to perform transactions and withdrawals of the cash is in their Cash App account. The card is made available from Sutton Bank and is unique to a Cash App account. It’s not tied to a bank account personal to the user or another debit card.
Free ATM withdrawals when you establish direct deposits. If not, there is a fee of $2 for ATM use using a cash card.
“Cash boosts” can help to save money when you use credit card. Cardholders with the Cash Card can choose an individual “boost” in their account, which will allow them to save when they purchase from a particular vendor (for instance, 10% off any purchase using DoorDash). One boost is permitted to run at any given moment, but you are able to swap boosts as often as you want.
You receive a cash bonus for those who sign up with your referral code. If you send an invitation code to your friends and they sign up for Cash App using your link, you will receive a $5 cash reward for each person who signs up.
The ability to invest. Cash App allows users to purchase shares in certain companies with as small or as much as they want to invest. Stocks can be bought using the funds that are in your Cash App account. However, if there aren’t enough funds in the app, then the remainder of your funds will be taken from your bank account.
Bitcoin can be used with bitcoin (but without fees). Cash App users can buy and sell bitcoin, but Cash App will charge two kinds of charges which include a service fee for each transaction and, based on market conditions another fee that is determined by price volatility over U.S. exchanges.
Things to consider about Cash App
Your money isn’t insured by the FDIC. Cash App’s functions might appear to behave a bit like an institution, but there’s a clear difference between the app and a genuine bank-chartered financial institution. FDIC insurance is a guarantee that, in the event that your bank should suddenly go under the financial institution, your money will be insured by the federal government typically up to $250,000. Even though cash Card originates from an FDIC-insured Sutton Bank, customers’ cash funds within the Cash App are not transferred to or held by Sutton Bank and therefore don’t get FDIC insurance.
There is a cost to use a credit card. Cash App costs three percent of the transaction fee to transfer money using a connected credit cards. This is a fairly standard charge compared to other money transfer applications; Venmo, for example has a 3% fee for money transfers using a linked credit card. To avoid paying for this service completely you can use your linked bank account or the funds that are in the cash App account to transfer money.
There are spending restrictions on cash Card. The maximum amount you can spent on your Cash Card can be $7,000 per transaction per day , and $10,000 per week. The maximum that can be spent per month is $25,000.
There are limitations on withdrawals for cash Card. The maximum amount that can be taken out from an ATM or a store register cash-back transaction is $1000 per transaction, $1000 per day, and $1,000 per week.
About the author: Chanelle Bessette is a personal finance writer for NerdWallet that covers banking. She specializes in cash management and checking accounts.
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