Cash App is among the various mobile money services that allow you to send and receive money. The platform only works in the US and the UK. That means you cannot transfer money internationally to other countries other than the two countries. The US users transact using US dollars, while those in the UK transact using GBP. If transfering money to either country, you have to convert to the local currency. Now that you can spend money on the platform, then how much money can you send on Cash App?
You will know about the amount of money you can transact using the service later on. When you verify your account, you will find that you will get higher transaction limits than when you have an unverified account. Unverified account holders cannot be left to handle large sums of money as they may carry out fraudulent transactions or unlawful fund activities such as terrorism, human trafficking, or drug trafficking. People with bad intentions will never want to be verified as they fear to be identified.
When talking about account verification, we are talking about adding a bank account to your Cash App account. That way, your details will be available for the company. And by the way, you will also need to add your identification documents, full name, date of birth, and address for the company to make sure that you are a real person and not an identity thief. We have people who steal other people’s identity documents and then use them to open accounts with financial companies.
Is Cash App a bank?
Cash App is not a bank but money transfers app. We have numerous banks that operate online, just like Cash App such as Chime and Discover. These banks work like other banks, only that they have no physical branches. For example, one can transfer money from Chime to a bank account using the routing and account numbers, just as they can do with any other bank online.
How to get started with Cash App?
Before using the company’s services, the first thing you should do is to open an account online. Cash App only operates online, and you have to open an online account with a smartphone, computer, or tablet to get started with the service. To open a Cash App account, you should follow the procedure below.
- Download the Cash App application from the relevant site depending on your phone.
- Tap on it to launch
- Enter your phone number or an email
- Enter the code that Cash App sends to you
- Invite your friends to sign up with Cash App and earn cash. However, this is optional.
- Enter your debit card information to link your bank to the platform
- Choose a $Cashtag username to use to send and receive funds
- Enter your area zip code
At this point, your Cash App account will be ready to use. You add a debit card to the platform to help you fund your transactions when you do not have sufficient balance. There are also other ways you can add money to Cash App without a debit card, e.g, when you receive funds from others.
You can even add a credit card instead but be prepared to part with lots of fees. Cash App charges a 3% fee when you use a credit card to fund your transactions.
What can you do with Cash App?
Like many other mobile wallets, the service allows you to do various transactions. The platform has rendered the need for checks, money orders, and other similar money transfer methods useless. Imagine sending a check which takes several days to reach the beneficiary and sending money using Cash App, which reflects in the recipient’s account immediately.
The following are the things you can do with Cash App. Have a look.
i) Buy goods and services
You can use Cash App to buy goods and services online to businesses accepting Cash App payments. You only need to get the $Cashtag of the business, then send the required amount for free. The business owners can then transfer funds to a bank account. It is also possible to transfer money from Cash App to a debit card, and the funds are then reflected in a bank account associated with the bank account.
Another way you can use your balance to buy goods and services is using the Cash Card. The card connects to Cash App and works like any other debit card. You can use it online by providing the card’s expiry dates, card number, and CVV, swipe or tap at the register to pay when shopping at physical shops.
ii) Buy Bitcoin
Bitcoin is one of the most traded cryptocurrencies in the world. Cash App allows one to buy and sell Bitcoins with their balance. Therefore, if you have the money you do not need, you can utilize it and get something out of it.
Bitcoin is among the best performing cryptocurrencies in the world, and currently, one Bitcoin is valued at 43,211.90USD. The price keeps on fluctuating, and you can even wake up with a different price the following day.
iii) Withdraw money
You can withdraw funds to your bank account that links to your Cash App account. It does not matter the kind of bank since the service also accepts online banks. For example, Chime, an online bank, works with Cash App.
Also, one can transfer money from Chime to Cash App as long as you have added the bank account details on Cash App. To withdraw money from Cash App to a bank account, you can follow the process below.
- Tap your Cash App balance on the Banking tab
- Tap the Cash Out link
- Hit to enter the amount of money you want to withdraw
- Hit on the Cash Out button
The funds will reflect in your bank depending on the withdrawal period you choose. Cash App allows you to withdraw money instantly to a debit card at a fee or use the standard transfer. The instant transfer usually attracts a transaction fee of 1.5% and a minimum fee of $0.25. The standard transfer goes to a bank account and costs no fees.
Furthermore, you can withdraw money at an ATM using the Cash Card debit card. The card has a PIN which you have to use to authorize your transactions. Withdrawing money at an ATM costs you a $2 fee charged by the platform for the withdrawal service.
iv) Send money
It is possible to send money to other account holders by using their $Cashtag usernames, email addresses, or phone numbers. As I mentioned earlier, sending money over the platform is instant and proves more beneficial than other transfer methods.
And by the way, sending money using Cash App is one way you can get money off Cash App without a card or bank account. However, do not forget the necessity of adding a bank or debit card to fund your transactions when the Cash App balance is not enough.
How much money can you send on Cash App?
There are various amounts you can transfer on the Cash App, depending on the status of your account. You can either have a verified or unverified account. Each of the accounts has different limits, and if you can remember what I mentioned in the beginning, a verified Cash App account allows you to send more money than the unverified one.
You can increase your limits by adding your full name, birth date, and the last 4 figures of your Social Security Number. With an unverified account, Cash App allows you to send up to $250 in seven days and receive up to $1,000 in 30 days. When you verify your account, your limits increase to larger amounts.
Does Cash App accept direct deposits?
Direct deposit is a money transfer technique whereby senders transfer money using the routing number and account number of the receiving account. Cash App has a routing number and account number, and you can provide the details to receive a salary or government deposit. Therefore, you do not need a bank to get your payments. Furthermore, Cash App direct deposits are faster than traditional banks.
How do I get Cash Card?
As I mentioned earlier, Cash Card is a debit card that connects to Cash App. As mentioned earlier, the card allows you to use your account balance for various transactions, such as buying goods and services and withdrawing money at an ATM. To get the card, you have to;
- Log into your Cash App account
- Tap the Cash Card button on your home screen
- Hit Get Cash Card
- Select Continue
- Follow the steps to finish the application
The card is not available for those under 18 years. Now the question is, where can I reload my Cash App card? If you remember what I said up there that the card links to Cash App, then you need to note that, when you receive money from others or via direct deposit, and when you add balance from a linked bank or debit card, then the funds become available in the Cash Card.
Bottom line
Cash App is among the various mobile money companies that allow you to send and receive money. The application operates in the US and the UK only and thus cannot allow international transfers to other countries.
The platform has a debit card that you can use to withdraw money and buy goods and services. When you open the Cash App, your sending and receiving limit is usually lower. However, upon verifying your account, the limit increases.
