Cash App Review: Transfer, Receive & Invest money on Cash App
What Is Cash App?
Cash App is a peer-to-peer mobile payment app formerly known as Square Cash that lets users transfer money to one another using a mobile phone app.
How does Cash App Work?
You'll need to download the Cash App from Cash.app website and enter your mobile number or email to create a unique username popularly known as $Cashtag. You then link your bank account or debit card information and your good to go.
Is Cash App Safe?
Cash App is safe and reliable to use for the most part as long as you follow instructions and keep other people out of your account. Use the password lock on your phone and don’t share your account information with anyone. Cash itself has security locks including PIN entry, touch ID, and facial ID.
Do you need a bank account to use Cash App?
Yes, all peer to peer services like PayPal, Payoneer, etc all require users to add and connect their bank account however you can send money from the Cash app without a bank account through Wire Transfers, Digital, and mobile wallets, etc.
The same thing goes for debit cards, you can transfer funds without a debit card on the Cash app.
Features of Cash App
- Protect payments with Face ID, Touch ID, or a passcode.
- Make your first payment within minutes.
- Buy and Sell Bitcoin from the App.
- Free debit card.
What are Cash App fees?
The Cash App website does not make it easy to see all the fees that are in one spot. Instead, it spreads out the fee disclosures across several themed pages: such as ATMs, Bitcoin, and cashouts, for example.
It is free to send out money to your Cash App balance from a bank account, though it appears you’ll need to use your bank debit card to do so.
If you do not want to wait for up to three days for your transfer to get to your bank account, you can pay a fee that is equal to 1.5% of your transaction to get an instant deposit.
The CashApp website says that you can use your Cash Card debit card to withdraw money from your balance at an ATM without incurring an additional fee. Otherwise, it is not upfront about what you will pay for transactions to and from your Cash App account.
How to add a debit card to your Cash App account
1. Unlock your Android or iOS device and launch the Cash App.
2. On the Cash App home screen, tap the “My Cash” tab, which is located on the far-left at the bottom of your screen.
3. On the “My Cash” page, click on “+ Add Credit Card.”
4. After you tap the “+ Add Credit Card,” icon a new page would open up where you will enter your card number. After you enter all of your card information, click “Add Card” to add it to your Cash App account.
How to Send Money from Cash App by sending a request
1. Open up the CashApp application on your iPhone or Android phone.
2. To request for money from someone, go to the Cash tab that is at the bottom center of the screen, enter in an amount, then hit “Request” to the left that is below the keypad.
3. Choose a person to request money from, you can either them in from the list of suggested people or by manually entering their $cashtag. You can also add a note, if you’d like, to remind them what it’s for. Then tap the green “Request” button in the top right corner of the screen.
You can also add a note under “For” when sending your request.
How to receive money from Cash App by accepting a payment
People can also send you money on Cash App without receiving a request from you. If you have already received money from this person before, then the payment would automatically be added to your Cashapp balance.
However, if this is the first time that this person has paid you on Cash App, you will have to manually accept the payment. Here’s how to do that:
1. Go to the Activity tab that’s the clock icon at the bottom right corner of the screen.
2. Under the Pending tab at the top of the screen, you’ll see any requests you’ve made that others haven’t completed. You may also see pending payments with a green “Accept” button next to them. These are payments from users who have never connected with you before. To accept and receive the money they sent, simply tap “Accept.”
3. Once you hit accept, a pop-up on your screen will ask you to confirm that you would like to receive payment from this person. Tap “Confirm” at the bottom of the screen, then tap “Done.”
If this person sends you money again in the future, you will not need to confirm the payment or take any action it will be automatically deposited to your Cash App account.
Pros and cons of Cash App
Cash App may be a way to send and receive payments outside of your bank account, especially after you’ve established your Cash App balance. But weigh transactions on the go against potential drawbacks.
Pros
- Send money to friends with a phone number or email.
- Buy and sell Bitcoin directly from your Cash App balance.
- Security features include a PIN login, face and fingerprint ID, encryption, and offline Bitcoin storage.
Cons
- Limited transparency when it comes to other transactions using the app.
- You must pay a 1.5% fee to get money cashed out instantly.
- You can’t make payments internationally.
- You must verify your account to increase your send and receiving limits.
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