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Cash App is a mobile payment service where users can send money to friends and family or pay vendors and merchants.
With Cash App, you have many tools in your grasp to help you not only save money but also invest it. Stay connected with your friends or family as well, in case you ever need to send cash their way. Here are some of the best features that Cash App offers:
Cash App also offers the Cash Card, which is a free, customizable debit card that is connected to users’ Cash App balance.
You can transfer funds to any Cash App user, as long as you know their phone number, email address or unique $cashtag. A $cashtag is the unique Cash App username each person creates when setting up an account. You can add funds to your Cash App account using a linked bank account or a Visa, MasterCard, American Express or Discover debit card.
On April 3, 2018, Cash App became available for users who live in the United Kingdom. Those living in the U.K. can link their bank accounts to the app to seamlessly transfer funds to others who have the app.
Although the U.S. and the U.K. both have access to the Cash App and its features, money cannot be sent between the two countries. You can send money to anyone, even if they don’t have a Cash App account. They’ll receive a signup notification via the method you used and if they don’t accept the money after a period of time, it will expire and you’ll keep your money.
Follow these step-by-step instructions to set up Cash App on your Android or iOS smartphone and send your first payment.
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Once you sign in to your Cash App, you can manage your account, view transaction history and send payments.
When you first open a Cash App account, it will be a “restricted account.” This account has all features and functionality but you cannot make a payment to another Cash App customer. With a restricted account you may link an external, U.S.-issued bank account to make a payment to another Cash App customer and you may transfer money from your Cash App balance to your bank.
If you have a restricted account and you attempt to make a payment to another Cash App customer, you will be given the option of upgrading to an “unrestricted account.” To upgrade, you will need to provide certain personal information so that Cash App can verify your identity.
Before you make payments using your app, you need to have already set up a debit card or other type of funding source. To load money on Cash App, tap the Banking tab in your app and input how much cash you’d like to add from your linked bank account.
The Cash App verification process is easy and straightforward for everyone. The verification process requires personal information as well as your Social Security Number (SSN). Follow these steps below:
To send a payment, follow these steps:
Ensure you get everything right, as Cash App to Cash App payments are instant and usually can’t be canceled. Refunded payments are generally returned instantly to your Cash App balance.
When someone sends you money, you receive a notification in your activity feed. To review the payment, select the activity tab. Then tap on the payment you want to see.
You can cash out and send the money to your linked bank account or spend it with your linked debit card. Follow these steps to cash out:
There are two speed options. Standard deposits take one to three business days to process. Instant deposits are credited to your debit card immediately. Note that standard deposits are free but there is a fee for instant deposits.
The Cash App Cash Card is a Visa debit card that allows you to use your Cash App balance to make purchases at retailers that accept Visa and to get your money out of an ATM. You can use the Cash App Visa debit card online and in person just like any other debit card.
You can order the Cash Card through the app. The card should arrive in the mail within 10 business days. You need to be 18 or over to order a Cash Card. The card, however, is not available in the U.K. like it is in the U.S.
You also can add your Cash Card to Google Pay and Apple Pay. Here’s how:
After you’ve set up the account, you can use Google Pay or Apple Pay when shopping at merchants that accept those payment methods.
Cash App works both from a computer and mobile app. Your account is accessible wherever you log in, so sending money online from a computer is the same as sending it from your phone. However, most people prefer using the app on a phone.
The Cash App sign-up process requires you to add a bank using your debit card. However, this is only for verification purposes, as you can receive money directly to your app and withdraw it at an ATM even if the bank account you used at sign-up is no longer in use. You don’t need a bank account to receive funds via Cash App.
Cash App has a transfer limit for how much you can send and how much you can receive. Users are allowed to send up to $250 within any seven-day period and receive up to $1,000 within any 30-day period.
To enjoy Cash App without transfer limits, all you need to do is verify your identity using your full name, date of birth and the last four digits of your Social Security number.
Cash App is a solid choice for peer-to-peer payments or an alternative to using your personal credit or debit card for making online purchases. Its fees are comparable to similar services. The investing and bitcoin purchase option is convenient.
However, if you’re looking for an alternative to a bank account, you might want to look elsewhere. Deposits are not FDIC insured, and it is complicated to reach a customer service representative.
Allison Hache contributed to the reporting for this article.
Information is accurate as of Mar. 9, 2021.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.
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