Cash App Review: Exchange Rates, Transfer Fees & Limits
Author: April Summers
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You may have heard of Cash App; a mobile payment service with a reported 30 million monthly active users in 2020. The popularity of the platform is attributed to the simplicity of its user interface, as well as its ability to process domestic payments instantly. In this guide we will outline how to send money using Cash App.
What is Cash App?
As we inevitably edge closer towards a largely cashless society, digital payment providers like Cash App are working hard to offer their 36 million customers everything they need to arrange swift, stress-free online money transfers.
Cash App is a peer-to-peer (P2P) payment system which supports the sending and receiving of money between acquaintances in the US and the UK. Since launching in 2013, Cash App counts Venmo, another popular payment service, as one of its main competitors in the P2P sphere. In an attempt to outshine their competitors, Cash App recently introduced additional “Investing” functions which supports the trading of stocks and cryptocurrency. However, Cash App’s core functionality focuses on paying others and getting paid.
What Are Cash App Exchange Rates, Fees & Costs
In this section we will run through the various costs associated with Cash App’s money transfer services including transaction fees and additional commissions.
Exchange Rates
Unlike the majority of leading money transfer providers, Cash App does not support international transactions and functions exclusively as a platform for domestic money transfers.
Despite their presence in the United States and United Kingdom, it is not possible to send money from the US to the UK or vice versa. It is strictly used for local transfers within the same country.
Fees
When Cash App refers to itself as a fee-free service, it is generally referring to its transfer fees; other fees still apply. These include -
A fee of 1.5% of the transfer is charged to customers who utilise the Cash Out option: this service bypasses the usual transfer speed and deposits funds instantly, direct to the recipient’s card or account
A fee of 3% of the transfer is charged to customers funding the transfer with a credit card
How Does Cash App Compare to Other Providers?
Cash App does not live up to the standards of rival money transfer providers such as Wise, OFX and WorldRemit. Although it offers low-cost services for domestic transfers within the US and UK, it is not a viable option for anyone making international transfers outside of these countries.
Pros & Cons of Using Cash App
Here we will provide a succinct overview of the various benefits and drawbacks of using Cash App for money transfers. We strive to be as transparent as possible when reviewing all companies, to help our customers make the most well-informed decisions.
- Quick and easy payments on-the-go: Customers can arrange money transfers at their convenience with a tap of a few buttons, using the Cash App for US or UK customers
- Virtual bank account: Cash App is more than money transfer operator, with features that mimic digital banking such as a Cash Card debit card, full bank details and the ability to spend using their Cash App account
- Low-cost service: Cash App services generally free of charge, aside from the small fees mentioned earlier
- Innovative features including options to invest and manage stocks, save money with “Cash Boosts” as well as the ability to buy and sell Bitcoin
- Local payments only: Customers can only send and receive money to contacts in their home country of the United States or United Kingdom. This is very limited when compared to the available options offered by other money transfer companies
- Not insured by the FDIC: Although the Cash App mirrors many products and services offered by banking institutions, it is not insured by the Federal Deposit Insurance Corporation (FDIC) and therefore should not be used as a primary bank account
- Online only: There is no option to contact Cash App customer service agents by phone (for UK customers) or in-person (for US and UK customers)
How Do You Add Money to Your Cash App Balance?
Make payments by linking your bank account, debit or credit card to the Cash App; loading money to use as your account balance. By entering your card details and connecting your chosen payment method, you will be able to freely move funds to your Cash App balance.
Users are only permitted to connect one payment method to their Cash App account. An alternative source of funds is the money received to your Cash App account which, when accumulated, can be used as your primary account balance.
Who Can You Send Money to With Cash App?
Anyone with a Cash App (available in the US & UK only) account can send and receive money using the platform.
Can I Make International Money Transfers With Cash App?
As well as making money transfers within the USA, Cash App now also permits transfers between US and UK users. According to their website; “Cash App will convert USD to GBP based on the mid-market rate… and your recipient will receive the funds in GBP.” This convenient new functionality does not incur additional fees, with users encouraged to send and request payments between the US and UK for free.
Top Destinations for Sending Money With Cash App?
At the time of writing the United States and United Kingdom are the only destinations supported by Cash App. (May 2021)
How Long Does It Take to Send and Receive Money With a Cash App?
Sending money with Cash App should be instantaneous, but in some cases funds may take 2 - 3 business days to reach the recipient. In this case, any instant deposit fees are refunded.
How Much Does It Cost to Send Money With a Cash App?
The app can be downloaded for free on the App Store or Google Play Store and sending money is free too.
What Type of Transfers Can You Make With Cash App?
The transfer options available with Cash App are limited to domestic wire transfers within the US and UK only. Customers can send money to and request money from other Cash App account holders: up to $1,000 (or equivalent) per month.
What Payment Methods Can I Use When Sending Money With Cash App?
The following payment methods can be linked to your account to fund money transfers:
Debit Card
Credit Card
Bank Account
How to Send and Receive Money With Cash App?
Sending Money With Cash App:
Make a payment to your friends and family by following these 6 simple steps
Tap the $ Icon at the Bottom of Your Screen
To send money to friends and family, select the dollar sign icon on your home screen.
Enter the Amount of Money You Want to Send
Using the on screen keypad, tap in the amount you wish to send to your payee, and then select “Pay”.
Enter the Recipient’s Details
In the “To” section, search for the name, username (also known as a $cashtag) email or phone number of your recipient.
You can also enter the recipient’s details via scanning their Cash App QR code. Simply select the square QR code symbol in the top left corner of the cash screen, using your camera to scan their code. Your QR code can be found at the bottom of this screen, where it says “My Code.”
Add a Note
In the “For” section, add details to identify the payment upon receipt.
Review the Payment Information
The amount due to be sent is displayed at the top of the screen (e.g. $40.00) and underneath you will be notified of which payment method is being used to send this money (e.g. your Cash App balance or your linked account or card.) Tap the arrow to select from the dropdown options to choose where you want the money to be transferred from.
Click “Pay” in the Top Right Hand Corner
To initiate the money transfer, select the “Pay” button and your funds will be sent to your recipient instantly.
Receiving money with Cash App
Here's how you receive money with Cash App
Connect Your Bank Account
Before any funds are sent to your Cash App account you will want to make sure you have connected your bank to your account, to ensure the money received is deposited to the correct place.
Share Your Details
To receive funds from another Cash App user you will need to share your $Cashtag link, phone number or email address. You will also be able to send a payment request to other Cash App users.
Withdraw Funds
You will be able to check details of your incoming deposits by visiting the “My Cash” section in your mobile app. Once the funds have been deposited you can hold them in your Cash App account or withdraw the funds to your bank account of choice
Can I Trust Cash App?
Since Cash App was launched in 2013 by Square Inc. - a reputable financial services group based in San Francisco - the brand has grown into a household name widely used across two continents.
Despite its seemingly straightforward and simple user interface, Cash App applies multiple security measures to ensure account details and funds are kept safe. These measures include data encryption and fraud protection designed to prevent the loss of unauthorised charges, as well as the use of two-factor authentication, PIN codes and biometrics such as Touch and Face ID. In addition to these protocols Cash App has produced a guide to avoiding scams and keeping your money safe, over on their website.
After reviewing various feedback and conducting research into the company’s history, we have deemed Cash App a trustworthy business entity as it upholds reputable and reliable services.
What Do Users Have to Say About Cash App?
Cash App has been scored a disappointing 1.2 out of 5 stars on TrustPilot, with 92% of these reviews categorised as “Bad.” The majority of negative feedback touches on issues with cancelled payments, unsatisfactory customer support and delayed payments; this suggests there is room for improvement when it comes to customer satisfaction.
Over on the Google Play and App Store, however, Cash App has been awarded 4.2 and 4.8, respectively. This indicates that while some customers have complained about their experiences with the Cash App, the general functionality of the application exceeds expectations.
What Customer Service Options Are Available With Cash App?
Cash App Support can be accessed by tapping the profile icon on the home screen of the app, selecting Support and searching for the topic you require assistance with. Further customer service is available via phone by dialling 1 (800) 969-1940 (for US customers only).
Other Apps to Send Money Abroad
Summary
This money transfer application is best suited to customers making casual payments between peers such as family members, friends and other close contacts. To send and receive money with Cash App, users must have registered for an account and be based in the United States or United Kingdom: anyone with international money transfer requirements will need to look elsewhere. We recommend using our comparison tool to discover the best, low-cost options for cross-border payments.
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FAQs
Does Cash App have a mobile app?
Yes, the company exclusively operates as a mobile application. It is free to download from the Google Play or App Store for iOS and Android users.
What are the best reasons to use Cash App?
For sending and receiving instant payments between friends and family
To use as an additional virtual bank account, with a free Visa debit card
For the “Cash Boost” feature which offers savings with major retailers such as Xbox, McDonalds and Starbucks
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