Words are going around about Cash App to the extent that people are now asking what is Cash App, and how does it work?
In this article, you will be provided with the cash app reviews and other important things you need to know about the app.
If you are living in a country like the United States and the United Kingdom where you do not need any third parties tools to download Cash App, you do not know how lucky you are, but for users from other countries, they would have no choice but to find working methods to make use of all that Cash app offers.
Cash App is no doubt a very versatile app with the ability to carry out most of the functions you will want in a mobile banking app.
Furthermore, you still get to send or receive money for free. With this peer-to-peer transfer app, you are probably not going to need another banking app unless you need a backup.
Let us get into details so you can get every detail you need to know about this mobile payment service. We would try to cover almost every angle.
WHAT IS CASH APP
Cash App is a mobile payment app that enables users to transfer, receive, invest, and save their money. This banking app can only grow stronger and it is currently making waves in other continents including Africa and Asian countries as well, but not yet supported.
If you have already had your bank app installed on your smartphone, you would know how comforting it is to quickly send money with just a few punches on the keypad. Just like your banking app, Cash app is another alternative you could use to quickly transact. What makes it more special is that you get to enjoy the service for free.
Moreover, the app is so secure, you can rest your mind knowing fully well that there is nothing to worry about when it comes to keeping your money safe on Cash App. The service comes with a special feature that allows you to set up a passcode for your account. This could guide against unauthorized third parties. You can also put a pause on your Cash Card on the app if you misplace or have it exposed.
Cash App, formerly known as Square Cash is owned and managed by Square, Inc, it is just a simple app yet with top-notch features. The app currently works on IOS and Android.
Square, Inc was established on October 15, 2013. In March 2015, the app was introduced and was known as Square Cash for businesses. During that period individuals, business owners, and companies were able to use its core feature called $cashtag to send and receive money with ease using their unique username.
As the app continued to grow, there was a need for the team to bring in more value to the app. After several consultations, they resorted to adding Bitcoin Trading on the app. The move was made to help users of the app make money via Cash App.
In November 2020, Square Inc bought Credit Karma Tax, a free do-it-yourself tax-filing service for a fee of $50 million and then absorbed it as part of the Cash App unit. It also offers stock investment and currently, Cash app is one of the most popular banking apps in the world.
HOW DOES CASH APP WORK?
On the cash app, you will be able to send and receive money for free. You can also add funds to your Cash App wallet, this can be done by using the debit card linked to an existing bank account or directly from your bank account. If you have money on your Cash app wallet, you will also be able to draw from the balance available there.
Using the app makes it easy for you to send and receive money from family and friends. Also, imagine paying for all your friends at the restaurant and your friends promise to reimburse you later. You can easily request the money using the Cash App.
When you request money from the app, there is no guarantee that you will get the money, but the recipients will receive a friendly reminder.
Cash app users will also be able to transfer the funds to their bank account or other app users. This might take two to three business days before the money reaches your account.
If you are sending money to another on Cash App, be extra careful when entering the beneficiary’s information, because if you send it to a wrong recipient, you may not get it back again. The only solution may be to contact the recipient and hopefully, they return it. However, you may be able to cancel payments that are yet to hit the receiver.
Cash App has made it easier for users to send and receive money from anyone around the world with their unique usernames, a feature known as $Cashtag. By entering the correct $Cashtag of the recipient, it is just a one-way ticket. Meanwhile, the Cash App now supports ACH direct deposits.
Maybe investing in stock or cryptocurrency is what matters to you, you have the platform on Cash App. You can invest as little as $1 on stock with no commission charges. On the app, you will be able to track changes in price in realtime and get to monitor your investment. Another benefit is that you can also follow top companies so you will be able to monitor their performance and growth. All these made available will enable you to make the right decision which could pay off soon.
Bitcoin trading is also live on Cash App, you can buy, sell, or withdraw your bitcoin. The key to successful bitcoin trading is to know when to buy and when to sell. If you are interested in investing in bitcoin via Cash App, you can get started by buying as little as $1 of Bitcoin, and then track the BTC price in realtime. On the app, you have the option to keep your crypto in your wallet or move it to another.
PROS AN CONS OF CASH APP
PROS OF CASH APP
Cash App does not charge on basic services such as fees to send or receive funds, foreign transaction fees, and monthly fees.
Cash App is your one-stop shop where you can send, spend, save, and invest your funds in your wallet.
It is simple, fast, and easy to use that anyone could easily get hold of all angles.
A free optional custom debit card is available for Cash App Users. With the card, you will be able to make online or in-store purchases.
If you are a registered user on the app, you can get a cash bonus when your friends or family use your Cash App referral code. For anyone who uses your referral code on Cash App while signing up, they get $10 while you are given $5.
Investment on the app is also one of the benefits you could get on Cash App. You can easily buy stocks of top companies and earn from them. You can purchase stocks using the money on your wallets. If not enough, the rest of the payment will be taken from the bank account linked to the app.
Bitcoin trading can be considered another form of trading on the app. You can buy, and sell but there is a charge for each transaction.
As a Cash App User, you can also get a free withdrawal provided you set up a direct deposit. If not, you will be subject to $2 when you use an ATM with your Cash Card.
As a registered user of Cash App, you are also entitled to Instant Discounts with your Free Cash Card.
CONS OF CASH APP
Although making a deposit is free but when you decide to use the Instant Deposit Feature, you will be charged 1% of the deposit money.
If you are using a credit card to send money on Cash app, you will have to bear a 3% fee.
It does not have many options for customer services, therefore if anything goes wrong, you might find it difficult to contact them.
HOW TO AVOID SCAMS AND FRAUDSTERS ON CASH APP
Although the founders of Cash App, Square, Inc are always doing everything in their capacity to ensure that your money is safe. Notwithstanding, there are guiding principles that need to be followed if you ever want to keep your account safe.
Follow the best practices, and you can be sure there will not be any reason to have a sleepless night over your money.
The first step is to ensure that no one knows your Cash App PIN, sign-in code, or other sensitive information like your bank account information. Cash App Support will not under any circumstances ask you for this kind of information, request you to download an app, make a purchase, or complete any test.
Phishing is one of the most common ways that fraudsters and hackers use to break into your Cash App and then steal your money. The most common type of Phishing is Phishing Emails. At one point in time, everyone would have received such mail containing a link that looks similar to the original website. For example, an original website could be iphone.com while the phishing mail may contain lphone.com.
Hackers and fraudsters have now raised the standard, so you should know every way they use to try and scam you of your hard-earned money. Phishing attacks can also be carried out via phone calls and text messages. They found out that most people would naturally open a text message than an email, which makes it one of the most effective methods for them.
Cash flipping scam is another way deceitful individuals could use to steal your money. Their normal mode of operation is to give you enticing offers, one that it is almost difficult to ignore. They would even use perfectly edited images to convince you that they could flip your money, assuring you that they could increase your cash app money by a certain percentage in a few hours or days. If you send your funds, they will not send it back. Avoid any scheme that has to do with Cash App flip.
The most reliable way to avoid most of these Cash app scams is to ensure you go through the right source, app, or website. Much of what you need is right there.
Losing your money on Cash App could be a huge blow as it is not FDIC-insured. If you send your money to a wrong recipient or for fraudulent activity, getting it back might be very difficult as it is not federally backed.
Recommendation For Keeping Your Cash App Secure Are Listed Below
- When sending payments, go through the recipient’s information before putting a final touch to the transaction.
- Only make payments to people you can trust. It would make much sense if you only make it to friends, families, and trusted partners.
- Avoid sending money based on promises. Someone who promises double money in just a few hours is more likely to be a fraudulent person.
- Never reveal any sensitive information to a third party.
- There are several means that scammers use. If something is too good to be true, avoid it.
IS CASH APP A SCAM OR LEGIT?
There are quite many ways to know if a business can be trusted or not, using the same methods, we were able to confirm that Cash App is not a Scam.
First, Cash App operates under Square Inc, a company that deals in software and hardware payment products and is currently one of the fastest-growing companies in the world. The company is registered and based in San Francisco, California in the USA.
Also, we have Jack Dorsey (Twitter Creator) as the man behind the wheels and several founding members who have ensured the dream became a reality. If cashapp can not be trusted, the members would have been running it under a guise.
Even without providing other inputs as to why Cash App is a legit site and app, the credentials of Jack Dorsey should be enough to give you the confidence.
To protect users’ data, the team behind this peer-to-peer (P2P) app makes use of strong encryption which makes it unlikely for anyone to gain access. Magnetic stripe data, security codes, and card numbers are not stored on Square client devices.
Therefore, whatever numbers, alphabets, or codes you punch on Cash app through your iPhone, Ipad, or Android, you are perfectly in good hands. Thanks to the technology currently adopted by Square Inc called Payment Card Industry Data Security Standard (PCI) compliant and Verisign certified.
Meanwhile, Square Inc has been up and running since February 2009, and with an estimated annual net income of US$375.45 million, one could conclude that the business is not closing anytime soon. Not even in 50 years especially now that consumers have drawn more to paperless banking, more users bring in more revenue which means there are enough funds to stay afloat. Square Inc’s website is squareup.com.
WHAT ARE THE FEES ON CASH APP?
All the fees can be avoided if you choose to use the Cash App except Bitcoin. Cash app fees are:
- Making a payment using your debit card or bank account is free, but when you use a credit card to send money, you will be charged 3% of the total money sent out.
- You will also incur a 1.5% fee (with a minimum fee of $0.25) anytime you request for instant transfer of funds from cash app to a debit card. Standard deposit which is free could take up to 3 days.
- Cash App also charges fees when you receive or buy bitcoins. The applicable fees will be provided on the confirmation trade before completing the deal.
SPENDING AND WITHDRAWAL LIMITS ON CASH APP
There are transaction limits placed on cash app like all mobile banking apps. These restrictions are mostly to protect users.
The amount of money an unverified Cash App account/users can send in a day or week is $250. Relevant documents are necessary if they want to send over $250 per transaction in a day or weekly.
These users will only be able to receive or send up to $1,000 within any 30 days. The restrictions can be removed by verifying their respective accounts. To verify accounts, they will need to provide their full name, date of birth, and the last 4 digits of their social security number (SSN) provided they are living or a citizen of the United States of America. SSN is a 9 digit number issued to U.S. citizens, permanent residents, and temporary residents.
Thereafter, you will able to spend up to $7,500.00 per week using your cash app while there is no limit to how much you can receive on the app.
Cash App users can withdraw cash up to $1,000.00 per transaction from an ATM and POS daily or weekly.
CASH APP DOWNLOAD
The cash app can be installed on both Android and IOS devices (iPhone and Ipad) for free.
For android, you can visit the Google Play Store to install directly to your device or have the Apk sent to you if you have friends that have already installed cash app on their smartphone.
iPhone and Ipad users should visit the Apple Store to install Cash app. Do note that you must be at least 18 years old to download or open a Cash App account.
CASH APP WEBSITE
If you are unable to locate the app from your app store, you can visit the official cash app website to get the download links.
The Cash App Website contains vital info about the app. If you are unable to access or use the app in your country, a good VPN could grant you access. Meanwhile, there are backdoors one can use to use Cash App from any country.
The cash app website is cash.app.
SUPPORTED CARDS ON CASH APP
Cash app supports Visa, MasterCard, Discover, and American express which could be debit or credit card. There are also some government enabled prepaid cards that are supported except that Cash App users will be unable to deposit money into such cards.
Paypal, ATM, and business debit cards are not supported at this time but could work later in the future. However, you could choose to move the PayPal funds to your bank account and then to your Cash App.
HOW TO GET YOUR FREE A FREE CASH APP CARD
All cash app users can request for Cash Card. The cash card is a free customized debit card linked to your cash app. The card is a visa card that can be used online and in stores.
- To order or request for Cash Card, after log into the Cash App, click Cash Card tab. It is at the bottom of the page.
- Tap the button tagged, ‘GET FREE CASH CARD’, and then choose the colour you want on the cash app card. Click ‘Continue’.
- Choose whether to show your $Cashtag or not. If you choose to show it, your unique name will appear on the card.
- The next step is to sign the card. Even in the bank, a debit card can not be used until signed. To sign the cash card, click the field that says “Tap to customize.”
- Provide your signature. You can draw or write out your signature. Make changes as it deems fit, you can also add smileys if you want. Once done, click ‘Next’.
- Provide a mailing address and then click ‘Next’. Provide an address that you know would be easier to locate.
- Confirm your names, that is first and last names, and tap ‘Next’. The names will appear on the face of the Cash Card.
- Read the info about the card and click ‘Continue’. You should get the card within 10 days as claimed by Cash App.
HOW TO USE CASH APP TO SEND MONEY
1. Cash App Sign Up
Now that you have installed the app on your smartphone, the next step is to sign up on Cash App. By signing up to own a Cash App Account, you have agreed to the terms and conditions guiding the app.
To sign up, launch Cash App from your device and create an account using your email or mobile phone number and then provide the one time password to successfully sign up on the app.
2. Link Card Or Bank Account To Cash App
After signing up and log in to the app, the next step is to link your bank account, debit, or credit card to your Cash App. Normally, when you open a new account on the app, the system will request that you add your bank account using a debit card. Your debit card number, CVV and expiry date of the card will be requested for this process.
The moment you link in your debit card, you will be able to get your unique $cashtag. The $cashtag is like a channel that people use to send money to your cash app and can also be used to locate you.
When choosing a $Cashtag, it must include at least a letter and not more than 20 characters. $Cashtag can only be changed twice. If you don’t have a card at the moment, skip it by clicking on the skip button. You will still be taken to a page where you can choose your $cashtag.
3. Enter The Amount You Want To Send
The next step is to enter the amount you want to send to the beneficiary, and then click “Pay”. You have the option of using the standard or instant mode. For instant transfer, this will incur a 1.5% fee while the standard mode which could take two to three days is free.
4. Enter The Recipient’s Contact
Cash app has provided users with different ways to send money. If you are sending to a third party, you could give the sender your $cashtag (username).
Users will also be able to send funds using the email address and phone number, giving you a number of ways to send money to you with ease. Most friends and family prefer to use phone numbers since they are more likely to remember or have them.
Whatever medium you choose, ensure you go through the detail to confirm if it is correct as any mistake might prove too costly. Do not be in a hurry to send payments and only send when you are in the right state of mind.
Meanwhile, the recipient will need to accept the transfer, and failure to do that, the transfer will be canceled.
5. Complete The Transfer
If you have confirmed the recipient, then you could drop a comment. This normally explains the purpose of the cash app transfer. Once done, click ‘Pay’ again to complete the Cash App Transfer.
HOW TO CASH OUT ON CASH APP
There are lots of way you can spend or use the money on your Cash App. You can cash out through the app or website. It can also be spent online or in store using your Cash App Visa Card.
To cash out funds from your Cash App to your bank account, Login to the app and click on “Balance tab” on your Cash App home screen. Alternatively, tap the profile icon, go to “cash” and select ‘Cash Out’.
Select how much you want to send to your bank account. Choose if you want instant or regular transfer. Instant transfer normally attracts a fee as we have already discussed above. Confirm the Cash Out with your Touch ID or Pin.
HOW TO CONTACT CASH APP SUPPORT
Cash app is an honest business like we have already pointed out on this page. When you run into an issue, there is an available Cash App Customer Care Rep you can request help from.
However, there are no Cash App phone numbers, but you can call 855-351-2274 to receive automated instructions over the phone.
If you must talk to them, log into your Cash App, click on your profile icon, Select “Cash Support”, and select “Something Else.” Then Choose “Contact Support” to request a call or email from Cash App Support. Provide your details and click “Continue”. A customer care rep should reach out to you within 24 hours, if not, you should try the process again.
Another alternative is to visit cash.app/help. Scroll down and click “Contact Support”. Follow prompts to contact them.