How Much Does Cash App Charge?
I have a friend that needs to borrow money all the time. I'm one of those friends that will loan out money to friends who need it. Normally, I PayPal it, another easier way to send money, but she didn't have her PayPal for whatever reason and was stuck in another town without a way to get home (Yeah, my friend's a trip.) But she messaged me and told me she had Cash App and sent me a link that would give me 5 bucks if I got the app. I'm a little resistant, I even look up reviews. Looks good, I go ahead and get the App. Was not disappointed.
How Do I Use Cash App?
It's easy to use. Once you connect your bank information to the app, you can send money easily as long as you are either already connected to someone (like I was when my friend sent me an invite, so I immediately had her on the app) or have the person's phone number or email address.
You open the app on your phone, touch the dollar sign and you can easily plug in the dollar amount and then hit pay; you will be given the option to send money to someone already on your app or plug in their phone number, email or Cash App tag (their Cash App name which you are instructed to create when you open an account.). You can also enable contacts, which I haven't done but I guess you can just use the contacts on your phone directly to send money. There are other option that you can explore, including a scan code you can use at stores to make purchases. You can put money on your Cash App too, and invest money. There are various options.
Sending money is free, by the way, as long as you're just doing something like sending money to a friend as the app is set up with your bank account info. So, much of what you can do with Cash App is free of charge. Are there any charges for anything with this app? Let's find out.
So What Do They Charge For?
If you're using your Cash App, you will get charged if you send money using a credit card. They will charge you 3 percent. This is a typical charge for using a credit card so it's pretty much what you'll find anywhere. Cash App is no different.
You will be charged 1.5 percent for an instant deposit into a bank account. However, if you don't mind waiting a few days, it's free to deposit money into your bank account. Unless it's an emergency, it might be worth it to wait a few days. Or you could pay the small fee if it's worth it to you.
For business payments, the customer is charged 2.75 percent. If a business accepts Cash App for payments they will be charged. They can be charged by a payment directly from the app or through the Cash App debit card, which is another feature of using this service.
So, to recap. Cash App charges:
- 3 percent if you are using a credit card to send money with the app.
- 1.5 percent if you want money in your bank account immediately. Otherwise, you can wait a few days for it to go in for free. Depends on your needs.
- 2.75 percent for business transactions, either directly with the app or with the Cash App debit card.
I've personally found Cash App to be handy and convenient and at times desperately needed to send money quickly. It's a very useful app!
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.