The easiest way to send and receive money with your phone linked debit card – Cash App!
If you are seeking smart ways to receive or send money without paying any fees, you may need just your phone to get started! Square develops a cash App, and in the category of peer-to-peer payment services, it sets itself apart. It comes with the feature of receiving the direct deposit payments to your registered bank account. Even it allows you to sell or buy bitcoin. However, there is a small catch. First, there are certain limitations to domestic payments, and second, they are not upfront about the fees.
What is Cash App?
Square, a digital payment company, primarily developed this mobile app called “Cash App.” It enables you to receive and send money via your bank account using the linked debit card.
When you sign up for the Cash App, then you will receive “Cash card,” which is a Visa powered debit card that you can easily use to pay for services and goods in the United States from your Cash App balance. You do not need to involve your credit card or bank account.
Understanding the Working of Cash App
When you download the Cash App, you will be asked to enter your necessary details, including your mobile number. In the next step, you will be asked to choose your unique $Cashtag, which is a synonym of username. Afterward, you will be asked to link your debit card information or bank account.
How do I send money using Cash App?
Sending the money using the Cash App is a piece of cake. All you need is to enter the amount which you want to send and tap on the “Pay” option. You can also send money to anyone using their $Cashtag, or mobile number or email address – all you need is to import your contacts. When sending the money to provide the reason and tap on the “Pay” option and money is sent in a few seconds.
How to cancel my payment?
For most of the transactions, you do not have the option of canceling the payment. However, in case of fraud or security, breaches, Cash App will allow you to cancel the payment. However, for that, you must contact their support department to learn more.
How do I receive money using Cash App?
When you receive the payment via the app, you will be notified either via text message or email. You can also see the same on your app. Open the Cash App tap on the clock icon which is on home screen – here you will see all the details of transactions.
Can I refund payment in Cash App?
Yes, there is a payment refund option in the app. Select the payment which you want to refund and choose the “Refund” option and tap OK to initiate the refund.
Are there limits for receiving and sending money in Cash App?
Yes. New accounts created on Cash App are limited to the following transactions:
Receiving up to $1,000 within any 30 days.
Sending up to $250 within any 30 days.
To increase your transaction limit, it is mandatory to complete the identity verification. To complete the verification, an individual must be 18 years of age and must provide his or her complete name, last four digits of SSN, and date of birth. However, Cash App sometimes asks you to provide additional details if it does not verify your ID.
Once verification completed, your limit will increase to:
No limit on the amount you can receive.
You can send payments up to $2500 every week.
If you are using the Cash App for business accounts, then you cannot send the payment, but quickly receive the payments.
Cash App Fees Explained
When you visit the website of Cash App, then you will not be able to find all the charges in one place. Instead, all their fee disclosure is spread out across multiple webpages, including Cashouts, Bitcoin, and ATMs.
You need to make use of your bank debit card to send the money via Cash App. Moreover, there are no fees of sending out the cash to your Cash App via bank account.
The free transaction of receiving the money in your bank account via Cash App takes about three days. However, if you do not want to wait for three days, then you can pay the 1.5% fee of your transaction value for an instant deposit.
With the registration of Cash App, you will receive their Cash card (debit card) which according to them can be used to withdraw cash from the ATM from your balance, and it will not levy any fee. However, the app is not straight about what you will pay for to and from cash app account transactions.
Cash App – Pros and Cons
Once you establish your Cash App Balance, then using the app to receive and send money outside of your bank account may be a smart way. However, when you thoughtfully weigh their benefits of sending and receiving the money, then you will also come across certain drawbacks.
- It offers robust security features including offline Bitcoin storage, encryption, fingerprint and face ID, PIN login.
- Sell and buy Bitcoin directly from the balance of your Cash App.
- With email or phone number send money to your friends.
- To increase your receiving and to send limits, you must verify your account.
- You cannot make international transactions.
- To instantly deposited the cash in your account, you must pay a 1.5% fee of the transaction value.
- When it comes to the transactions using Cash App, limited transparency is experienced.
Cash App Complaints, Reviews, and Regulations
There are many review sites. However, Trustpilot is one site that gave this app one star out of five, and it is reviewed by more than 700 users of the Cash App. Most of the complaints about Cash App is regarding bad customer support service, closed accounts without giving any warning or reason. Even some users complained that they never received the payment.
Even when you visit the trusted Reddit like forums then also you will read the same problems and complaints about the app. Some of the recent claims talk primarily about the sudden closure of Cash App accounts, limited details about declined transactions, and poor customer support –, especially during the Bitcoin transaction.
If you are genuinely searching for the peer-to-peer payment app with no fee of a debit card, Cash App can be considered as an option. However, with many customer complaints, unstructured fee charges, and focus on Bitcoin buying or selling you may want to compare it with another payment app first.