Cash app is a popular payment app that works in the UK and USA, it lets you send money to family, and friends directly. Today, in our full cash app review we are going to share everything that you need to know about the peer-to-peer payment app. If you are in the USA you are also entitled to a Visa debit card that you can use to withdraw money from ATMs or buy goods online, you can block the ATM directly online.
The app supports Buying and Selling Bitcoin as well as investing in some stocks. This article will help guide you if the cash app is a good option for sending and receiving money. The UK version of the cash app doesn’t have a debit card and you also can’t buy Bitcoin. I’m sure that with time those features will be added to the UK version of the cash app. It is also important to know that the cash app is not a real bank, it is only a finance app. Let’s dive deep and tell you everything you need to know.
Pros
- Good, easy to understand Interface
- Free and direct money transfer
- Allow users to buy Bitcoin and Stocks
- Can be used to automatically deposit money into your bank account
- Free debit card for in-store and online payments
- Dedicated account number and routing
Cons
- Transfers are not always instant
- Funds are not FDIC insured
- Limited option for international transfers
- Spending limits on a cash card
- Deposit limits for unverified accounts
- Low daily payment limits
Cash App Review – How does it Work?
To start using the app you need to download it from the Google Play Store or Apple App Store. After that, you register with your phone number, and you will receive a code via SMS for instant verification. You will select your User ID otherwise known as $cashtag by adding your email and photo. They will also provide you with a custom link that can be used by your family and friend to send you money. Finally, you can link your bank accounts or cards to send and receive money.
How to Send Money on Cash App
You can send money from your cash app balance, or from any linked bank accounts, and credit cards. The app supports Visa, American Express, Discover, and MasterCard. You can send money easily by entering the recipient’s email, phone number, or $cashtag. Users can send $1000 in a month, but your limit can be increased if you verify your name, birth date, and the last four digits of your social security number.
How to Receive Money on Cash App
These cash app reviews won’t be complete if we don’t guide you on how to receive money using the app. All you have to do is share your email address, phone number, or $cashtag link. You can also send a payment request to other cash app users. When the money is deposited into your cash app you can withdraw it to your bank account or debit card. You can also check details of incoming deposits from the “My Cash” section of the app.
If you want to withdraw money from the cash app tap on “Cash Out” in the mobile app, and enter the amount you wish to withdraw to your bank account or card. You can also get quick cash from an ATM with your Cash App card. There are charges however if you choose to use the cash app ATM.
Cash App – Safety, Security & Support
Cash app is using industry-standard security and encryption methods to keep your money safe from fraudsters and hackers. It is advisable to use the app for a smaller amount of money. It is not reasonable to hold a large amount of money in your cash app since it is not FDIC protected. There are also ways you can protect your money by using two-factor authentications, you should also double-check details before initiating any payments. Cash App states that is certified PCI DSS which is security used by major credit card issuers.
They also have a great support team, they have a list of all the major questions at the bottom of the site. There is also a link to reach out to a customer representative directly on the website. When it comes to cancellations and refunds cash app suggests that you settle the dispute amicably with the merchant involved before contacting support. then Cash app will investigate afterward, and try to refund your money.
Cash App Bitcoin and Investing
The Cash app lets you buy stocks and Bitcoin, only a few payment gateways allow users to trade such types of volatile assets. There is a section in the app that allows you to track stock and Bitcoin prices. You can also buy stocks or BTC directly with the balance left in your account. The app doesn’t give you the complete breakdown of any stocks, it only makes buying super easy. You have to do your research outside the app before committing to buying any volatile asset like stock and crypto.
The cash app also lets you buy fractional shares which simply lets you buy small fractions of super expensive shares without spending their equivalent price. Before buying any of the assets you need to complete the verification process. Buying Bitcoin is a lot easier with Cash App you can buy and send directly with the app. If you want to invest in cryptocurrencies however it is best if you use a certified crypto exchange to get more options. It is also very important to make your own research before buying any crypto asset.
Cash App Review – Taxes and Service Fees
Credit Karma Tax was acquired by Block, INC. last year and they integrated it with Cash App. The purchase made allowed the cash app to provide free online federal and state tax preparation filing. It also has major support from major IRS Forms and schedules. The cash app is free for the most part, they have other means of making money through funding a payment with a credit card, and buying Bitcoin on the app requires trading fees that go to the cash app.
Payments on the cash app take between 1 – 3 days, you can pay a rush fee of 1.5% of the total money you are sending to make the payment instantly. They explore a lot of other methods to make money and keep some of their services free.
Cash App – Competition and Alternatives
There are a lot of other payment alternatives that compete with Cash App. They Include Payoneer, PayPal, Google Pay, Venmo, and Wise. Cash App has limitations that other apps solve, and not all the alternative apps support buying stocks and Bitcoin. There is no complete payment gateway app, you just have to find the one that works for you. Services like this make sending money internationally direct and cheaper.
Conclusion
Cash app is making sending money to family, friends, and business associates easy. It is almost instant and doesn’t even require an account number. It gives you the opportunity to invest in stocks and crypto, but it is not all that perfect. You also have access to a debit card, coupled with the fact that transactions are almost free. It is also important to note that your money is not FDIC protected, so it is best you deposit small money into your cash app and not large sums. Hopefully, you have a clear idea of how the cash app works after reading our cash app review. If you have any questions feel free to ask them in the comment section below.
