As more consumers accept the ease of cashlessness, tech companies have made it easier to send and receive money easily from a mobile device. Cash App, one of these platforms, provides some convenient features similar to other money transfer solutions, such as investing in stocks, allowing special ‘cash boosts’ savings, and buying and selling bitcoin.
Read on to learn more about Cash App and how to set it up.
Cash App Features
1. No basic service fees
Cash App does not charge subscription fees, fees for sending or receiving money, inactivity fees, or international transaction fees.
2. Comes with a free debit card
The “Cash Card” helps users to make purchases and withdraw the money they have in their Cash App account. The card is issued by Sutton Bank and is exclusive to the Cash App account of the user. It’s not linked to a personal bank account or any other debit card.
3. Free ATM withdrawals when you set up a direct deposit
Otherwise, the fee is $2 for using an ATM with a cash card.
4. “Cash boosts” lead to significant savings when using a debit card
Users who use a Cash Card may select a special “boost” on their account that allows them to save money on a transaction from a particular vendor (for example, 10% off an order with DoorDash). Only one boost is allowed to be activated at a time, but you can switch boosts as much as you want.
5. You can get a cash bonus for friends who join with your referral code
If you give a referral code to your friends and they sign up for the Cash App using your link, you will earn a $5 cash bonus per friend who signs up.
6. The power to invest
Cash App helps consumers to purchase stocks in specific companies for as little or as much capital as they choose to invest. Stocks can be bought with funds in your Cash App account; if you don’t have enough money in the app, the remaining balance will be deducted from your linked bank account.
7. Compatible with Bitcoin (but with fees)
Cash App users can purchase and sell bitcoin, but Cash App charges two kinds of fees: a service fee on each transaction and, based on market performance, an extra fee calculated by price fluctuations across U.S. markets.
How to Sign Up
You can do the steps below using the Android or iOS app, or sign up via the official website.
- Step 1: Enter your email address or phone number.
- Step 2: Type the code you were sent to your email/phone.
- Step 3: Enter your debit card information to link your bank.
- Step 4: Type your full name.
- Step 5: Decide on a $Cashtag, which is a unique username people can use to send money to you (more on this below).
- Step 6: Enter your ZIP code.
How to Load Money on Cash App
You load funds on the Cash App by tapping the Banking tab in your app and entering how much cash you’d like to add from your linked bank account.
How to Send Money With Cash App?
To send a payment:
- Open the Cash App mobile app.
- Enter the amount you want to send.
- Tap “Pay.”
- Enter the email address, phone number, or “$Cashtag” (another person’s username in the app).
- Enter what you are sending the payment for.
- Tap “Pay.”
To view the specifics of the payment received press the “Activity” button. You will also see the money deposited in your Cash App account on the “My Cash” button, which holds the cumulative sum of your deposited funds.
You can also fill out a form to get your paycheck deposited straight into your Cash App account.
How to Cash Out
You can cash out from your Cash App account via the website or app. You may also use the Cash App debit card to spend your money directly.
To cash money from your Cash App account using the app, tap your profile picture at the top of the screen, go to Cash, and then click Cash Out to choose how much you want to send to your bank. You can also visit your Cash Card page from your web browser and cash out there.
If you want to “cash-out” by spending your money directly on a debit card, just use it like any other card! The Cash App card is a Visa card, so it’s accepted wherever Visa cards are allowed.