Are you looking for an easy way to transfer money instantly to anyone without logging into your account directly? if Yes, then your answer is Cash App. Let’s review Cash App.
It is a great application to transfer money, do stock trading, banking, and redeeming various offers it has available on its application.
What is Cash App?
It is a mobile application available on Android and iOS devices to download. This application is owned by Square Incorporation. It provides mobile payment services which allow its users to transfer money between anyone using their mobile phone application.
Currently, it has around 7 million active users across the globe. It was initially launched in October 2013. It was initially launched with the name of square cash but later one after five years Square Incorporation renamed it Cash App.
So that the name reflects more user-friendly and people should understand the usage and its ability easily without confusing it with something else.
How to Set Up Cash App or Sign Up?
Cash App is available on two platforms currently one is Android and the Other is iOS. You need to download the app from either the play store or the app store depending upon the phone you are using currently.
Once you have downloaded the app from the app store or play store follow the below steps to set up cash or sign up for it.
Step 1: Enter you email address or your Current active mobile number on the sign up page.
Step 2: Once you have entered your email address or mobile phone number you will receive a code sent to the email or phone number.
Step 3: Confirm the country where you have your bank account.
Step 4: Enter your bank details or debit card number to link your bank with the App in order to transfer money instantly.
Step 5: Enter you First Name and Last name on next screen.
Step 6: Enter your Zip code of the area you are living in.
Step 7: Enter the unique $Cashtag. This is like a unique id for you that you can share with other cash app users to get money instantly without any hassle.
Do you Need Bank Account for Cash App?
Not necessarily, you can always skip the step in which they ask you to enter the details related to your debit card or bank account details.
You can receive and transfer money from the app without having any bank account linked to it. All you need to do is the user you want to receive money should have the cash app and balance in their cash app account.
With this, if you are able to receive money from anyone who is already having the app with a balance then you may not need to have the bank account entered in the app. But if you want to transfer the amount you received in your cash app then you may have to enter the bank details.
To summarize, if you only want to do transactions between the Cash app from one person to another i.e. only through this app then you do not require a bank account. And if you want to transfer your app balance into a bank account then add it to the app.
How to Send and Receive Money in Cash App?
Also, now it allows you to sign in to your account using the desktop browser as well. So, you can transfer your money using the browser as well.
Whenever you are sending or receiving the money you can access your account from anywhere from browser or app to see if the transfer is complete your not.
Once you are logged into your account in App either from the app or computer enter the amount you want to pay and then select the button Pay in the bottom right to pay the amount to anyone who is using the same application.
In the “To” box you need to enter the phone number, email id, or $cashtag of the person you want to pay. And for your reference, you can add a note out of that transaction which will let you remember why you paid that member. Then tap the Pay button to complete the transaction.
And if you want to request money from someone, then enter the money you want to request and then tap on the request button on the bottom left. After this, you will reach the same page as above but in this case, there will be a request button on the top right instead of the Pay button. Then tap the request button to request the transaction.
How to Link Your Bank Account to Cash App
If you want to withdraw the app balance to your bank account then you need to link your saving or checking account to the cash app. To link the bank account follow the below steps.
- Tap the banking tab on the App home screen.
- Select Link Bank or Linked Accounts
- Enter the Debit Card or account number whatever you want to link.
- For Bank, you will require to enter the routing number and account number to get it linked successfully.
What is the Limit on Cash App?
There are various different types of limitations on the app related to withdrawal, transfer, and deposits you can make to the Cash App. Let look into those in below bullet points.
- Deposit is limited to $10,000 per week.
- Withdrawal is limited to $2,000 per day and a total of $5,000 per week.
- You can Buy Bitcoin worth $100,000 per week on Cash App.
- You can sell an unlimited amount of Bitcoin on Cash App.
You can also enable the wallet in which you can store your money in terms of BTC. And you can even make payments using Bitcoin to any of the other Cash App users.
How long does it take to receive money in Cash App?
If you are making a transfer from one cash app to another cash app user then it will be done instantly. But money will be available in the App account instantly but if you want that money to be withdrawn in the Bank account then it will take anywhere from 1-3 days.
Also, if you want to add money to your cash app account can take anywhere from one to three days to get your transfer completed depending upon your bank account you are using.
Can you buy Stock and Crypto on Cash App?
Yes, the Cash app now provides a feature where you can invest in top companies using this App. You can start investing from as low as $1 from the Cash App account.
Just tap on the investing tab from the home screen on the app and you will be able to see the stocks available for you to purchase. You can purchase stocks of Microsoft, Apple, Google, Netflix, and many more.
If you want to discover a stock from a specific sector then you need to tap the discover button on the investing page of the app. That will lead to your discover a page where you will be able to see all the categories available such as Energy, ETF, and Media, etc.
And then by browsing from the specific category you can start your investment journey in the app itself. But if you are a beginner and want to invest in stocks and cryptocurrency then you should consider Robinhood, Sign up using this link to earn free stock.
You can also buy Cryptocurrency such as BitCoin but you need to have your tax-related information filled as well for cryptocurrency buying and selling for investment purposes. You can also read Bitcoin-related news and information on their investment tab.
Can you send money to anyone?
Yes, if you are using Cash App then you can transfer money to anyone using their phone number and email address. But if they are not using this App then they will receive a message asking to register to the Cash App first to get the money.
If in any case, the person does not agree to register and install Cash App then the money will be returned to your App or Bank account after few days of waiting.
How to get Free Cash Card?
Go to the home page on the App and then select the Cash Card button in the bottom left. There you can see various offers you will get from different retailers such as Lyft, Walmart, eBay, etc.
You can order the Cash Card from there of your liking. You will get three options to select two are basically black and white card but the third one is a glowing card which glows in dark for that you need to pay an extra $5.
By using Cash Card with a different retailer you will receive cashback for each transaction you make using their services. Note that it is basically a VISA card given to you and it completely managed by the VISA team.
Register with the below Referral Link To Earn $20
Once you register using the below link, we will refund the $15 to your account once we receive it as a referral amount in our account. Hence by this, you will earn around $20 just by signing up and completing your first transaction.
Drawbacks of Cash App and Its Alternatives
Cash App also comes with lots of drawbacks which it needs to address. The first and the foremost drawback which I found was the integration of payment with other services, for example, if I want to transfer money to PayPal, I cannot be it directly.
The second drawback I found was very limited usage or very less brand integration within the app. There are other applications such as Venmo, PayPal which provides higher brand integration among there user.
The third drawback, low cashback, and offers. If you look into PayPal you go to any website or most of the website you can make payments using PayPal, but currently, there are no such offerings related to Cash App.
Last drawback is investment on stocks and crypto. As it completely confuses the user whether this application is for payment or investment. They are also not advertising any benefits of wallet, as a user I do not know what are benefits of having wallet in this application.
Let’s list the alternative which you can explore if you do not want to use Cash App after reading the drawbacks. Note below-mentioned applications are available on all platforms.
It is a great app with a high-security feature to protect your transaction. It allows you to transfer money between Cash App users instantly using only $CashTags. If you are someone who believes in digital transactions and you do not want to do physical transactions then this is your go-to app.
There are other features as well of this app which includes investment, cash card, and referral bonuses. You can even scan or get scanned the QR code on your phone from another cash app to receive and transfer money.
It is available on all the platforms like Android, iOS, and Web. It has great accessibility if you ask me. Also, the only downside which I found using this app was an investment in Cryptocurrency. If you are someone who wants to do an investment in Bitcoin try other apps such as Robinhood.
Overall, it’s a great application and highly recommended by us. We haven’t gone in single transaction failures to date and we have done 100s of them.
That’s all for the review of Cash App from today.
If you want to read more about why only ShareASale in beginning then read it here.
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Note and Disclaimer: All the link provided on the website to download Cash App is referral link. There is no intent to misled anyone. It solely depends upon user if he wants to sign up using our referral link.
There is no Multilevel marketing here and we do not promote any.