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Articles / Does Cash App work in Europe? Alternatives for 2023

Does Cash App work in

Europe? Alternatives for
2023
Franklin Carneiro da Silva | Updated July 5th, 2023

Unfortunately, Cash App is not yet available in

European countries – it’s only available for US and
UK residents. If you live in the US or UK and want to
send money to a friend who lives in Germany, or
another European country, you cannot do so. The
company plans to expand internationally, so we will
be paying attention to it.

This article will present solutions for the payment

(transfer of money between users) and the
investment sides of the Cash App. With no further
ado, let’s begin!

Table of Contents

1) How does Cash App di!er from its peers?

2) When is Cash App coming to Europe?

3) Alternatives to Cash App in Europe: As a

Payment App

4) Alternatives to Cash App in Europe: As an

Investment App

5) Which App is better for me?

How does Cash App di"er from

its peers?

Simplicity. That’s right. The app is relatively painless.

It allows you to send and receive money, gives you
access to several banking features such as obtaining
your paycheck and tax returns, and you may use it as
an investing platform to increase your wealth! Users
also have access to a customisable debit Visa card,
Cash Card, to withdraw money from ATMs and pay
online and in stores.

Moreover, Cash App investing is also a feature with

promising results in the financial brokerage arena,
but it is still a new kid on the block since it only
launched in the last quarter of 2019.

When is Cash App coming to

Europe?

Cash app started as a payment app created by

Square, Inc in 2013. In January 2021, more than 30
million people in the US and UK were using Cash
App.

In 2016, the company opened its European

headquarters in Dublin but has yet to launch its
services in Ireland and Europe.

Meantime, if you live in Belgium, Germany, Greece,

Ireland, Italy, Netherlands, Norway, Portugal,
Romania, Russia, Spain, Sweden, Switzerland,
Ukraine, or another European country, you cannot
use Cash App.

Alternatives to Cash App in

Europe:
As a Payment App
Particularly in Europe, banks were slow to embrace
the new opportunities that the internet could bring
to every customer, hoping that their decades of
developing “trusted brands” would still play a crucial
role in a potential client’s final decision to adhere to
their services.

However, that was not enough to prevent the new

incumbents from quickly gaining a significant market
share as their tools used to transfer money between
people were much easier, painless, and cheaper! And
that was how Monese, Vivid, Wise and Revolut were
born:

 Monese

Monese is the European equivalent of Cash

App. It’s a digital bank that works across
Europe and the UK. Use the code IITW to get
£10 after the first successful card transaction.

 Vivid

A new mobile banking and investing app.

O!ers commission-free trading and cheap
online banking with a cashback program.
Currently, it is only available in Germany,
France, Italy and Spain.

 Wise

Formerly Transferwise, Wise is a simple way to

transfer money abroad in 40+ currencies with a
low pricing structure. It o!ers a debit
Mastercard, and over 16 million customers
trust it.

 Revolut

Banking App with transparency and flexibility

compared to traditional banks. Users can
spend money abroad with the Revolut Visa
Card using real exchange rates. It has over 25
million customers worldwide.

Cash App Europe Alternatives: As a Payment App

1# Monese

Visit Monese

Monese at a glance

Currency Up to 2.5% of transaction

exchange fee value (min. €/£2)

ATM withdrawal Up to €/£1.5 per

fee withdrawal

Monthly fees Up to €/£14.95

Mastercard
debit card

Mobile app

Regulators “Tied agent” to an entity

regulated by FCA

Monese is a British digital bank that o!ers current

account and money transfer services. It has a slick
and modern mobile app and a debit card and
charges low fees compared to traditional banking.
Monese works across Europe and the UK and o!ers a
free account for those who wish to use the more
basic service. Monese provides the following plans:

Simple: No monthly fee; Free and instant

account in GBP, EUR and RON; Great for
spending, travelling and sending money abroad;
Classic: €/£5.95; Starter features + Lower fees
and higher allowances;
Premium: €/£14.95: Classic features + lowest
fees, highest allowances, and VIP Customer
Support.

To give a practical example of how these fees di!er,

in the Simple plan, you would be charged 2% for
transfers in other currencies. However, within the
Premium plan, no charge would be made. That’s why
you notice on the “at a glance” text that we state the
fees as “up to”.

With a Monese account, users can receive their

salaries, make deposits, withdraw money from ATMs,
and make card payments. For those interested,
Monese allows you to open an account in one of
three di!erent currency accounts: EUR, GBP and RON
(only people from the UK can open an account in GBP).
Your money is safeguarded under the EU Electronic
Money Directive 2009/110/EC and UK Electronic
Money Regulations 2011.

New users can enter the code IITW upon signup to

get €/£10 after the first successful card transaction.

Cash App Europe Alternatives: As a Payment App

2# Vivid

Visit Vivid

Vivid at a glance

Currency 0.50%
exchange fee

ATM withdrawal Free up to €200 a month

fee

Monthly fees Up to €9.90

Debit card (VISA)

Mobile app

Regulators “Tied agent” to brokers

regulated by BaFin

Founded in 2020, Vivid is a very recent German

digital bank created to help you make better
decisions for spending, saving, sending, and
investing your hard-earned money. It starts by
o!ering you the basics: a checking account where
you can easily organise your spending without
letting expenses go out of control! In turn, you grow
your savings and reach your financial goals faster.

You can also benefit from a debit card that can give
you up to 25% cashback on your spending, allows
you to withdraw money in any ATM up to €200 for
free, and gives you free money transfers worldwide.
For €9.90 a month, you get Vivid Prime, which o!ers
all the standard/free plan features plus higher limits
on money withdrawal (€1,000), higher cashback per
month (€100), and much more!

Besides, you can invest commission-free in over

3,000 Stocks and ETFs, in over fifty cryptocurrencies
and precious metals (with fractional shares – small
sums starting from one cent). On the downside, you
have a 0.50% markup fee for the currency exchange
rate (EUR to USD and vice-versa), and it is only
available in Germany, France, Italy, and Spain.

In terms of safety, Vivid operates as an outsourcing

partner of Solarisbank AG to provide bank account
services, debit card services, and foreign exchange
transactions. It also uses CM-Equity AG as the
brokerage for transactions of financial instruments.
Solarisbank AG and CM-Equity AG are both regulated
by the German Federal Financial Supervisory
Authority (BaFin).

Cash App Europe Alternatives: As a Payment App

3# Wise

Visit Wise

Wise at a glance

Currency €/$0
exchange fee

ATM Withdrawal Free up to €200 a month

fee

Monthly fees €/$0

Debit card (Mastercard®)

Mobile app

Regulators FCA

Wise, formerly known as TransferWise, is a peer-to-

peer money transfer service with the primary
purpose of saving you money from hidden fees
charged by traditional banks. It was developed by
two Estonian, Taavet Hinrikus (Skype’s first employee)
and Kristo Käärmann, who felt they were being
overcharged when travelling abroad.

Ever since, Wise has seen remarkable growth! It gives

you access to a multi-currency account where you
can convert money internally – between balances –
(example: $1000 to €1000 will cost you $4.18).
Besides, you can receive, send money, and spend
money (with your debit card). You can also withdraw
cash from ATMs, but only two free withdrawals up to
a total of €200 each month (a 1.75% applies after the
€200 amount).

The software is super intuitive, both in mobile and PC

versions, which means you will get along pretty
quickly with its main features.

In terms of safety, Wise is an authorised money

institution under the Financial Conduct Authority
(FCA). It maintains strict adherence to all FCA
standards and strives to make each transaction as
safe and secure as possible.

Cash App Europe Alternatives: As a Payment App

4# Revolut

Visit Revolut

Revolut at a glance

Currency €0
exchange fee

ATM withdrawal Free up to €200 a month

fee

Monthly fees €0 (Standard Account)

Debit card (VISA)

Mobile app

Regulators FCA

Revolut has the ambition to replace your bank

account. The Fintech provides a business model
dedicated to every individual who wants to get things
done without focusing too much on unnecessary
complexities involved in traditional banking. A good
solution for your daily needs.

The UK Fintech enables you to send money

worldwide quickly and securely, relying on the real
exchange rate, which can let users save a huge
amount of money. You can use this feature to easily
split bills with your family or friends or get paid back.

If your account is the Standard one, you will have a

limit of €200 in free ATM withdrawals each month,
for instance. In paid plans, starting from €2.99, you
will be o!ered priority 24/7 client support, higher
limits on withdrawals, free overseas medical
insurance, and other perks.

Revolut also includes a trading area – US stocks,

precious metals, and cryptocurrencies.

Final Verdict on the Payments

Apps

First, you need to be aware of your needs. If you

believe you will convert a high volume of money
from one currency to another, a premium plan on
Vivid or Revolut can be better. On the other hand, if
you will only do it on lower amounts and a few times,
Wise or Monese might be good choices.

We do believe you will be well suited to either one.

Both companies do exactly what they state:
transparency, low fees, and hassle-free on user
experience.

Their loyal customer base did not appear out of thin

air. Their expertise, simplicity, and being very upfront
about what they charge have given them a critical
advantage over their competitors.

Alternatives to Cash App in

Europe:
As an Investment App
Whether you came for the investment side of Cash
App (including cryptocurrencies), the following
paragraphs will answer your concerns!

Even if Cash App Investing was permitted to

European investors, we firmly believe that you would
be better o! with the existing alternatives in the
market. But we also see the entrance of Cash App in
Europe with good eyes since it will heat the
investment industry, which means cheaper options
to allocate your capital!

Cash App is still extremely limited in the number of

financial products you can trade: US stocks, ETFs, and
Bitcoin (elsewhere in the Cash App). It is not ideal for
someone looking for mutual funds, bonds, options,
futures, and CFDs. But even if you came looking for
free commission stock and ETFs trading, you can find
more promising platforms in Europe.

After check-marked some criteria such as top tier

regulators, customers’ feedback, platform ease of
use, accessibility for European investors, and costs,
we came to the following alternatives:

 eToro

With over 30 million customers, it provides

commission-free stock trading. You can also
copy other traders/investors.
Disclaimer: 77% of retail CFD accounts lose money.

 Interactive Brokers

Founded in 1978, IBKR is one of the world’s

most trustworthy brokers. It o!ers an
enormous range of financial products (stocks,
ETFs, Options,…), and low currency conversion
fees (FX fees).
Interactive Brokers also launched IBKR
GlobalTrader, a modern mobile trading app to
trade Stocks, Options and ETFs, ideal for novice
investors.

 Plus500

Plus500 is a multi-asset online broker that

o!ers no commissions when trading CFDs in
Indices, Forex, Commodities, Cryptocurrencies,
Shares, Options, and ETFs. It also recently
launched Plus500 Invest for those who want to
invest in real shares.
Disclaimer: 86% of retail CFD accounts lose money when
trading with this provider.

 DEGIRO

One of the leading online brokers in Europe

due to the low-cost structure (2.5M+
customers). A great choice for price-conscious
buy-and-hold investors.
Disclaimer: Investing involves risk of loss.

 Trading 212

Commission-free stock and ETF trading

(+10,000 global stocks and ETFs), 0.15% of
foreign exchange fees, and presents fractional
shares. New users get one free share of up to
€100 by using the code IITW.
Disclaimer: 76% of retail CFD accounts lose money when
trading with this provider.

 Vivid Invest

As a feature inside Vivid, it gives you access to

3,000+ stocks and ETFs. It charges a 0.50%
currency conversion fee. Crypto trading is also
available and with one free trade per month in
the standard plan.

Disclaimer: Investing involves risk of loss.

Which app is better for me?

There is no one-size-fits-all app. So, ask yourself:

What are your needs? Do you only value low
commissions, or do you give more emphasis to a
robust online platform? Does the range of
investment products matter to you, or are you just
looking for the payment side?

The best app will depend on your profile, preference,

and objectives. Explore the websites above and
decide for yourself!

We hope we have given you some valuable

contributions to your investment and payment
journeys!

A reminder that the above should not be construed

as financial advice and should be considered
information only.

Hope we helped, and leave your comments below.

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