Revolutionizing the world of digital transactions
Within the world of finance, few applications have managed to make as much of an impact as Cash App has. Developed by Square Inc., Cash App offers a new way to manage our money from the convenience of any device. Additionally, all transactions are guaranteed to be secure, fast, and reliable. Keep reading to find out everything you can do with Cash App.
Send and receive money from anywhere
Cash App, formerly known as Square Cash, is primarily a mobile payment app that allows users to transfer money to friends, family, acquaintances, and businesses quickly and easily. Since its launch in 2013, Cash App has grown exponentially and has become one of the leading digital payment apps, like PayPal or Venmo.
Cash App is a single app that lets you handle various financial tasks, all from your mobile device. It's a convenient and user-friendly platform for sending and receiving money, investing in stocks and Bitcoin, and even managing your finances with a Cash App debit card.
How to get started with Cash App?
Once you have installed it, create an account and link your bank account or debit card, you're ready to start using Cash App's various features.
Sending money is as simple as entering the recipient's details (phone number, email, or $Cashtag), specifying the amount, adding a personal message (optional), and confirming with your PIN. Receiving money is even easier, with funds instantly deposited into your Cash App balance.
Trade with Bitcoin
In addition to facilitating monetary transactions, Cash App also offers the ability to buy, sell, and store cryptocurrencies. However, at the moment, Cash App only allows buying and selling operations with Bitcoin (BTC) and at a fee that can be very high compared to other services. It is also not the most secure platform for this purpose and does not offer many of the features that other dedicated wallets have.
Stock trading, debit cards, and much more
If you are looking to move away from traditional banking, Cash App is the ideal option for you. The app offers a Visa debit card known as Cash Card, valid for use in physical and online stores. We can also invest in stocks of popular companies, which allows introducing the world of the stock market to the general public. Cash App also offers promotions and discounts at certain merchants through its "Boosts" system.
Does it take any fees to do all that?
Standard transfers are free, while instant transfers incur a small fee. Investing in stocks comes with no commission fees, and Bitcoin transactions involve buying and selling fees. Cash App card usage is free for ATM withdrawals and Mastercard transactions.
Is there a limit to Cash App?
Yes, there are several limits on how much you can send, receive, and hold in your Cash App account. These limits vary depending on whether your account is verified or not.
Verifying your account with Cash App is crucial to increase your sending and receiving limits. Verification involves providing your full legal name, date of birth, and the last four digits of your Social Security number.
Sending and receiving limits:
- Unverified: $250 per week and $1,000 per 30 days
- Verified: $7,500 per week and $17,500 per 30 days
Balance limits:
- Unverified: $1,000
- Verified: No limit
Additional Limits:
- Individual transaction limit: $2,500
- ATM withdrawal limit: $1,000 per day
- Bitcoin purchase limit: $10,000 per day
What if you reach limits?
If you reach your sending or receiving limit, you won't be able to complete any further transactions until the next 7 or 30-day period begins, depending on the limit. To increase your limit instantly, you can verify your account.
Can you use Cash App internationally?
Unfortunately, Cash App is not truly international. While you can use it to send and receive money with anyone in the US and the UK, it doesn't support transactions with other countries. This means you can't use it to send money to someone outside of the US or UK, nor can you receive money from someone located elsewhere.
If you need to send or receive money internationally, you'll need to explore alternative options. Here are a few popular choices:
- Wise: Offers competitive exchange rates and low fees for international transfers
- Remitly: Fast and convenient way to send money internationally, with multiple payout options
- PayPal: Widely accepted platform for online payments and international money transfers
- WorldRemit: Offers fast and secure international money transfers with competitive fees
Is Cash App safe?
With Cash App, you can rest assured as it is registered with various regulatory entities such as the FDIC (Federal Deposit Insurance Corporation). The platform insures your wallet up to $250,000 in the event of bankruptcy. Additionally, all payment-related information is encrypted. This means that if someone gains unauthorized access to your data, they cannot use it to their advantage.
Offers loans for eligible users
Cash App now offers a Borrow feature, providing select customers with short-term loans to help meet immediate financial needs. This feature gives users the option to borrow amounts ranging from $20 to $200, with the loan needing to be repaid within four weeks. The eligibility requirements include being at least 18 years old, residing in a state where the borrow feature is available, and having an activated Cash Card.
Your chances of having access to this feature also depend on your usage of the app and your credit history. Frequent users are more likely to have this feature, making it an attractive option for those who regularly rely on the platform. However, late payments come with a 1.25% fee per week until the loan is fully repaid, so it's essential to stay on top of repayment.
Users can choose a repayment plan that fits their needs, whether it's setting up automatic payments, manually paying the loan, or even sending a check by mail. This flexibility, combined with the relatively small loan amounts and quick processing, offers a practical solution for those in need of fast cash. However, it's important to carefully read the terms and be aware of the fees before borrowing.
Goodbye to traditional banking
Cash App goes beyond being simply a means to send and receive money.
The centralization of traditional payments, compatibility with Bitcoin, and the possibility of trading on the stock market make Cash App a very comprehensive and resolved banking application.
