The Cash app provides an easy way to send money to friends and businesses as well as buy cryptocurrency directly from your phone or tablet. Here’s what it is and how it works.
The Cash app by Square is one of the hottest properties in the App Store and Google Play. It offers a quick, easy way to send, spend, and save money, also buy cryptocurrency using your mobile device. Customers can also get a free Cash App Card that works like other debit cards. Here’s more about Cash.
Meet the Cash App
Like Venmo before it, Cash App by Square is a mobile payment app ideally suited for millennials or anyone else who rather not carry bills (or coins) around like it’s 1985. Instead, payments between peers are completed using a mobile app. Unlike similar products, Cash gives you the ability to receive direct deposit payments to your bank account. You can also buy and sell Bitcoin through the app.
What is Cash App?
Cash App is a peer-to-peer payment app that allows individuals to send and receive money to friends and family. They can also use the optional linked debit card to shop or hit an ATM.
Consumer Reports’s study of peer-to-peer payment apps gave it a 64 on a scale of one to 100 (with 100 being a perfect score). It earned good marks for data security, customer support and accessibility (across a range of devices and for those without bank accounts). But evaluators felt the app could do better on payment authentication and privacy.
Cash App is available for iPhone and Android users.
How does Cash App work?
Cash App is a peer-to-peer payment app, so you can use it to send, receive and request money. Instead of an account number, you’re known on the network by your email address or phone number. Or you can create a unique identifier known as a $Cashtag.
If you receive money, it lands in your Cash App account. Or you can link Cash App to an existing bank account and use that to transfer money to and from the Cash App account. You can also send money from a debit card and spend your Cash App balance directly from that. The app also allows users to receive direct deposits (like a paycheck), to their accounts.
Two caveats: You must be at least 18 to open an account. And U.S. users can make payments to U.S.-based recipients only, according to a company spokesperson. (UK residents can use Cash App to send and receive money within the UK.)
Does Cash App have a limit on how much I can transfer or receive?
Cash App has a transfer limit for how much you can send and how much you can receive. Users are allowed to send “up to $250 within any seven-day period and receive up to $1,000 within any 30-day period,” according to the website.
Once you’ve verified your account by giving information like your name, date of birth, etc., those limits are lifted, according to a Cash App representative.
Additionally, if you have a Cash App debit card, you can use ATMs to withdraw up to $250 at a time; $1,000 in a seven-day period, and $1,250 in 30-day period. And you can also get cash back at the register, if the merchant allows it.
Hope this helps you out.
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