Cash App Review [2022]: Is it a Safe Way to Send and Receive Money?

Cashapp review

If you want to know what Cash App is or you are looking forward to use it then, please read this detailed Cash App review.

There is a high possibility that if you have ever been out with your friends then there are chances that you might have asked to send your share of the tab via Cash App.

Cash App is completely free to use and also makes it very easy to transfer or send money to your friend via credit card.

With just a few clicks of a button you can not only send but also receive money.

When it comes to Cash App’s rating. It is rated 4.5 in the Apple app store.

If you are planning to download cash app for use then make sure to read this detailed cash app review to find out exactly how it functions, who can/should use it and is it really safe for you to use.

Today, in this post we will be taking a look at it.

What is Cash App?

In 2013 Square Inc. created this peer-to-peer payment app which they named as cash app.

You can download this app on both android and ios devices.

According to latest statistics in June itself over 30 million people used cash app for their transactions.

Also, if you take a look at the finance category in the app store you will see that cash app is ranked no. 1 in the list.

Square has created a wide variety of products and cash app is one of them which helps people with their money transactions.

Square Inc. was launched in the year 2009 and currently they have their headquarters in San Francisco, California.

How Does Cash App Work?

Cash app currently offers four main functions:

  1. Sending Money
  2. Receiving Money
  3. Mobile Banking
  4. Investing

I have explained in detail below how each of the function works.

1. Sending Money

To send money to other cash app users all you need is their email address, or their phone number or their $cashtag. $cashtag is kind of a username that each user can setup within their profile.

After you enter the person’s information to whom you want to send the payment, the next step will be to select from where you want to pay the money with.

It can be either you cash app balance, your bank account which you have linked to cash app or your credit card.

Cash app accepts a wide variety of credit cards like Visa, Mastercard, American Express and Discover.

Also, one important thing I want to mention is that if you send the money from either Cash app balance or your linked bank account then there will be zero fees.

However if you pay via your credit card then you will be charged 3% fees on your transaction.

The initial limit to send money via cash app is $1000 within a 30-day period.

But, if you want you can increase this limit by verifying your account.

It requires to verify your name, date of birth and the last 4 digits of your social security number.

2. Receiving Money

Whenever someone send you money then firstly it directly goes into your cash app balance.

And then you have the option to withdraw that money either to you linked bank account or your debit card.

If you withdraw to your bank account the process takes anywhere from 3-5 business days to show the money in your bank account.

But if you transfer it into your debit card then you get it instantly but you will be charged a 1.5% rush fee.

Also, if you do not want to transfer the money in your bank account then you get an option to request a cash card.

Cash card is basically a visa debit card which you can use to purchase or shop online.

And if you want to use it in an ATM then you get charged $2 for every transaction other than the ATM service charge.

One advantage of cash card is that you get something called cash boosts.

It gives you exclusive discounts which you can add right in your phone and save money on your everyday shopping or at restaurants, stores etc.

3. Cash App Mobile Banking

Cash app is not just limited to receiving funds from your friends.

You can also deposit other types of payments like direct paycheck deposit. tax refund check etc.

The only condition to use cash app banking is that you should have the cash card which the app offers you.

Other benefit of setting direct deposits from you cash app is that the process becomes faster. You can literally speed up the whole process by 2 days compared to direct deposit in to another bank.

4. Cash App Investing

Do you know that starting with just $1 you can invest in stocks as well as exchange-traded funds. Also, there are no commission fees for this.

This feature is only available to US-citizens and you need to be a verified cash app user.

If you like crypto, than cash app lets you buy or sell bitcoin within the app.

You can not only deposit bitcoin but also withdraw it to an external wallet.

Who Should Use Cash App?

Cash app is considered as one of the best money transferring apps if you want to send and receive money among the people you know or trust.

If someone owes you money the all you got to do is send them a cash app payment request.

The only thing is that cash app is limited to location.

So primarily it can be used for US to US transactions.

But if you want to send money to someone in UK then you can send it.

The money will be then converted from USD to GBP while transferring.

Cash app may not be ideal for business owners. Because of its 30-day $1000 transaction limit.

However you can verify you account or upgrade to cash app business version.

The only downside of it is that every transaction will be charged a 2.75% fee.

Is It Safe To Send Money With Cash App?

If you take a look at the cash app website then you will see they have mentioned that all the transactions, payment information is encrypted and sent via secure servers.

Still you should take additional precautions like not allowing anyone to use your cash app or use it to send money to others without your permission.

It is highly recommended by cash app that your phone is password protected and set-up in-app security feature.

In-app security feature requires PIN or Touch Id to process each transaction. So setting up this feature should be your first priority.

Regarding cancelling payments: If you send money to someone on cash app then it is not possible to cancel that payment.

So you should take extra care before sending money via cash app to some one that you do not know.

Now-a-days there is a scam going on in the market that people only accept cash app payments. And once you send them money for the product, you just get blocked/ghosted without them sending the product.

How To Sign Up For Cash App?

  1. Download App: You can download cash app for completely free on either google play store or apple store.
  2. Enter Your Phone Number: When you enter your phone number cash app will instantly send a verification code on your phone. Just enter the code that you get to start your cash app account.
  3. Setup your $Cashtag: Next add your profile image, set your $Cashtag ,email address in order to complete your profile.
  4. Link your Financial Accounts: Add your bank account or credit card that you want to send payments from.
  5. Send and Receive Money: Now you can send or receive money from your friends.
    You just need their email address or $cashtag or phone number. That’s it.

Cash App FAQ’s

Is Cash App Legit?

Cash app is a completely legit app which was created by square inc.

Though, its a legit app you should be very cautious while using the app.

Scammers out there are using this app to do frauds with people.

So send and receive money only from people whom you trust or know.

Make sure you set phone as well as in-app password to protect it from others using it.

While sending money double-check email address, phone number or $cashtag of the person to whom you want to send money.

Cash App Transaction Limits?

If you are not verified on cash app then you can do a transaction of only $1000 within a 30-day time span.

But you can increase this limit if you choose to verify you cash app account.

It will need your phone number, email address and last 4 digits of your social security number.

Cash App Transaction Fees?

You get charged a 3% fee if you pay via credit card.

If you want to avoid fees then you can send money via your linked bank account as it is completely free to send money.

How To Withdraw Money From Cash App?

If you want to withdraw funds from cash app then all you got to do is click on your cash app balance and then select “Cash out” option.

Then enter the amount you want to withdraw and when do you want to receive the funds.

If you choose standard transfer then you can expect the process to take anywhere between 1-3 business days.

And this option is complete free you do not get charged any fees for it.

Whereas if you want instant transfer in your bank then you will be charged 1.5% fee for it.

Suppose you choose to withdraw $1000 then a $15 fee will be charged for it.

Is Bank Account Necessary To Use Cash App?

It’s not necessary for you to have a bank account in order to use the cash app.

Instead of sending or receiving money in your bank account you can use the cash app card for online or instore purchases.

You can send money directly via your credit card.

However you should keep in mind that you will be charged a 3% fee for doing so.