cash app

Money transferring services are becoming more popular as technology advances. There are many options available to consumers and business owners such as Zelle, Paypal, Venmo, Xoom and Cash App. Here we will complete a Cash App review and the services it provides.

What is Cash App?

Cash App (formerly known as Square Cash) is a mobile payment provider developed by Square, Inc. which allows peer-to-peer payment with your mobile device. With this app, you can send money to individuals, organizations and business owners with a username known as a $cashtag. You will need a working bank account tied to your account to transfer money.

How does it Work?

Cash App is quite simple. A user can create a free account which will allow you to instantly send and receive money from other users in the same country. Users can be found using the $cashtag or with your phone number or email address tied to your account. You have the options of standard deposits to your bank account or instant deposits to your linked debit card. Simply login to Cash App, type in the amount, choose pay or request money, and select a contact and click submit. You can also leave a note for the recipient.

Having money deposited into your bank account can be done in as soon as a few minutes of cashing out. However, instant deposits are subject to a 1.5% fee (with a minimum of $0.25) of whatever you’re depositing. Standard deposits are free but will take 1-3 business days to be credited to your bank account. When you receive cash, you will be notified immediately and can see whatever was sent to you and the note.

What are the Limits?

Cash App lets you send up to $7500 per week and $17,500 per month. There is no limit on how much you can receive. You can cash out up to $25000 per week.

Who Cash App is for and how it is beneficial

Money can be transferred between all registered users. The service is available to anyone who has a $cashtag and can be sent to anyone within the same country. It can be sent to anyone of your contacts or to anyone who has a $cashtag. Cash App also has a debit card option. This is good for users who may not qualify to open a bank account at a financial institution. It also supports direct deposit. Some notable benefits are:

  • Money can be received within minutes with Instant Deposit to linked debit card
  • Not linked within your bank’s mobile app.
  • No fee is collected for cashing out money into your bank account
  • Option to obtain Cash Card (Visa Debit Card)
  • Direct Deposit available with Cash Card

The one notable disadvantage to using Cash App is the Instant Cash Out fee. 1.5% (with a minimum of $0.25) does not seem like much in return for immediate availability. However, a 1.5% fee from an Instant Deposit of $7,500 is $112.50 from your deposit. That's a noticeable difference.


Cash App is its own mobile app and therefore not tied to your account directly. This allows you to determine what you want to be deposited into your account or debit card. You also will not have to provide your full name to anyone as everyone uses $cashtag's to send and receive money. For those concerned about money being deposited through a third party app, the Cash Card is available. It provides a secure middle point to spend and receive cash.

Overall Cash App Review

Cash App provides an easy service with money transfers. The Cash Card provides a nice service to those who otherwise may not be able to use a bank account. The fee for an Instant Deposit, while seemingly small is annoying. But, it can be worth it if you need immediate access to the funds. It's worth using especially if you're in need of a debit card option. Next we will review another money transferring service that works well and will compare the options in the upcoming articles.

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About Kendall

I am a Financial Specialist with 10+ years in the industry and a sustained desire to help people manage their finances and grow their wealth. I specialize in financial literacy, planning and promote better money habits to help you become financially savvy.

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