Cash App Fees
Today, we will be talking about Cash App and the fees that it charges for some of the transactions performed, as it is mostly a free app and it charges no fees for transferring money to friends, family and people in general, but there are actually two fees that Cash App can charge and we will discuss them in this article. These are the Credit Card Transaction Fee and the Instant Transfer Fee, let’s break each one down.
A) Credit Card Transaction Fee
This fee will be charged if you connect your credit card to your Cash App account and then you pay people with it through the app. Let’s take a look at it, follow these steps to find this fee inside Cash App:
1) Click on the Profile Settings, it is the button at the top left corner of the Cash App Home Screen.
A) Credit Card Transaction Fee
This fee will be charged if you connect your credit card to your Cash App account and then you pay people with it through the app. Let’s take a look at it, follow these steps to find this fee inside Cash App:
1) Click on the Profile Settings, it is the button at the top left corner of the Cash App Home Screen.
2) Scroll down until you find an option that says Add Credit Card.
If you add a credit card to send payments to family or friends and use it to fund these payments, then Cash App is going to charge a 3% fee. This is a very typical fee other money transferring apps such as Venmo, which charges a similar fee as well.
So, for example, if you’re going to send 100 dollars to someone, Cash App is going to charge you 103 dollars, from which 100 dollars are going to the person that you are sending them to and 3 are going to the app.
Tip: How to avoid this fee?
If you are going to transfer money to someone but you would also like to avoid this fee, be sure to connect your bank account to your Cash App and send the money through it.
B) Instant Transfer Fee
If you have already connected your bank account and you would like to withdraw money from Cash App and transfer it into your bank account, then no fee will be charged if you wait from 2 to 3 business days for the transaction to be completed and for the money to hit your bank account. But if you would like to reduce the wait time for the money to hit your bank account, Cash App offers a service called Instant Transfer. If you would like to use this function, follow the next steps:
1) Click on your Balance, located at the top of the Cash App Home Screen.
So, for example, if you’re going to send 100 dollars to someone, Cash App is going to charge you 103 dollars, from which 100 dollars are going to the person that you are sending them to and 3 are going to the app.
Tip: How to avoid this fee?
If you are going to transfer money to someone but you would also like to avoid this fee, be sure to connect your bank account to your Cash App and send the money through it.
B) Instant Transfer Fee
If you have already connected your bank account and you would like to withdraw money from Cash App and transfer it into your bank account, then no fee will be charged if you wait from 2 to 3 business days for the transaction to be completed and for the money to hit your bank account. But if you would like to reduce the wait time for the money to hit your bank account, Cash App offers a service called Instant Transfer. If you would like to use this function, follow the next steps:
1) Click on your Balance, located at the top of the Cash App Home Screen.
2) At the bottom of this new screen you’ll see a button that says Cash Out, click it.
3) Choose the amount of money that you would like to pull out of your Cash App and click Cash Out.
4) As you can see, the app will present you two options. The Standard option (with this option, the money will take from 2 to 3 business days to hit your account) and the second option is the Instant Transfer (the money will hit your account immediately or within a few minutes). Choose the option that suits you best.
Just be aware that if you use the Instant Transfer, Cash App will charge a 1.5% fee on the amount that you would like to pull out of your balance.
So, as you can see, Cash App is mostly a free app but it has these two fees. One for Credit Card Transactions and the other got Instant Transfers, which are not too bad considering ATM fees, for example. Keep posted up for more articles and be sure to watch the video if you would like to know more about Cash App fees:
https://www.youtube.com/watch?v=Xme7v9o1wZk&feature=youtu.be
So, as you can see, Cash App is mostly a free app but it has these two fees. One for Credit Card Transactions and the other got Instant Transfers, which are not too bad considering ATM fees, for example. Keep posted up for more articles and be sure to watch the video if you would like to know more about Cash App fees:
https://www.youtube.com/watch?v=Xme7v9o1wZk&feature=youtu.be