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As an increasingly cash-less world approaches us, more and more companies are coming up with new apps to simplify money transfers. Cash App is one of these services.
But, you may be wondering: “Does Cash App charge any fees?” If that’s the case, then stick along as this article goes through the ins and outs of Cash App fees.
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So, is there a fee for Cash App?
Generally speaking, you can use Cash App without being charged, but there are some cases in which you’ll be liable for Cash App fees. Whether or not you have to pay a fee depends entirely on how you use Cash App.
You could go your whole life without forking out a dime in Cash App fees - on the other hand, you could be charged on your first transaction!
Let’s take a look at the situations where you’ll be charged.
If you want to transfer money, then you may or may not have to pay Cash App fees. If you don’t mind waiting a while for your money to be transferred, then you won’t have to pay a dime.
But if you want a lightning speed transfer, then you’ll have to pay the price for it!
Cash App offers standard and instant deposits. Standard deposits go from your Cash App balance to your bank account, while instant deposits go straight to your linked debit card. Luckily for the tortoises among us, there are no fees for standard deposits, which take anywhere between 1-3 business days.¹
On the other hand, if you want your money transferred instantly, then you’ll have to pay a fee. The Cash App instant transfer fee is 1.5%, with a minimum of $0.25. With a Cash App instant transfer, your money will be transferred instantly to your linked card.¹
|Standard transfer||Instant transfer - 1.5%|
|Amount being transferred||$100||$100|
Great! Now you have more insight on the fees. But the downside is that you can only send money within the US and to the UK when using Cash App.
|If you’re looking to send money to other countries, then you might be interested in enrolling with Wise. send money online with Wise to 70+ countries at similarly low fees, while exchanging your money at the mid-market rate.|
One thing to remember with instant transfers is that not all debit cards support the networks used by Cash App. This means that instant transfers won’t work with some debit cards. If that’s the case, you’ll be refunded for the Cash App instant transfer fee and your money will instead be delivered via standard transfer that can take 1-3 business days.²
One of the cool features with Cash App is that you can get a Cash App debit card, known simply as a “Cash card”. This allows you to pay directly from your Cash App balance, and can even be added to your Apple Pay or Google Pay wallet. Your Cash App debit card can be used anywhere Visa is accepted, for both online and in-store purchases.³
If that’s not enough, then you should also know that the card is not only free to order, but that there aren’t any monthly or inactivity fees applied.⁴ That’s right - there are no Cash App card fees!
That being said, one thing to note is that if you try to pay with your Cash App card at a gas station, you may be charged a temporary authorization hold of as much as $100. This authorization hold will be refunded when the cost of your gas is charged, which will occur as a separate transaction. To prevent this from happening, Cash App recommends paying at the register first, before pumping.⁵
Cash App charges an ATM fee of $2 for withdrawals.⁴ But one neat thing with Cash App is that if you receive $300 or more per month in directly deposited paychecks, then Cash App will instantly reimburse you for ATM fees.
Once you’ve activated this free ATM withdrawal service, Cash App will reimburse you for up to 3 ATM withdrawals per 31 days. And even better - for each further deposit of $300 or more in your account, Cash App will reimburse you for a further 31 days.⁶
So if you play your cards right, you won’t have to pay any Cash App atm fees! Not bad, right?
|On the topic of withdrawal fees, your first two ATM withdrawals under $100 are free when using Wise. Check out Wise’s 'Hello Word' debit card allowing you to avoid exchange fees when withdrawing money abroad.|
Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks
In contrast with other peer-to-peer transfer services, Cash App not only lets you send and receive money - it also lets you invest in stocks. Not too shabby, right?
What’s even cooler is that Cash App won’t take anything from you in commission fees. You heard right - there are no Cash App investing fees! On top of this, there are no sign-up fees and the account doesn’t require a minimum balance to maintain it.⁷
This being said, remember that you may still have to pay government and regulatory fees. If that’s the case, then Cash App will let you know what these are before you confirm your trade.
So, as you can see, one of the benefits of Cash App is its lack of fees. But, nevertheless, there are some instances where you’ll be liable to pay Cash App fees, such as when withdrawing from an ATM.
Additionally, if you’re looking for a service that lets you transfer and withdraw money without large fees, internationally then Wise is for you.
- Cash App - Cash out speed options
- Cash App - Deposit wasn't instant
- Cash App - Order cash card
- Cash App - Fee schedule
- Cash App - Paying at gas stations
- Cash App - Atm withdrawals
- Cash App - Investing fees
All sources checked 27 May 2021
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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