Cash App is a mobile payments platform available to those in the US and UK, and developed by financial services group Square Inc. Contrary to the company’s name, this money transfer provider does not handle cash of any kind, dealing instead with electronic funds transfers only. In this review we will take a look at the overall performance of Cash App, how much it costs to use and how efficient the money transfer service is.
As we inevitably edge closer towards a largely cashless society, digital payment providers like Cash App are working hard to offer their 36 million customers everything they need to arrange swift, stress-free online money transfers.
Launched in 2013 in San Francisco, Cash App is a peer-to-peer payment service that simplifies the process of sending and receiving money, by removing the need for banking or other sensitive details. Instead, users can move funds from A to B using the phone number, email address or $Cashtag username of their recipient. Anyone with a Cash App account in the US and the UK can send and receive money using the platform.
Cash App pales in comparison to its competitors due to its limited supported countries and despite introducing the UK as their first international market in 2018, the company does not facilitate international payments between US and UK customers, or any other countries.
In this section we will run through the various costs associated with Cash App’s money transfer services including transaction fees and additional commissions.
Unlike the majority of leading money transfer providers, Cash App does not support international transactions and functions exclusively as a platform for domestic money transfers.
Despite their presence in the United States and United Kingdom, it is not possible to send money from the US to the UK or vice versa. It is strictly used for local transfers within the same country.
When Cash App refers to itself as a fee-free service, it is generally referring to its transfer fees; other fees still apply. These include –
At the time of writing the United States and United Kingdom are the only destinations supported by Cash App. (May 2021)
Pros & Cons of using Cash App
Here we will provide a succinct overview of the various benefits and drawbacks of using Cash App for money transfers. We strive to be as transparent as possible when reviewing all companies, to help our customers make the most well-informed decisions.
The transfer options available with Cash App are limited to domestic transfers within the US and UK only. Customers can send money to and request money from other Cash App account holders: up to $1,000 (or equivalent) per month.
Transfers sent from one Cash App account to another are instant, but transfers sent to a bank account can take between 1 – 3 business days to arrive. While the Cash App interface is more efficient and user friendly than most banks, the time it takes to process a domestic transfer is about the same.
The following payment methods can be linked to your account to fund money transfers:
Since Cash App was launched in 2013 by Square Inc. – a reputable financial services group based in San Francisco – the brand has grown into a household name widely used across two continents.
Despite its seemingly straightforward and simple user interface, Cash App applies multiple security measures to ensure account details and funds are kept safe. These measures include data encryption and fraud protection designed to prevent the loss of unauthorised charges, as well as the use of two-factor authentication, PIN codes and biometrics such as Touch and Face ID. In addition to these protocols Cash App has produced a guide to avoiding scams and keeping your money safe, over on their website.
After reviewing various feedback and conducting research into the company’s history, we have deemed Cash App a trustworthy business entity as it upholds reputable and reliable services.
Cash App has been scored a disappointing 1.2 out of 5 stars on TrustPilot, with 92% of these reviews categorised as “Bad.” The majority of negative feedback touches on issues with cancelled payments, unsatisfactory customer support and delayed payments; this suggests there is room for improvement when it comes to customer satisfaction.
Over on the Google Play and App Store, however, Cash App has been awarded 4.2 and 4.8, respectively. This indicates that while some customers have complained about their experiences with the Cash App, the general functionality of the application exceeds expectations.
Cash App Support can be accessed by tapping the profile icon on the home screen of the app, selecting Support and searching for the topic you require assistance with. Further customer service is available via phone by dialling 1 (800) 969-1940 (for US customers only).
How to get started with Cash App to send and receive money?
Here is a breakdown of the steps you will need to take in order to send and receive money with your recipient of choice.
To get started you will need to sign up for a Cash App account by downloading the app from Google Play or App Store and registering with your phone number or email address. Once you have verified your personal details – full name, full address and contact details – you can connect your bank account or your debit or credit card and enter a unique £Cashtag username.
Step 1. Open up the Cash App and enter your log-in details. Then you can enter the amount and select Pay from the Request/Pay buttons at the bottom of the home screen
Step 2. Once you select this option a menu will appear which prompts you to search for your recipient using a range of information: full name, $Cashtag, phone number or email address. You can also add a note referencing the reason for payment
Step 3. Tap the big green pay button at the top right and your contact will receive the funds instantly
Step 1. Before any funds are sent to your Cash App account you will want to make sure you have connected your bank to your account, to ensure the money received is deposited to the correct place
Step 3. You will be able to check details of your incoming deposits by visiting the “My Cash” section in your mobile app. Once the funds have been deposited you can hold them in your Cash App account or withdraw the funds to your bank account of choice
Yes, the company exclusively operates as a mobile application. It is free to download from the Google Play or App Store for iOS and Android users.
Cash App does not live up to the standards of rival money transfer providers such as Wise, OFX and WorldRemit. Although it offers low-cost services for domestic transfers within the US and UK, it is not a viable option for anyone making international transfers outside of these countries.