Home Reviews Cash App

Cash App Review

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.

Find Cash App Alternatives
 
   
Spain
EUR
GBP
£

About Cash App

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.

What are Cash App Exchange Rates, Fees & Costs

In this section we will run through the various costs associated with Cash App’s money transfer services including transaction fees and additional commissions. 

Exchange rates

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.

Fees

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 – 

  • A fee of 1.5% of the transfer is charged to customers who utilise the Cash Out option: this service bypasses the usual transfer speed and deposits funds instantly, direct to the recipient’s card or account
  • A fee of 3% of the transfer is charged to customers funding the transfer with a credit card

Top destinations for sending money with Cash App?

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.

Pros
Quick and easy payments on-the-go: Customers can arrange money transfers at their convenience with a tap of a few buttons, using the Cash App for US or UK customers
Virtual bank account: Cash App is more than money transfer operator, with features that mimic digital banking such as a Cash Card debit card, full bank details and the ability to spend using their Cash App account
Low-cost service: Cash App services generally free of charge, aside from the small fees mentioned earlier
Innovative features including options to invest and manage stocks, save money with “Cash Boosts” as well as the ability to buy and sell Bitcoin
Cons
Local payments only: Customers can only send and receive money to contacts in their home country of the United States or United Kingdom. This is very limited when compared to the available options offered by other money transfer companies
Not insured by the FDIC: Although the Cash App mirrors many products and services offered by banking institutions, it is not insured by the Federal Deposit Insurance Corporation (FDIC) and therefore should not be used as a primary bank account
Online only: There is no option to contact Cash App customer service agents by phone (for UK customers) or in-person (for US and UK customers)

What type of transfers can you make with Cash App?

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.

How long will it take to receive money using a Cash App?

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.

What payment methods can I use when sending money with Cash App?

The following payment methods can be linked to your account to fund money transfers: 

  • Debit card
  • Credit card 
  • Bank account

What are the best reasons to use Cash App?

  • For sending and receiving instant payments between friends and family 
  • To use as an additional virtual bank account, with a free Visa debit card
  • For the “Cash Boost” feature which offers savings with major retailers such as Xbox, McDonalds and Starbucks

Can I trust Cash App?

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.

What do users have to say about Cash App? 

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. 

What customer service options are available with Cash App?

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.

How to send money with Cash App 

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

How to receive money with Cash App

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 2. To receive funds from another Cash App user you will need to share your $Cashtag link, phone number or email address. You will also be able to send a payment request to other Cash App users.

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 

Does Cash App have a mobile app?

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.

How does Cash App compare to other providers? 

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. 

Monzo vs Wise
Both Monzo and Wise are UK-based financial services dedicated to breaking the mould in their respective fields, by providing innovative solutions for consumers around the world.  In 2018, Monzo teamed up with Wise to provide low-cost, easy to use international money transfers to their customers. We want to find out not only which brand is […]
Monese vs Monzo
Digital challenger banks are changing the face of international bank transfers as we know it, and Monese and Monzo are at the forefront of this revolution. We will be looking at how both companies approach cross-border payments, by reviewing the fees, exchange rates, speed, global coverage and online reputation of each.
Starling vs Revolut
In this comparison we will be weighing up the similarities and differences between these two UK-based challenger banks. Both companies provide fully licensed banking services, which we will run through, but we are mainly interested in the finer details of their international money transfer services.
Mark
Written by
Mark

Mark is a journalist with more than 20 years experience in news, features, entertainment, lifestyle and sport. Away from work, he’s a devoted husband and father.

Customer reviews

Post your review: