Want to send or receive money in a hurry? Think Cash App. The mobile app lets users in the US and UK send money to family, friends and co-workers using their phones. If this sounds amazing to you, then you’re not alone. Cash App has over 15 million users and counting. As great as that sounds, most mobile banking apps provide similar services. In this review, we will look at what makes Cash App different and if it’s worth your time.
What is Cash App and How Does it Work?
Known as a peer-to-peer or P2P platform, Cash App is a mobile app that lets users carry out various financial activities. It is important to note that Cash App is not a bank. However, if you need a way to send and receive money quickly, then it is a great option.
Moreover, users can also invest in stocks, bitcoin and other investment instruments using the app.
To use the app, just download it on your mobile device. Cash App works with Android and IOS devices. After opening the app, you can create an account with your email address or phone number. Next, you link your debit card and bank account to the app. After that, you can send money to anyone using their email address or phone number. The other party receives the money in seconds.
Cash App Features
- Send and receive money instantly
- Invest in stock no matter your budget
- Invest in Bitcoin
- Cash App is free
Download Cash App from the Google Play Store or Apple App Store. Alternatively, you can scroll down to the end of this articlea and click the links to get Cash App right now.
Transferring Money
Once you link your debit card and bank account to Cash App, you can easily add money to the app. In the same way, if you receive money through the app, it is added to your balance. Then, you can either choose to withdraw it to the bank account you linked or leave it in the Cash App.
Adding money is easy, all you need to do is use the “Add Cash” function on the banking tab. Then add the amount of your choice.
Transfers are free however, they take anywhere between one to three business days. There is the option for instant transfers with a fee of 0.50% to 1.75% of the amount to be transferred.
Cash App Vs Other Financial Apps
The first one which comes to mind is Revolut although there are several other similar apps out there. To mention a few, there’s Paypal, Monzo, Venmo and Zelle. Each of these has its appeal factor, however, we will zero in on Revolut in this review.
First of all, even though Cash App is available in the UK, it was primarily designed for the US market. Thus a lot of the features are centered around the unique requirements of the US financial sector. Revolut on the other hand, was designed for European markets and is much more popular on the continent.
Secondly, Revolut allows users to store cash in different currencies and international money transfers. Cash App does not have this feature.
Perhaps, where Cash App stands out from all the other finance apps out there is its ease of use. The design is simple and very easy to use. Additionally, for what it was designed to do, which is send and receive money, it remains the best.
Would we Recommend Cash App?
Whether you should get Cash App or not depends on your needs. If you want to quickly send and receive cash without the hassle which your bank might give you, Cash App is the way to go. However, there is the fact that you can only use this app in the US and UK.
So, if you live outside these countries or you want to send money internationally, then Cash App might not be the best option for you.