Cash App is a well known P2P payment service owned by Square- which is actually known as Block,inc and it is a leader in the financial technology industry. Somehow due to the lack of flexibility of funds, some Square users might find themselves wanting to Link Cash App to Square.
Aside from the one sited above, there are several other reasons why Square users desire to transfer their money to their bank accounts - one of which is due to the fact that Square is not FDIC-secured.
Well some users prefer making use of their funds in a more flexible manner and carryout numerous activities such as sending money to their loved ones and friends.
Before being able to send money to your love ones, you have to transfer the funds found in your Square account to another well known and used account such as Cash App, Chime or Netspend which will make transfers to your friends and relatives much more easier.
It might be a little surprising to hear that though Square owns Cash App, it is not possible to transfer funds directly between the 2 Apps but there exist an indirect method that will allow you to transfer money from Square to Cash App.
So in this article, I will show you how to transfer money from Square to Cash App without any problem so stay glued to tis article and discover what it takes to do so.
Table of Contents
What is Cash App?
Square Cash today known as Cash App, is a payment service that was put in place by Block,Inc and it allows its users to send money to each other by making use of the app. You will be charged a 1.5% fee for instant transfer.
This financial institution's service is only open to users in the United Kingdom and the United States and they reported 70 million yearly transactional customers and $1.8 billion in gross revenues in September 2021.
With Cash App, you are able to transfer money to many other money transfer apps without any hassle alongside being able to shop online with their card.
What is Square?
Block, Inc., formerly Square, Inc., is a financial services and digital payments company based in San Francisco, California. The company was founded in 2009 by Jack Dorsey and Jim McKelvey, and its first platform was launched in 2010.
It has been trading as a public corporation on the New York Stock Exchange under the ticker symbol SQ since November 2015.
Until December 10, 2021, the company was known as Square, Inc.The company's eponymous small-business product is still known as "Square." Square is a payment platform that allows small and medium-sized businesses to accept credit card payments and use tablet computers as point-of-sale terminals. Block is also the founder of several other companies, including Afterpay, Weebly, and Tidal.
Can I Transfer Money from Square to Cash App?
Well the answer to this question greatly depends on the method that you will want to take. In case you want to transfer money from Square to Cash App directly, then it is not possible since both apps do not integrate. But do not worry as there exist a method that allows you to be able to transfer money from Square to Cash App by making use of a Linked bank account.
How to Transfer Money from Square to Cash App
Now here comes the main part of the article, in order to transfer money from Square to Cash App, you first of all have to add a bank account to both your Square and Cash App and then transfer the money from Square to your bank account before then sending it from your bank account to Cash App.
Follow the steps below so as to successfully transfer money from Square to Cash App.
1. Add a Bank Account to Square and Cash App
Since we are going to be making use of a bank account as mediator between the 2 apps, it is necessary that the bank account should be linked to both Square and Cash App account.
You can follow the outline steps below to be able to link a bank account to Square:
- Open your Square App
- Move to Menu and press Settings_Account_Bank Account_Add Bank Account.
- From here, you will have to enter your required bank account information and you are able to see this information listed at the bottom of your checks, or better still contact your bank to confirm this information.
- Click Continue once you have filled the right information
You can follow the outline steps below to be able to link a bank account to Cash App:
- Open Cash App and then press the profile icon on your Cash App home screen
- Select Linked Banks and then tap link Bank
- Then from here, all you will have to do is to follow the onscreen steps.
2. Transfer the Money from Square to Bank Account
With Square, you are able to transfer funds from Square to your bank account and regarding the method that you want to transfer it, you can use the instant transfer method or the standard transfer process. But also, do not forget that if you make use of the instant transfer method from Square to your bank account, you are going to be charged a fee of 1.5% of the total amount you desire to transfer while on the other hand standard transfers are often fee free but take up to 3 working days to reflect into your bank account balance.
3. Transfer the Money from Bank Account to Cash App
So depending on the transfer method that you have chosen, as soon as your funds reflect into your bank account, you will now have to transfer the funds to Cash App which is its final and desired destination.
You can follow the Outlined steps to Transfer Money from Bank Account to Cash App
- On your Cash App home screen, tap the Banking tab
- Press Add Cash.
- Choose an amount.
- Tap Add.
- Use Touch ID or enter your PIN to confirm.
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Final Thoughts on How to Transfer Money from Square to Cash App
Square, Inc. is a San Francisco-based American financial services and digital payments company.
Square owns Cash App, a popular peer-to-peer payment service.
Despite the fact that Square owns Cash App, the two apps do not integrate, making it impossible to transfer money directly from Square to Cash App.
However, you can transfer money from Square to Cash App indirectly by using a linked bank account. This article outlines the steps needed to complete the transfer smoothly.
Frequently Asked Questions
Can you send money to cash app from Square?
You can do this using your Cash App account and routing number. Note: This option is available for standard transfers only (not instant transfers) and can take up to four business days (excluding weekends and holidays).
Can you instantly transfer from Square?
For faster access to your money, initiate instant transfers from the Square app or from your online Square Dashboard. You can instantly send up to $10,000 per transfer 24 hours a day, 7 days a week. There is no limit to the number of instant transfers you can initiate on a given day.
What bank does Square use?
Square Checking is provided by Sutton Bank, Member FDIC. Square Debit Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard..
Can you transfer Square to Cash App?
Yes, you are able to receive transfers into your Cash App account from your Square POS account using your Cash App account and routing number.
How long does Square take to deposit to Cash App?
Since there are standard transfers only (not instant transfers), it can take up to four business days (excluding weekends and holidays).