It is of no doubt today that Cash App is actually one of the most popular apps as it is a financial institution that makes money transfers easy and secure. With Cash App, you are able to transfer money to your card, bank account or even to your contacts.
Though Cash App is popular and widely used, many people do not know how to use the app properly, especially when it comes to withdrawing money from Cash App. So if you are actually one of these people, then stay glued to this article as I will show you how to withdraw money from Cash App.
Want to know how to withdraw money from Cash App? then read down this guide as I will show you one of the easiest ways to make a successful withdrawal.
Table of Contents
What is Cash App?
According to Wikipedia, Cash App (formerly Square Cash) is a mobile payment service available in the United States and the United Kingdom that allows users to transfer money to one another (for a 1.5% fee for immediate transfer) using a mobile phone app. In September 2021, the service reported 70 million annual transacting users and US$1.8 billion in gross profit.
Cash App was launched by Block, Inc. (formerly Square, Inc. at its launch) in October 15, 2013 under the name "Square Cash".
In March 2015, Square introduced Square Cash for businesses. This allowed individuals, organizations, and business owners to create a unique username to send and receive money, known as a $cashtag. Since then, the $cashtag has become the most popular method for users to transfer money.
In January 2018, Cash App added support for bitcoin trading.
How Does Cash App Work?
With Cash App, you will be able to transfer funds to any Cash App user, as long as you know their phone number, email address or unique $cashtag. A $cashtag is a unique Cash App username that each individual creates when they are setting up their account.
You can add money to your Cash App account using a linked bank account or a Visa, Mastercard, American Express or Discover Debit Card.
Even though Cash App is accepted in the United States and United Kingdom, you cannot transfer money between these 2 countries. You ae able to send money to anyone even if they do not have a Cash App account.
A signup notification will be sent to the recipient through the method that you used and in case they do not accept the money after a given period of time, the money will be return back to the sender.
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Can I Withdraw Money From Cash App?
Yes, So long as you already have a card linked to your Cash App account, then you can withdraw money from Cash App easily. Even if you do not yet have a card linked to it, then it is possible to do it using other methods such as transferring the money to your bank account or sending the funds to one of your contacts.
Cash App and Venmo work in similar ways, allowing you to receive and send money to other people while also transferring your money when you need it. There are some individuals that own a Square Cash Card that lets them to use the funds in the same way they would have used them if the money was on an a debit card.
Even if you do not yet have a bank account linked to your Cash App, you can still withdraw money from Cash App but the only set back is that you will need account verification to prevent restrictions from applying.
Without a bank account linked, you will have to deal with the restrictions. If your Cash App account is unverified, it will only allow you to send about $250 per week and get about $1000 per month. Adding a bank account will be the only way for you to get the account verified and increase the sending and receiving limits.
Additionally, you can withdraw money by mailing it to a contact. After that, you can transfer money to that person via a bank. Naturally, it must be a trusted family member or close friend.
How to Withdraw Money From Cash App On Your Phone
Making use of your mobile phone to withdraw money from Cash App is quite easy and straightforward. In case you are not yet used to using Cash App, then you can follow the steps below to make a successful transfer.
Step 1 - Open the Cash App which is available for both Android and iPhone.
Step 2 - Move to the Banking Tab which is located at the bottom left corner of the screen.
Step 3 - Under the "Cash Balance", Tap that the button on the right called Cash Out
Step 4 - You're going to see a menu on your screen. Your complete balance, which the app automatically selects, will already be selected as the balance. Of course, using your touchscreen, you can adjust the transfer amount.
Step 5 - As soon as you enter the amount you want to transfer to your bank account, you can proceed by going to the bottom of the screen and tapping “Cash Out”.
Step 6 - A pop-up will appear on your screen asking you to select the method you want to use to deposit the money. If you choose the "Standard" option, you will have to wait one to three days for the money to show up in your bank account. However, if you require the money right now, you can also choose the "Instant" option. Just keep in mind that there is a 25 cent fee associated with this.
How to Withdraw Money from Cash App Without Bank Account
As previously said in this article, you can still withdraw your money from Cash App even if you do not have a bank account linked to the app. Any amount that you receive will be made available in the Cash App wallet, without being available for cash out considering a cash card is needed.
In order to withdraw money from Cash App without a bank account, you have to open the Cash App on the device you are using and then move to the “Activity” tab. Then, go to the pending payment tab and click “Accept” on the button that is right next to the sender’s name.
Since you do not have any bank account linked to your Cash App, the money will go straight to into the Cash App wallet.
Having a bank account linked to Cash App is actually one of the most convenient ways to enjoy using Cash App since it makes the transfer faster and also ensures that it goes one without any hassle.
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Are There Fees to Withdraw Money From Cash App?
With Cash App, you may incur some fees for the withdrawals that you make but this depends on each situation. Most often, you will incur a fee when you make instant withdrawal. When you need the money immediately, you can make an instant withdrawal at a fee of $0.25.
It is possible to avoid the fees, but just have in mind that the processing time will be slower. In order to avoid fees, you must have a bank account or a card linked to your Cash App account.
After that, you can make a Standard withdrawal for nothing. Accordingly, the withdrawal process will take a maximum of three days. It can be a useful approach to avoid getting assessed a withdrawal fee if you don't mind this.
How Long Does It Take to Transfer Money From Cash App?
Depending on the withdrawal type you chose, the time it takes for the money to move from your Cash App account varies. You can select either the Standard withdrawal, which takes one to three business days, or the Instant withdrawal, which will immediately transfer the funds to your bank account.
Final Thoughts on How to Withdraw Money From Cash App
Once you know the steps that you need to take, withdrawing money from Cash App becomes quite easy. All you have to do is to make sure that you follow the process keenly and you will make a successful transfer.
Withdrawing money from Cash App us easier when you have a bank account or a card linked to Cash App, but even if you do not have one linked, you can still withdraw your funds.
You won't be charged for standard withdrawals, but you will be charged $0.25 for quick withdrawals. Choose based on how quickly you require the money; regular ones, however, will take one to three days.
Frequently Asked Questions
How do you get your money from Cash App the first time?
To get your money from Cash App for the first time, go to the Banking section and follow the instructions to withdraw your money.
Can you withdraw money from Cash App without a card?
Yes, you can withdraw money from Cash App without a card if you link your bank account to it.
How do I withdraw from Cash App without a bank account?
If you don’t have a bank account, you can withdraw money to your Cash App card, if you have one. If you don’t have one, you can send it to a friend or family member with one and have them withdraw the money for you.
Can you withdraw money from Cash App at ATM?
Cash Cards work at any ATM, with a fee ranging from $2-2.50 charged by Cash App. Most ATMs will charge an additional fee for using a card that belongs to a different bank.
What banks work with Cash App?
Cash App supports debit and credit cards from Visa, MasterCard, American Express, and Discover. Most prepaid cards are also supported, but depositing to these cards does not work.
How much can I withdraw from Cash App?
Withdrawal Limits. The maximum amount that can be withdrawn at an ATM or a POS device is $1,000.00 per transaction, $1,000.00 per day, and $1,000.00 per week.