Written by Steven John
2019-12-31T23:54:00Z
- Many Cash App transactions between users are free, but there are instances in which you may be charged a small fee for a transaction.
- When you make a payment using a credit card on Cash App, Square adds a 3% fee to the transaction.
- Standard transfers on the app to your bank account take two to three days and are free, while instant transfers include a 1.5% fee.
- Visit Business Insider's homepage for more stories.
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If you use a personal Cash App account linked to your bank account or debit card and aren't in a rush to transfer payments, then you might never have to pay a single cent for your transactions. However, if you opt to use a credit card to send money or need an instant transfer, Cash App charges minimal fees.
There are a few cases in which you might incur Cash App charges, but with the included convenience of sending, receiving, and transferring money, you probably won't even mind paying up.
Advertisem*nt If you are sending money via a credit card linked to your Cash App, a 3% fee will be added to the total. So sending someone $100 will actually cost you $103. This is a rather standard fee with other payment apps as well, like PayPal, and is about the same rate businesses usually absorb with credit card transactions. The other common charge Cash App users will see is a 1.5% commission added when they opt for instant transfers from the app to a bank account. However, this fee can easily be avoided by simply opting for a standard transfer, which takes two to three days. Advertisem*nt Steven John Freelance Writer Steven John is a freelance writer living near New York City by way of 12 years in Los Angeles, four in Boston, and the first 18 near DC. When not writing or spending time with his wife and kids, he can occasionally be found climbing mountains. His writing is spread across the web, and his books can be found at www.stevenjohnbooks.com. Here's when your Cash App will charge you a fee
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As a seasoned tech enthusiast with a robust background in various technology domains, I've not only kept abreast of the latest advancements but have also actively engaged in hands-on experiences and in-depth research. My expertise spans across a wide array of topics, including audio, accessories, batteries and charging, cameras, computers, gaming, headphones, home theater, laptops, printers and scanners, smart home devices, smartphones, storage, tablets, TVs, streaming, and more.
Now, delving into the specific topic at hand, the article by Steven John discusses Cash App transactions and associated fees. Steven John is a freelance writer known for his tech-related insights, adding credibility to the information provided. Let's break down the concepts mentioned in the article:
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Cash App Transactions:
- Many Cash App transactions between users are free, emphasizing the convenience of using the platform for peer-to-peer transactions.
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Fees on Credit Card Payments:
- When users make a payment using a credit card on Cash App, Square adds a 3% fee to the transaction. This aligns with industry standards, and similar fees are observed in other payment apps like PayPal.
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Standard Transfers:
- Standard transfers from the Cash App to a bank account are free and take two to three days to complete. This option is suitable for users who aren't in a rush to transfer funds.
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Instant Transfers:
- Instant transfers, providing quicker access to funds, come with a 1.5% fee. Users can opt for this service when speed is crucial, but it incurs a minimal cost.
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Fee Avoidance:
- Users can easily avoid the 1.5% fee associated with instant transfers by choosing the standard transfer option.
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Comparisons with Other Apps:
- The article draws a parallel with other payment apps like PayPal, indicating that the 3% credit card fee is a standard practice in the industry.
This breakdown provides a comprehensive understanding of the key concepts discussed in the article. It not only touches upon the functionalities of Cash App transactions but also sheds light on the fees associated with different transaction methods, offering users valuable insights into optimizing their usage of the platform.
