How to Withdraw Money from Cash App
Posted by Frank Gogol in Financial Apps | Updated on July 13, 2023
Cash App is one of the most popular apps nowadays, as it is a platform that makes money transfers easy and secure. It allows you to transfer money to your card, bank account, or even to your contacts. But even though it’s popular and quite complex, what many people don’t know is how to withdraw money from Cash App. Is it possible to make withdrawals and if so, how can you do this? Let’s find out!
Can Money Be Withdrawn from Cash App?
Money can be withdrawn from Cash App as long as you have a card linked to the account already. But it is also possible to do it using other methods, more specifically transferring the money to your bank account or sending the funds to one of your contacts.
Cash App operates similarly to Venmo, allowing you to receive and send money to other people, but also transfer your funds when you want or need to. Some people have a Square Cash Card that allows them to use the funds in the same way you would use them if you had the money on an actual debit card. But if this is not convenient for you and you would rather get the money back to your preferred bank account, you can do that easily and instantly.
Money can be withdrawn even if you do not have a bank account linked, though. The only downside 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.
You can also withdraw funds by sending the money to one of your contacts. Then, you can receive the cash from that person through a bank transfer. Of course, it must be a close friend or relative – someone you trust.
How to Withdraw Money from Cash App on Your Phone
Using your phone to withdraw money from Cash App is very easy. But if you still need some guidance, below you can find the steps that you have to take to make sure the process is smooth.
Step 1 – Open the Cash App. It is available for both Android and iPhone.
Step 2 – Now, go to the “Banking” tab. You can do so by looking in the bottom-left corner of the screen and tapping the tab icon. The icon looks like a bank or a house.
Step 3 – Then, under the “Cash Balance”, you will have a button on the right called “Cash Out”. Tap that button.
Step 4 – There will be a menu that will appear on your screen. It will already have the balance selected, more specifically your full balance, which the app auto-selects. You can, of course, change the amount you transfer by using your touchscreen.
Step 5 – When 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 – You will get a pop-up on your screen that asks you what method you would like to use to deposit the amount. Selecting the “Standard” option will end up with a 1-3 day waiting time until the money appears in your bank account. But you also have the “Instant” option that you can select if you need the money urgently. Just bear in mind that this comes with a fee of 0.5% to 1.75% (minimum of 25 cents).
How Long Does It Take to Transfer Money from Cash App?
The amount of time it takes for the money to transfer from your Cash App account depends on the withdrawal option you picked. You can either choose the Standard withdrawal, which takes between one and three business days, or the Instant withdrawal that will send the money to your bank account in an instant.
There are some rare scenarios when the money doesn’t settle in the bank account. The money either transfers instantly or takes up to three days, after which it gets settled. But to prevent a situation when it doesn’t, you need to make sure you check the payment status.
Go to the Cash App on your Android or iPhone. Then, go to the Activity tab. It is easy to find it on the app’s home screen. Next, pick the transaction that you made to your bank, after which you can select the button found below. It will reveal the details of the transaction. Any other payment activity will have the same process for checking out the status.
Are There Fees to Withdraw Money from Cash App?
Cash App may apply some fees for withdrawals, but it depends on each situation. Usually, the fees apply when you make an instant withdrawal. If you need the money right now, then you can make an instant withdrawal with a fee of $0.25.
Avoiding fees is possible, but it may bring slower processing times for the withdrawal. To avoid fees, you must have a bank account or a card linked to your CashApp. After all, sending money without any of them linked would be a more difficult process.
Then, you can make a Standard withdrawal, which is free. This means that your withdrawal process will take a maximum of 3 days. If you do not mind this, it can be a good way to avoid being charged a withdrawal fee.
How to Withdraw from Cash App Without a Bank Account
It’s possible to get the money even if you do not link an existing bank account. However, you must be aware of the fact that the amount received will be available in the Cash App wallet, without being available for cash out considering a Cash Card is required.
To withdraw without a bank account, you must first open the Cash App on the device you are using and then go 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.
The money will go straight into the Cash App wallet considering you don’t have any bank account linked to your Cash App.
Bear in mind that it may always be better to have a Bank account linked to your Cash App because it just makes the transfer faster and ensures it unfolds with no issues.
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Withdrawing money from Cash App is very easy if you know the steps you need to go through. Just make sure to follow the process and everything will go smoothly. Withdrawing money can be done if you have a bank account or a card, but even if you don’t have one linked, you can still withdraw your funds.
Standard withdrawals will not charge you anything, but instant withdrawals will charge you $0.25. However, standard ones will take between one and three days, so make your choice depending on how fast you need the money.
Withdrawing Money from Cash App: Common FAQs
When it comes to withdrawing money from Cash App, users often have a few common questions. Here are the top five:
1. How do I withdraw money from Cash App?
To withdraw money from Cash App, tap the “Balance” tab, select “Cash Out,” choose the desired amount, and then select “Standard” or “Instant.” Standard transfers are free and arrive within 1-3 business days, while Instant transfers come with a fee but arrive instantly.
2. What are the limits for withdrawing money from Cash App?
As of my knowledge cutoff in September 2021, Cash App allows you to withdraw up to $2,000 worth of bitcoin every 24 hours and up to $5,000 within any 7-day period. For cash withdrawal at an ATM, the limit is $310 per transaction.
3. Can I withdraw money from Cash App without a card?
Yes, you can transfer money from your Cash App to your linked bank account without a card. This can be done either instantly for a small fee or within 1-3 business days for free.
4. Can I withdraw money from Cash App at an ATM?
Yes, if you have a Cash Card, which is a debit card that allows you to use your Cash App balance to make purchases and withdraw money at ATMs.
5. What should I do if my Cash App withdrawal fails?
If your Cash App withdrawal fails, check your account balance, the card details, and your internet connection. If everything seems fine, contact Cash App support for help.