How to Use Cash App

Posted by in Financial Apps | Updated on September 7, 2022

Cash App, as its name suggests, is a smartphone application that aims to replace cash. Cash App, similar to Venmo, lets users transfer funds to friends or family with just a few taps. Once you’ve linked an active bank account, you can begin sending, receiving, and requesting money on the app.

Let’s take a closer look at how to use Cash App.

What Is Cash App?

Cash App is a peer-to-peer money transfer service developed by Square Inc. Cash App is best used for transferring relatively small amounts of money between friends or acquaintances.  You can use Cash App to send your share of utilities to your roommates, pay friends back for coffee, or split the cost of a trip, for example. Cash App works seamlessly when both parties have a Cash App account. 

In this way, Cash App functions similarly to Venmo or other services that allow users to send and receive money. 

What sets Cash App apart from its competitors, however, is that Cash App gives you the ability to receive direct deposit payments to your bank account. Cash App functions like a bank account, giving users a debit card — called a “Cash Card” — that allows them to make purchases using the funds in their Cash App account. 

The app also allows users to invest their money in stocks and even buy and sell Bitcoin.


How to Send Money with Cash App

If you want to know how to use Cash App and how to send money with Cash App, follow these four simple steps to make your first payment.

Step 1 – Download the Cash App 

Go to the App Store or Google Play on your mobile device. Search for Cash App and install the app. 

The app will walk you through enrollment, where you will create a user account and link to at least one bank account.

Step 2 – Fund your Cash App Account

Make sure you have an external bank account. You will need a bank account so you can transfer money into your Cash App account. If you want to withdraw any funds from your Cash App account, the money would be transferred back into your external bank account.

To add funds to your Cash App account, tap the Banking tab on your Cash App home screen. Press “Add Cash” and choose the amount of money you want to transfer from your bank account to your Cash App account. Use Touch ID or enter your PIN to confirm the transaction.

Step 3 – Find out the “$Cashtag” of the recipient

A “$cashtag” is the unique Cash App username each person creates when setting up an account. Your “$cashtag” identifies you on the platform. Choosing a $cashtag automatically creates a shareable URL ($yourcashtag) where friends, family, and customers can make payments to you privately and securely. 

If you have the “$cashtag” of the person you are trying to transfer money to, the process of sending money becomes very easy. 

You can also use the email address or phone number of the recipient. The other option is to allow Cash App to access your contact list to find friends more easily.  

Step 4 – Make the Payment

Money can be sent from the homepage of the Cash App mobile app. If the green screen for sending and requesting money doesn’t automatically appear, tap the dollar “$” symbol in the bottom center of the screen.

In the money field, enter the amount you want to send. Then, tap “Pay” in the bottom-right corner. 

Enter the recipient’s email address, phone number, or “$Cashtag”. In the “For” field, enter a note stating the purpose of the payment. Tap “Pay” and your money will be sent to the recipient.

By default, the money you send will come out of your cash balance. If you do not have enough money in your Cash App account, the platform will withdraw money from your linked bank account to complete the payment. 

If your recipient doesn’t use the Cash App, that’s fine. They’ll receive a text or email when receiving a payment. From there, they’ll need to enter a bank account or debit card information to receive the Cash.

How to Receive Money with Cash App

If the other person sends money to you, the deposit will reflect in your Cash App account. You will be able to see the payment reflected in your transaction history.

You can also ask someone for money on the Cash App. To request payment:

  • Tap on the $ sign at the bottom of the app.
  • Type in the amount of money that you are requesting
  • Choose “Request”.
  • Next to “To”, add the user’s $Cashtag, SMS, or email.
  • Next to “For”, add the reason for the request.
  • Finally, tap “Request”.

If you are in the same location as the person you are requesting money from, you can transfer money by using the scanning option as follows:

  • Tap on the $ sign at the bottom of the app.
  • Choose the “Scan” icon at the top left.
  • To send money, use your mobile device’s camera to scan their unique tag.
  • If you want to receive money, they have to select “Scan” and you have to show the person your unique tag which they have to scan. 

Benefits of Cash App

There are various benefits of using the Cash App:

  • No fees on basic services – Cash App doesn’t charge monthly fees, fees to send or receive money, inactivity fees, or foreign transaction fees. While you can buy Bitcoin directly from the Cash App platform, you will be charged fees on Bitcoin transactions.
  • Financial services – by using Cash App, you qualify for a free, optional, debit card. The “Cash Card” allows you to make transactions and withdraw the money that you have in your Cash App account. You can also use “Cash Boosts” on your debit card. While using a “boost”, you can save money when you transact with a particular vendor (e.g. 10% off any order with DoorDash). ATM withdrawals are free if you remember to set up a direct deposit first. 
  • The ability to invest – Cash App allows you to buy stock in specific companies with as little or as much money as you want to invest. Stocks can be purchased with the funds in your Cash App account.

Cash App Considerations

Before you open an account with Cash App, keep the following in mind:

  • Cash App is not a bank – your “Cash Card” is issued by Sutton Bank. While Sutton Bank is FDIC insured, your Cash App funds aren’t. 
  • The Cash Card is limited. There are spending and withdrawal limits on your Cash Card. There are daily, weekly and monthly limits on what you can spend or withdraw. Additionally, there are limits on how much money you can withdraw per transaction.

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Cash App is simple and easy to use – even when closing your account. Once you know how to use Cash App, you will be using it for everything – from splitting the restaurant bill to paying your half of the rent.

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