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Cash App is one of the leading fintech apps that allows you to quickly transfer funds and send and receive money between friends and contacts. But, when you have received money from your family members or friends, how do you access this cash via your bank account?
Fortunately, how Cash App work is not as complicated as it would appear. Cash App works on the premise of linking your bank account to facilitate sending money when you want to split a bill when you’re dining out with friends or paying for tickets on a night out.
This means that you shouldn’t feel daunted by the thought of transferring money from Cash App, and here we’ll explore how to complete the transfer in step-by-step detail.
Transfer Money From Cash App to Your Bank Accounts
If you’ve set up your Cash App account, the chances are that you’ve already linked a debit card or bank account to fund any transfers you want to make.
So, if you’ve got a balance on your Cash App, it is quite simple to transfer money from Cash App to your bank account. You can complete this process in a few simple steps.
- Click on the Home Screen: If you’ve already linked a bank account and this is the account that you want to send funds to, you can start the transfer process by clicking on the app home screen. This will show the main balance screen and you’ll see the icons and tabs you’ll need to manage the app.
- Tap the Banking Tab Icon: The banking tab will bring up your linked bank accounts, and you can check the account is linked not just a card by clicking on the Link Bank button and logging on to your bank’s portal. If your account is linked, you will see the cash balance in the top part of the screen and there will be two options: “Cash Out” and “Add Cash”.
- Tap Cash Out: After you tap “Cash Out”, you will be prompted to select how much of your available Cash App balance you would like to transfer to your bank account. Bear in mind that there are no minimum balance requirements on Cash App, so you can clear your balance to zero if you want.
- Select the Transfer Speed: The next screen will give you the options for the transfer speed. Standard transfers are free of charge, but they typically take up to three business days to complete. If you need the funds urgently, you can pay a small fee for an instant transfer.
- Confirm the Transaction: The final step is to confirm the transaction using a PIN or touch ID.
- Await Your Funds: The Cash App processes are very simple, so that’s it. Once you’ve followed the above steps, you simply need to wait for the funds to arrive in your bank account.
Transfer Money From Cash App to Someone Else Bank Accounts
If you want to move money into a bank account that is not the account you linked to Cash App originally, the process is a little more complicated.
- Replace Your Linked Bank Account: Tap the profile icon and select Linked Banks. You’ll need to select the registered bank account and then tap “Replace Bank.” There is then a series of prompts to walk you through the process.
- Verify the Bank Account: Once you’ve replaced your linked bank account, the new account will be listed on Cash App as your main external bank account. It is likely that you’ll need to wait a day or two while the bank account is verified. However, once this is done, you can follow the steps above to make your transfer.
How Long Until I See the Money in My Bank Account?
This depends on the transfer speed that you select. Standard transfers typically take two to three days to complete, similar to transferring money from one bank to another.
So, if you request a transfer on Monday, you should see the money in your bank account on Wednesday or Thursday.
However, you can opt for an instant transfer if you need the money urgently. This will ensure that your money is in your bank account almost immediately, but you will need to pay a small fee for this service.
Pros and Cons of Transferring From Cash App to Bank Accounts
Of course, no financial product or process is perfect and there are both pros and cons of transferring money from Cash App to your bank account. These include:
Only Standard Transfers are Free
You May Need to Transfer Back
Limited Transfer Options
Transferring money between Cash App and your bank account is super simple.
If you need the funds in your account to pay a bill or make a purchase, you can get it easily.
Having a small balance in your Cash App account can be handy, as you can quickly send money to your friends if you need to pay them for something or split a bill.
Cash App does not have FDIC protection for your account balance, so if you are worried about your funds being secure, you may prefer not to leave them in your Cash App account.
Once the funds are in your regular bank account, you’ll benefit from FDIC coverage.
While there is no fee for standard transfers, they do take up to three business days.
If you want to have the funds in your bank account almost immediately, you’ll need to be prepared to pay a fee.
While Cash App is great for sending money to friends and family, your bank account and its associated debit card provide far greater flexibility. You can use your debit card to make online purchases and enjoy fraud protection.
So, you may prefer to have the funds in your checking account, so you can use them as you please.
Cash App is not similar to how checking account work, so you need to designate a bank account as your main external bank account.
So, if you want to transfer funds into more than one account, you’ll need to waste time switching between accounts on your Cash App profile.
How To Transfer Money From Bank To Cash App?
If you want to transfer money from your bank to Cash App to have funds readily available, this is possible.
- Open the App
- Tap “My Cash”
- Select “Add Cash” and enter the amount you would like to transfer
- Confirm your ID: This will involve providing your pin or password to confirm the transfer request.
- Select which debit card to use as your default account. The transfer amount you select will be deducted from this account.
How To Send Money From Cash App to a Friend?
One of the attractive features of Cash App is that you don’t need to carry a balance on the app. When you want to send a payment, you can simply:
- Open the Cash App,
- Enter the payment amount
- Tap Pay
- Enter the Cashtag, phone number or email address of the recipient
- Tap Pay
The payment will be taken from your linked debit card and made available instantly in the recipient’s balance. However, payments do require identity confirmation, so you may be prompted to log into your bank account website or verify your details.
You can transfer money from Cash App to Chime account as you would with any other bank account. Simply follow the steps we’ve detailed above.
You cannot directly transfer money from Cash App to Venmo, but it is possible to add your Venmo debit card to your account to facilitate instant transfers.
Unfortunately, no, you can’t transfer money from Cash App to PayPal. If you want to use the Cash App funds for a PayPal transaction, you would need to transfer the funds into your bank account and then use your PayPal linked debit card or bank account to pay for your purchase.
Cash App does support Visa, Mastercard, American Express and Discover cards, even prepaid cards.
This means that most prepaid cards are supported as a funding source for Cash App. However, you cannot transfer Cash App funds to your prepaid card.
No, Apple Pay is a wallet, not a bank account, so you can’t transfer money from Cash App to Apple Pay.