Thu. Sep 21st, 2023

Cash may be king, but that kingdom seems to be going increasingly digital. It’s no wonder money transfer and payment apps are so popular, they make sending money easy and fast. Cash App stands out from the rest by allowing users to pay for their purchases at selected merchants. In addition to the peer-to-peer payment services offered by Bitcoin, you can also invest in stocks and trade Bitcoin.

CNBC Select researches the app’s features, benefits, and drawbacks to help you decide if it’s the right payment app for you.

cash app guide

How does Cash App work?

cash app

On Cash App’s secure site

  • Fee

    Free to download and use the basic service

  • transfer speed

    Instant cashout deposits in 1-3 business days or 1.5% fee (minimum 25 cents)

  • Standout features

    The app allows users to invest funds in individual stocks, buy and sell bitcoins

  • Link to account

    Yes, bank account and credit card

  • availability

  • Security function

    Data encryption and fraud detection technology.Unique one-time login code, two-factor authentication

Strong Points

  • Free debit card for opted-in users
  • Free ATM withdrawals if you have set up direct deposit (otherwise $2 per withdrawal)
  • “Cash Boost” automatically applies discounts to purchases at select retailers to help users save money (only one boost can be active at a time)
  • The app includes features that allow users to invest in stocks, buy and sell bitcoins


  • There is a 3% fee when using a linked credit card as a payment method
  • There is a 1.5% fee for instant cashout (to distribute funds immediately to your bank account with no waiting time).
  • Cash App is not FDIC insured, despite its more sophisticated investment features.

Cash App is a financial platform offered through banking partners Lincoln Savings Bank and Sutton Bank. We also offer investment services through Cash App Investing LLC, a registered broker-dealer and a member of the Financial Industry Regulatory Authority (FINRA).

Cash App provides the following services and features:

  • money transfer: Users can not only send and receive money, but also transfer money in their Cash App account to a linked bank account. Sending and receiving money is free. Standard transfers are also free and can take 1-3 business days to complete. Instant money transfer is also an option, but costs 0.50% to 1.75% of the amount sent, with a minimum fee of $0.25.
  • Cash card: Cash App offers a free Visa debit card linked to the user’s Cash App balance. Cardholders can use their cash card at ATMs for $2 per withdrawal (unless direct deposit is set up) and for online and in-store purchases.
  • Cash App Pay: Cash App also works as a payment method for direct purchases online or at Square Sellers and select merchants.
  • discount: Cash cardholders have access to Boosts (instant discounts from participating retailers and restaurants). Only one boost can be active at a time, but you can change any number of boosts.
  • direct deposit: Allows users to deposit payroll and tax returns into their Cash App accounts.
  • Savings: The app allows users to put money into savings from a linked payment source or Cash App balance with no fees or minimum balance requirements. If you have an activated cash card, you can also set up savings roundup to automatically round up card transactions and add change to your savings balance. Note that unlike traditional savings accounts and high-yield savings accounts, this savings feature does not accrue interest.
  • investment: Cash App Investing allows users to buy stocks and ETFs using money in their Cash App account (or a linked debit card if they don’t have enough funds for the purchase). Users can also sell stocks and ETFs they own on Cash App and add the sale amount to the app balance. The platform has no fees.
  • Bitcoin: Another service offered by Cash App is buying, selling, sending and receiving Bitcoin. Sending and receiving bitcoins is free, but the platform can charge fees for buying and selling. In addition, users who have set up direct deposit can choose to contribute a portion of their salary in Bitcoin.

How to use cash app

Is Cash App Safe?

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Is Cash App Worth It?


  • Fee

    There are no fees for sending money from a linked bank account, debit card, or Venmo account.There is a 3% fee for transfers using a linked credit card

  • transfer speed

    Instant transfers to your Venmo balance.1-3 business days for direct deposit (free) or instant transfer to your bank account with a 1% fee (up to $10)

  • Standout features

    Links to popular apps. Social features (including stickers and emojis) to interact with your friends’ payments. Venmo debit and credit cards

  • Link to account

    Yes, bank cards and credit cards

  • availability

    Only available in the US and compatible only with US-based bank accounts and phone numbers. Compatible with iOS and Android

  • Security function

    Multi-factor authentication when signing in.QR code reader to ensure you are linking to the correct user account before sending money

If you’re not looking for extra features and want a money transfer app dedicated to sending money to family and close friends in the US, Zelle is another option. Instant bank-to-bank transfers are often possible within the bank’s mobile app, with no fees.


  • Fee

    Free (but check with your bank for additional charges)

  • transfer speed

    Instant: If the recipient’s email address or US mobile number is already registered with Zelle, transactions are typically done in minutes.

  • Standout features

    No need to download additional apps. Zelle is already included in most mobile banking apps

  • Link to account

    Yes, to a US bank account

  • availability

    iOS and Android.Must have a US bank account linked to an email address or compatible US phone number

  • Security function

    Zelle app uses authentication and monitoring features to make payments safer


Cash App is feature-rich, making it an excellent choice for individuals and businesses. It’s easy to use and generally safe, but you should be careful to avoid scams. When signing up for Cash App, be sure to check the potential fees and transaction limits that the platform may impose.

Why Trust CNBC Select?

Editor’s note: The opinions, analyses, reviews or recommendations expressed in this article are those of Select Editorial Staff alone and have not been reviewed, approved or otherwise endorsed by any third party.

(Tag Translation) Personal Finance

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