Cash App Fees: How Much Is The Standard and Instant Transfer Fee?
Cash App is a financial services platform owned by Block. Previously known as Square Cash, the app makes sending and receiving money between Cash App users easy. Other services include direct deposit, ATM withdrawals and investing in stocks and Bitcoin.
Read: What To Do if You Owe Back Taxes to the IRS
Users can download Cash App, set up an account and make many transactions for free. Other transactions require a small fee, which, depending on the type, can range from 0.5% to 3%. A transaction fee of up to $2.50 may apply to ATM withdrawals using a Cash Card*. Here’s what users need to know about those fees and what they can do to avoid them .
How Much Does Cash App Charge To Cash Out Funds?
If you need to withdraw funds from Cash App, there are two ways to do so: a standard Cash Out or Instant Deposit. Customers with a Cash Card can make ATM withdrawals.
Cash Out Standard Transfer
There is no fee for a standard deposit to a user’s linked bank account. However, the transaction can take one to three business days.
Cash App Instant Transfer Fee
If a user opts for an instant deposit, Cash App charges a fee of 0.5% to 1.75% to transfer the funds to a linked bank account. There is a minimum charge of $0.25, and the exact cost will appear on your transfer screen during the transaction. Most Instant Deposits are available within minutes.
ATM Withdrawals
If you sign up for a Cash Card, you can withdraw money from your available Cash App balance at an ATM. Cash App charges an ATM withdrawal fee of $2.50 at in-network and out-of-network ATMS, and the ATM operator may charge an additional fee, too.
If you receive at least $300 in monthly direct deposits, Cash App waives its ATM withdrawal fee for in-network ATMs for the following 31 days. Cash App will reimburse ATM fees for one out-of-network ATM withdrawal per 31-day cycle for customers who receive a minimum of $300 in monthly direct deposits.
Cash App Fee for Sending Money
There are no fees for sending money from the available balance in a user’s Cash App account, linked debit card or bank account. However, if you deposit paper money to your Cash App account at a participating retailer, a $1 fee applies. Sending money to your Cash App account from a credit card incurs a 3% fee.
Does Cash App Charge Investing Fees?
With Cash App’s investing feature, users can buy and sell stocks and Bitcoin. The app makes both processes easy, allowing users to choose the stocks they want to invest in, set target prices, set up recurring buys and view key metrics for more informed investing decisions.
There are no Cash App fees to open or maintain an investing account, nor does Cash App charge fees per trade. However, governmental agencies and brokerages may charge trading or administrative fees.
While there aren’t any Cash App fees for buying or selling stocks, there may be one for buying or selling Bitcoin. Selecting an expedited withdrawal instead of a standard one could also subject users to a network fee. The fee depends on the amount of blockchain congestion and will be listed before you finish the transaction.
Is There a Fee To Use a Cash Card?
Cash App users can order a prepaid Visa Cash Card, which can be physical and digital. This card lets users make purchases using their Cash App balance in person, through the tap-to-pay option or when making online purchases anywhere that accepts Visa.
The Cash Card is free to order and can be customized, but it will cost a user $5 to change the design once they receive the card.
Cash App may also charge users up to $2.50 for using a Cash Card to withdraw money from an ATM. That’s in addition to any fees charged by the ATM.
Once a user reaches $300 in qualifying direct deposits, Cash App will waive its ATM fee for in-network ATMs and reimburse one out-of-network fee in a 31-day period. Each time you receive an additional $300 in direct deposits, that window is extended for another 31 days.
If you use your Cash Card outside the U.S., you won’t pay any foreign transaction fees. However, retailers or other financial institutions may charge one.
Cash Card does not offer overdraft or credit features as a prepaid banking solution. It will simply decline if you don’t have enough money in your Cash Card account for an ATM withdrawal or point-of-sale transaction.
Final Take
Cash App makes it easy for users to send and receive money, transfer funds to their bank account and even start investing. While some fees are associated with certain transactions, that doesn’t mean a user needs to pay them. Actions like choosing standard speed transfers and sending money using a debit card can help users avoid paying anything to use the ap.
Jessica Moore contributed to the reporting for this article.
Information is accurate as of Oct. 27, 2023.
*Prepaid debit cards issued by Sutton Bank.
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