If you are in America you should know what it is Cash App, a perfect application to send and receive money, like PayPal, Zelle or Venmo, but it goes much further; Since you can make online or physical payment. It is an application that continues to go from strength to strength and that adds important features such as the possibility of being able to buy cryptocurrencies and even of making it possible to invest in the stock market.
East P2P payment app, ideal for sending payments between friends and family quickly and in real time. It is possible to use the associated debit card to make purchases and withdraw cash from ATMs; Even iPhone and Android users can invest separately through the tool.
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what is cash app
This comprehensive application is widely used in the United States with millions of users who use it daily for various tasks, from Pay your taxes for free through a service called Cash App TaxEven to make bank transfers.
Specific, Cash App aims to be a real-time financial solution for users without a bankAlthough the platform is not a banking entity, its parent company, Block Inc., is registered with the Federal Deposit Insurance Corp (FDIC), which protects users’ money and guarantees their accounts for up to $250,000.
other US regulators such as the SEC and FINRA also protect investments through this financial instrument.
How does the Cash app work?
Now that we have seen what it is, now let’s see how the Cash app works. Before mentioning that this is an app to send and receive money; But Instead of using an account number, you simply send payment using email, phone number, and even a unique ID.So called Cashtag.
When you receive a payment, the money goes directly to your Cash App accountThen you can link any bank account you have and thus transfer money to it, but also send money to your account on the platform.
It is also possible to send money by debit card from Cash App And use the money you have in the Cash App balance with this card. You can also receive direct deposits, including paychecks, directly within the app.
It is important that you know You must be at least 18 years old to have a Cash App account. US users can only send payments to recipients located in the country; Whereas if you are in the UK, you will only be able to use the Cash app in the UK and with local users.
As we mentioned earlier, Cash App offers a variety of interesting uses so that users can have a full suite of options within this financial instrument.
You can do the following:
- Register your bank account on the platform.
- Withdraw money to your bank account with Cash App.
- You will be able to deposit money in the app.
- Send money to third parties.
- Buy cryptocurrency.
Steps to register a bank account in Cash App
When you start using Cash App, You must register a bank account, as well as a credit or debit cardwhich will allow you to take advantage of all the features available within the platform.
To register these devices in the app, you need to follow these steps:
- Login to the Cash app from your mobile phone.
- go to the top right of the screen and click on your picture,
- press now Mainú “Linked Bank” Associated banks.
- So choose “Link bank” button Or add a bank.
- at this point you need Read the terms and conditionsThen press “Continue” once it’s ready.
- You must select your bank. Here you will be able to see all the banks available to be able to log into the Cash app, of which there are many, so it is easy for you to get lost and not find yours. Type the name of your bank in the search box at the top.
- Add your bank account nowThis is a safe and secure move, so you don’t have to worry about bank details being stolen.
- then verify your identity, After adding your bank account, you will now have to prove to your bank that it is you who are doing this configuration and for this they will send you an SMS or an email with a PIN code. A window will appear where you need to enter the code and then click on the “Submit” option.
- now Select the bank account you want to link. Once the process of the previous step is completed, you will be able to see your account available in the system; But if you have more than one account, they will all be visible. You can choose which of your accounts you want to link to withdraw your money.
- In this point, It remains only to press “Continue”. And your account is already registered on the platform.
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How to transfer money from Cash App to bank account?
Another important aspect is that as a user you would like to know that cHow to withdraw money from your bank accountAfter receiving payment in this application, because it is not possible to use the platform for everything.
- First, you need Access the Cash app from your mobile phone.
- When you are on the main screen, you need to press the bottom left button, which is Display of available balance on the platformIf you have no money available in Cash App, you will see a small bank icon.
- Now you need to press button that says “collect”,
- you can move On-screen bar that increases or decreases the amount you withdraw. It is also possible to enter a specific amount, to do this press the number and the keyboard will appear where you can enter a specific amount that you want to send to your account.
- Currently you have two options to send money to your account from Cash App, the first is One is “Standard” shipping and the other is “Immediate” shippingBut you must keep in mind that when you take the second option, the money will be sent to the debit card which is assigned by default and you will have to pay a commission.
- in case of choice Standard method, the transfer will be free And it will take 1-3 working days to reach your bank account.
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Is CashApp secure?
At the beginning we said that The various US Cash App regulators such as the FDIC or the SEC. There are many inscriptions in And it’s guaranteed enough that you can get what you pay for.
you should note that It is an application for daily use and specific functions, which in no way replace the bankThat’s why you shouldn’t use it as a way to store your saved money.
remember that In the event of an event putting your money at risk within the Platform, your account will be protected Up to 250 thousand dollars.
Your bank details are safe. Being governed by US law, the application is required to protect your personal and banking information, under penalty of severe penalties.