How to transfer money from your Cash app to your bank account

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One of the most popular payment platforms available, Cash App makes it easy to transfer money between accounts – with just a few clicks on a smartphone.

In addition to transferring money, this peer-to-peer payment app allows users to invest in stocks and Bitcoins. It also allows users to open a Cash App bank account, which offers its own debit card, and even borrow money.

Cash App offers several conveniences and transferring money between accounts is the main one among them. Here’s a look at how it’s done.

How to transfer money from the Cash app to your bank account

Sending and receiving money with Cash App is quick and easy, but users looking to transfer money from one bank to another need a slight workaround to do so. Here’s how it’s done.

Before money can be transferred from Cash App to an external bank account, the account must be linked to the platform.

To link a bank account to the Cash app

  1. Launch Cash App on a mobile device.
  2. Tap the profile icon on the home screen.
  3. Select Linked Banks, then tap Link Bank.
  4. Follow the prompts to enter bank account information and link the account.

Once a bank account is linked to Cash App, money can be transferred from Cash App to the account.

To transfer money from the Cash app to a bank account

  1. Launch Cash App on a mobile device.
  2. Select the Balance tab on the Cash app home screen.
  3. Tap Cash Out.
  4. Choose a transfer amount.
  5. Tap Cash Out.
  6. Choose a deposit rate.
  7. Confirm the transfer with a PIN or Touch ID.

Step 1: Create an account

Anyone wishing to use Cash App to transfer money must first create an account on the platform. This is done by downloading the application from the Apple App Store or Google Play, depending on the type of smartphone used.

Opening the app will prompt a new user to provide their phone number or email address. Once submitted, Cash App will send a secret code to the contact option provided – a text if it was a phone number, a message if it was an email address. The user must then enter this code into the app and follow the prompts to link a debit card or bank account to Cash App.

According to the terms of use of the platform, only one eligible external bank account can be linked to Cash App. This may seem inconvenient for those looking to transfer money from one bank to another, but a workaround exists. At this point, however, it is recommended to enter the main bank account – the one that contains the money that will be transferred.

Once this information is provided, the user will need to choose a $Cashtag – the username they will use to send and receive money – and provide their postal code. Once done, the new account is created and the user is ready to start sending and receiving money.

Step 2: Have Money in Cash App Account

Once the account is created, you will be able to receive money from other users or transfer money to your Cash App balance from your linked bank account. New users are only allowed to send up to £250 – around $314 – and receive up to £500 – around $630 – during a seven-day period. Sending or receiving more than this will prompt Cash App’s security feature to verify the user’s identity, asking them to provide their full name, date of birth and address.

Accepting payments from other users is automatic – they should appear in your account almost immediately.

There are just a few steps to deposit money from your bank account into your Cash app.

  1. Tap the Banking tab, which is on the home screen.
  2. Select the “Add Money” option.
  3. Enter the exact amount you wish to transfer and press “Add”.

Once these three steps are completed, Cash App will prompt the user to use Touch ID or enter a PIN to confirm the transaction. While a user’s Cash App balance will immediately show the deposited funds, it may take a day or two for the transaction to clear with the bank.

It is important to know that Cash App balances are only FDIC insured if the account is linked to a Cash Card. If you don’t have the Cash Card, be careful not to leave too much money in your Cash App account.

Step 3: Cash Out of Cash app

Once a new bank account is set up and verified, a Cash App user can withdraw money from the platform to transfer cash from Cash App to their linked bank account.

To withdraw funds from Cash App and to the bank account, a user must open the app and:

  1. Tap the Balance tab on the home screen.
  2. Select the Collection option.
  3. Enter the amount you wish to transfer and select Cash Out.
  4. Choose the free standard deposit speed, the only option available for those who wish to transfer money to a linked bank account.

Once these steps are completed, Cash App will ask the user to confirm the transaction with Touch ID or PIN. Standard deposits take between one and three days to clear.

Transfer to another bank account

If you want to transfer money from your Cash App to a bank account other than the account you originally linked to Cash App, you will need to replace the linked bank account with the new one.

To do this, a user must open Cash App and:

  1. Tap the profile icon on the home screen.
  2. Choose the Linked banks option.
  3. Select the registered bank account.
  4. Tap Replace Bank and follow the prompts.

Once the banking information has been changed, your Cash App account will list it as the user’s primary external bank account. You will probably need to verify the bank account via Cash App, which may take a day or two. Once done, the account can be used to send and receive money with Cash App.

Good to know

To prevent fraud, Cash App can verify bank account ownership by depositing and withdrawing a few small amounts. The platform will then ask the user to confirm these amounts.

Other ways to transfer money

Cash App isn’t your only option for transferring money between accounts. Other apps and bank-to-bank transfers may be easier, depending on the amount of money and where you’re transferring it to.

Transfers from other peer-to-peer apps to a bank account

Several other peer-to-peer payment apps offer the ability to transfer money like Cash App does, including:

  • PayPal
  • Venmo
  • Zelle
  • Google Pay
  • Pay Apple

Although each application has a different interface, most allow the transfer of money in the same way. Much like Cash App, linking a bank account is likely required on all of these platforms before funds can be transferred.

Bank to bank transfers

The bank-to-bank transfer is initiated from bank to bank, with funds typically deposited after two or three business days, depending on the bank’s policies.

There are few different methods for bank to bank transfers.

  • Transfers between accounts belonging to the same person: Account holders can transfer money between two of their own accounts by linking the accounts and initiating an external transfer.
  • Bank transfers : Wire transfers predate online banking apps and tools, but many banks now allow wire transfers through online banking.
    • This transfer is usually done between two banks or financial institutions. Wire transfers are often used to move amounts that are too large to be transferred by other means.
  • Paper checks: There is always the possibility of writing a check to transfer money. An account holder can write a check, enter their own name as the payee, and deposit the check into another account.

Each bank’s app and online interface differ, but the money transfer steps are similar.

Final grip

Transferring money from your Cash App account to your bank account is a quick and easy way to transfer your money with just a few clicks on your phone, provided you already have an account and money in your Cash App balance. Transferring money to another account adds a few steps and takes a little longer, but it’s possible.

FAQs

Here are some of the most common questions asked by those looking to transfer money using Cash App.

  • How long does it take to transfer money from Cash App to a bank account?
    • Standard Cash App deposits take between one and three days to clear. This is the only option available to users who wish to transfer money to a bank account.
  • Why can’t I transfer money from Cash App to my bank?
    • The Cash App developer, Block, Inc., may delay or limit money transfers at its discretion to guard against fraudulent behavior, such as complaints, chargebacks, reversals, penalties, fees, fines and other responsibilities, in accordance with the terms of use of the platform. This protection may inadvertently block or interrupt a legitimate money transfer on occasion.
  • Can I link Cash App to my bank account?
    • Yes, Cash App can be linked to an external bank account as well as a debit card.
  • Does it cost money to transfer money from Cash App to bank account?
    • No. Standard Cash App deposits – the only option available to those looking to withdraw funds or transfer money to a bank account – are free.

Editorial Note: This content is not provided by Cash App. Any opinions, analyses, reviews, ratings, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by Cash App.

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About the Author

Andrea Norris has worked in the web publishing industry for 15 years, both as a content contributor and editor specializing in topics related to personal finance, frugal living, home and automotive . She writes short and long content and is well trained in SEO keyword research and writing.

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