Home
Banking
Money transfer

How To Withdraw Money From Cash App Account [Using A Bank Account]

how to withdraw money from cash app account [using a bank account]

Nowadays, money transactions and banking have become easier due to the availability of mobile apps that support financial transactions online without necessarily going to a bank to cash out or deposit. Mobile apps like venmo, Cash App, and PayPal are used to buy stocks and make payments. 

In this article, we focus on Cash App and how to transfer money from Cash App into a bank.

It is very possible to make financial transactions through the Cash app to your bank. But what is the Cash App?

What is Cash App?

Cash App is a peer-to-peer payment app that allows you to send and receive money from friends and family through your Android or iPhone without necessarily having physical cash in hand. It is one of the most popular apps nowadays due to the fact that it makes money transfers easy and secure.

When you get money via the Cash App, it is saved in the app wallet. You can then transfer the money into your account number or use the Cash Card to withdraw the money. However, if you don't have a cash card, you can rather transfer your balance to your bank account, and this is very simple.

To be able to transfer money from the Cash App to your bank account, you must have downloaded, installed, and have a Cash App account.

Firstly, you need to download the Cash App and install it on your Android or iPhone from the Apple play store or Google play store.

The second thing to do is to create an account on Cash App using the following steps:

  1. Tap on Cash App on your phone to launch it
  2. To create an account, enter your phone number or email address
  3. Cash App will send you a secret code through text or email, which you will enter in the space provided.
  4. You can invite friends to sign up with Cash App to earn cash (optional)
  5. Enter your debit card information to link your bank account to Cash app
  6. Pick a $Cashtag- a unique username that you will use to send and receive money
  7. Enter your zip code, and then you are ready to start using the app.

How To Withdraw Money From Cash App to A Bank Account

To withdraw money from Cash App into your bank account, the following detail steps are required:

  1. Open the Cash App on your Android or iPhone
  2. Go to the "Banking" tab by tapping the icon in the bottom-left corner (the icon looks like a modern house)
  3. Underneath your "Cash Balance" tap the button on the right that says "Cash Out." Do not click on "Add Cash".
  4. The 'Cash Out' menu will pop up with the full balance amount auto-selected for transfer. If you'd like to transfer less, use the touch screen to type in the amount 
  5. Once you have decided how much you want to transfer to your bank account, tap "Cash Out" at the bottom
  6. A pop-up will appear asking how you would like to deposit the money to your bank account. You are obliged to choose either "Standard" or "Instant" deposit. For standard deposits, it will take at most three days for the money to appear in your account and no fee is applied but with instant deposit it requires immediate deposit at a fee of 0.5% to 1.75%(minimum of 25 cent, $0.25).

How long does it take to withdraw Money from Cash App to Bank account?

The amount of time required will depend on the withdrawal option that you choose. If you choose the standard option, it will take between one and three business days and requires no charges to be paid, and if you choose the instant deposit, the Cash app will deposit the money requested instantly to your account, and a fee will be levied on you, which is about $0.25.

Can l Transfer Money Using Cash App to Africa?

No. With the Cash App, you can send money to users in the United States of America and the United Kingdom. If you are sending funds from the US to the UK, the company (Block, previously known as Squares) will automatically convert the money from USD to GBP( depending on the mid-market current exchange rate). Looking at things, we are sure the American base company will expand it services to other parts, like France, in the years ahead.

However, we have other platforms like Taptap Send, Wise, Western Union, and Express Union that permit such transfers.

Also See: How To Send Money To Someone Who Doesn't Have A Bank Account

Can I Withdraw Money From Cash App at ATM?

Yes, you can withdraw money from Cash App at ATM if you have a debit card that is linked to your Cash App account. But some fees may be applied.

Cash App charges $2 for each ATM withdrawal using a cash card. However, if you have received at least a $300 in direct deposit payments into your account, the company will reimburse three ATM fees per 31 days( which is up to $7 per withdrawal).

Related post:

Bottom Line On How To Withdraw Money From Cash App To Bank Account 

Transferring funds from the Cash App to your bank account is simple, but it now depends on the withdrawal method you select. 

If you choose the standard method, it takes one to three days for you to receive the money in your bank account, and no fee is required. But if you choose the instant withdrawal, the money appears immediately, you accept to cash out, and it will cost you a fee.


Post a Comment