How to cash out on cash app without fee

Quickly moving around money is a must for today’s modern world, whether it’s to pay a friend for dinner or to collect rent from your roommates. And you have multiple options to choose from, including using popular apps like Cash App. But are its services always free or do you have some fees to worry about?

Cash App fees could apply in some cases. Let’s see how these fees work and whether it could be worthwhile for you to explore alternative payment options.

What is Cash App?

Cash App is a mobile payment service owned by Square, Inc. It’s primarily used to transfer money between individuals, similar to Venmo, Zelle, and PayPal. These types of apps, including Cash App, are called peer-to-peer (P2P) payment apps.

Although billed as a “mobile banking” app, Cash App isn’t actually a bank. It’s a financial platform that partners with banks to provide different types of services. This includes being able to send and receive money, buy bitcoin, invest money, receive paychecks through direct deposit, and withdraw money from ATMs.

Cash App is relatively easy to use. You can send money with Cash App using another user’s email address, phone number, or $Cashtag. To receive money, you need to set up a Cash App account.

The Cash App Card, Cash App’s debit card, is free and available to anyone 13 years of age or older. This free debit card is connected to your Cash App balance and can be added to digital wallets such as Apple Pay and Google Pay. The Cash App mobile app is available on both iOS and Android devices, including compatible iPhones and Galaxy phones.

Read our Cash App review.

How much does Cash App charge?

Cash App doesn’t have any account, maintenance, or annual fees, but you might incur a charge depending on how you use the app. Here are a few fees to watch out for.

Fee for using a credit card to send money

Wondering how to pay your friend with a credit card? Cash App offers this service, but it’s going to cost you a service fee. If you want to send money through Cash App using a credit card rather than a linked bank account or debit card, you’ll have to pay 3% of the total amount.

This is similar to most P2P payment apps, including Venmo. Cash App supports credit cards from most major card networks as a payment method, including Visa, Mastercard, American Express, and Discover.

Fee to get money faster

Cash App provides two speed options to cash out your Cash App balance. This includes a standard deposit to a linked bank account or an instant deposit to a linked debit card.

The standard deposit option is free and typically takes one to three business days to process. If you go for the instant deposit, you’ll have to pay a Cash App instant transfer fee of 0.5%-1.75% (minimum of 25 cents) to instantly receive the money on your debit card.

Alternatively, you could request a Cash Card and spend your Cash App balance without having to transfer it to a bank account or debit card.

Investing fees

Cash App doesn’t charge any fees for opening a Cash App investing account. It also doesn’t collect commission fees or require you to maintain a minimum balance on your account.

However, certain government agencies may charge fees for any trades you make, which will be disclosed to you before the confirmation of the trade.

Bitcoin fees

You’ll likely see a fee from Cash App when you buy or sell bitcoins through its app. This fee can vary, so it makes sense to input how many bitcoins you want to buy or sell and check what the fee is. Any fee will show up on the trade confirmation screen before you complete the transaction.

We conducted a few test transactions (without completing the trade), and the fee typically hovered between 2% to 3%.

ATM fees

Cash App charges $2-$2.50 per ATM withdrawal. This doesn’t include the additional fee you’ll likely be charged by the ATM itself for making a withdrawal with a card from a different bank.

If you want to avoid some ATM fees with Cash App, set up direct deposit and pass the threshold of $300 or more of qualifying direct deposits per month. Each month you meet the threshold, you'll qualify for ATM fee reimbursements of up to $7 per withdrawal. You can receive up to three of these reimbursements every 31 days.

Venmo vs. Cash App fees

Venmo and Cash App provide similar services, but how do their fees compare? Let’s take a look.

Overall, the fee structures are fairly similar between Venmo and Cash App, especially with the main features most users are likely to use. Both Venmo and Cash App users are charged a 3% standard fee for credit card payments. One main difference between the two services is that Venmo is part of an ATM network; Cash App is not. On the other hand, you can invest in stocks with Cash App, but not Venmo.

For other options for managing your money, check out our list of the best money apps.

FAQs

Bottom line

Cash App is a popular option for sending and receiving money, and it’s made inroads into the worlds of investing and cryptocurrency. But if you don’t feel like Cash App has the services or features you need, you have other options to consider.

Keep in mind that Cash App is a financial services company and not a bank. This could mean a bank might have a wider range of services to offer you. For more information, check out our list of the best banks.

Disclaimer: All rates and fees are accurate as of Aug. 16, 2022.

Author Details

Ben Walker, CEPF Ben Walker, CEPF, is a credit cards and travel writer at FinanceBuzz who loves helping others achieve their travel goals through financially sound decisions. For over a decade, he has been using credit card points and miles for the sole purpose of traveling the world. Ben is a Certified Educator of Personal Finance and has been featured in The Washington Post, MSN, Debt.com, and Finder.com.

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