Banking and Finance

How to Transfer Money from Cash App to Your Bank Account

July 27, 2021

Did you know that financial applications generated $5.9 billion in revenue during 2020? That’s quite a lot, and represented an increase of 353% year-on-year. Today, Cash App is one of the most popular financial applications with around 36 million monthly active users and more than 100 million downloads. 

Cash App stands out not only for allowing users to send money from their electronic wallet to other accounts, but also because it allows them to link their debit card, credit card and bank accounts. This makes it easy for you to transfer your funds from the Cash App wallet to your bank account and vice versa.

Now, how can you transfer money from the Cash App account to your bank account? That’s what this article is about! We’ll dive into not only the way in which transfers are made from the Cash App to your bank account but also the other way around.

What is Cash App?  

Cash App is a financial app that allows users to transfer funds via an easy-to-use mobile application. You can send and receive money quickly, sure, but the app also offers some other interesting features as well!

Cash App, in addition to facilitating the transfer of money digitally, also offers users the ability to use a card that can be swiped at local ATMs. On top of that, though, users also have the ability to invest in cryptocurrencies such as Bitcoin.

Now, before you get too excited, there is one major downside to consider. Your account balance in Cash App is not insured by the FDIC (Federal Deposit Insurance Corporation). This unfortunately means that there is no guarantee that you will get your money back in case the company suddenly shuts down and you have thousands stored on your Cash App balance.

What Are the Fees for a Cash App Transfer to My Bank? 

Let’s first start off by clarifying that the use of Cash App is free. And, requesting a Cash App Card is totally free, too. But, there are some fees that will apply when you start using them, depending on how you use the card and how much money you’re sending back and forth to friends and family. Fortunately, these additional costs can be avoided.

Cash App charges a 3% fee if you use a credit card to send money, but making payments with a debit card or through a bank account is free.

Similarly, Cash App also charges a 1.5% fee if an instant transfer of funds is requested from your account to your linked debit card in the app. However, if you perform a money transfer to a bank account, this process is free. The only drawback is that you can have to wait up to 1 to 3 business days for the transaction to fully go through. Not bad for a free transaction, though!

How to Transfer Money from Cash App to Your Bank Account 

Let’s say that a friend has sent you money via Cash App. Yay! Now, let’s say that you want to transfer that money to your regular bank account. To do that, you have to first link a financial account to Cash App, following these steps: 

1.    Open Cash App on your Android or iOS device.

2.    Go to the "Banking" option located on the home screen.

3.    Select the option "Add a bank."

4.    Enter your bank account details and then click on "Add."

Now you’re ready to start transferring funds from Cash App to your bank account! To do that, follow these steps:

1.    Open Cash App again on your Android / iOS device.

2.    Select the "Balance" option located on the home screen.

3.    Select the option "Withdraw Money."

4.    Enter the value you want to transfer to the bank account.

5.    Select the type of deposit you want to make "Instant or Standard."

6.    Finally, you’ll need to confirm the changes by entering your PIN or Touch ID.

After completing the steps above, the amount will be deducted from your Cash App account and added to your bank account balance.

How to Transfer Money from Your Bank Account to Cash App 

In order to send money to someone via Cash App, you’ll have to ensure that your bank account or card is linked to the app. Why? Well, Cash App isn’t a bank itself, they’re simply transferring the money for you. That means that they have to pull the cash from somewhere. 

To add money to your Cash App account via your bank account, follow these steps:

1.    Open Cash App on your Android or iOS device.

2.    Select the "Banking" option found on the home screen.

3.    Enter the value you want to transfer to your Cash App Card.

4.    Select the "Add" option.

5.    Finally, you’ll need to confirm the changes by entering your PIN or Touch ID.

It’s worth noting (because we’ve seen the question asked a bit online) that the available balance within the app and on the Cash App Card are the same. This means that the value transferred to the app will also be reflected on your Cash App Card. You can use this card to do things like withdraw cash or make payments anywhere the card is accepted.

Alternatives to Cash App: The Cheese Debit Card 

Currently there are also other alternatives different to Cash App, such as the Cheese Debit Card. This card is intended for international students, immigrants, and Asian Americans. While we don’t offer peer to peer transfers here at Cheese, we do offer a debit card similar to that of Cash App.

Among the highlights of this debit card is the fact that we don’t require a social security number (SSN) for your application. This makes the Cheese Debit Card the first of its kind, allowing non-citizens to easily register with a US address, a passport, and a valid US. And, we offer tons of cash back opportunities!

You work hard for your cash. Why shouldn’t it work hard for you in return? With the Cheese Debit Card, you can finally buy your hard-earned money to work for you. With every swipe, you’re eligible to earn up to 10% cash back at our partner stores. 

However, the cash back savings don’t stop there. You can also receive a $5 signup bonus just for setting up your account. And, whenever you refer a friend, you’ll both get a 3% deposit bonus for 30 days. Each new user means we give back more to the causes that need it most. This means we’re able to give back to you while also giving back to the communities you’re a part of.

❌ No Monthly Fee                                  🧀️ Support Samsung Pay and Apple Pay    

❌ No ATM Fee                                         🧀️ No SSN Required

❌ No Overdraft Fee                                 🧀️ International Wire Transfer

❌ No Insufficient Fund Fee                      🧀️ $5 Cash Bonus

❌ No Minimum BalanceRequirement      🧀️ Up to3% Saving Bonus

Get started today by downloading the Cheese Mobile Banking App for iOS or Android.