In order to make the process of sending and receiving money online, numerous apps have been developed. As nowadays everything is about facilitating the everyday tasks, we have no doubts that many apps that appeared are worth the while. However, there has been much talk about the “Cash” App, owned by “Square” and we decided to look into this.
Cash App Overview
The US version of the app has certain advantages compared to the versions developed for the European market, such as the virtual or physical card, and bitcoin trading options.
In order to buy Bitcoin, you should have a balance in your Cash App, logically, and you will be able to sell BTC directly in the App. Cash App does not charge any fees when buying or selling bitcoin. For further instructions on how to handle cryptos in this particular App, please visit this site.
As with the majority of apps, the first thing that you need to do is create an account using your email or your mobile phone number, by following very straightforward instructions. Next, you will be requested to link your debit card, and allow it to access your bank account. The only thing that is left to do, before you send the money, is to enter the amount that you wish to transfer. You will be given the chance to choose the recipient from the contact list, or to send them an invitation to join the app – by which you can earn $5.00 if your friend eventually uses your referral code to send at least $5.00 from the newly linked debit card within 14 days from opening the account.
The Limits of Transfer Amounts and The Cards Accepted
Cash App is set in a way that permits you to send up to $250 within any 7-day period and to receive up to $1,000 within any 30-day period. These limits are increased by verifying your identity using your full name, date of birth, and the last 4 digits of your SSN.
Cash App supports debit and credit cards from Visa, MasterCard, American Express, and Discover, with debit cards being the only cards with which you can add cash. The “Square” web site states that at this moment ATM, PayPal, prepaid bank cards, and business debit cards aren’t supported.
Security of The Cash App
The company “Square” also thought about your security and what to do in case you suspect your data had been compromised. Namely, they have very detailed instructions listed on their web site, explaining the tasks you should take on in case you suspect your data have been compromised. However, we all know that it is better safe than sorry, so we can only suggest you stick to the instructions they provide, especially the ones concerned with setting up your account and handling the transactions. Quick guidelines include:
- Keep your email account (associated with your Cash App) secure and keep track of the one-time log-in code which you will receive every time you sign-in to the app
- Enable security lock: if you wish to make payments from the Cash App make sure you have set up a PIN code (which is the same as your Cash Card PIN) or Touch ID by
- Tapping the profile icon on your Cash App home screen
- Toggle the security lock on
- Enter your PIN or Touch ID
- Create the password for your mobile device
- Make a slight effort to inspect the email from which you will receive notifications, to make sure you are communicating with the proper support team.
Whatever the way you choose to store or transfer your assets, please remember that there is always certain risk involved, and that you should always keep your account details safe. By doing so, you are minimizing the risk of the confidential data to be exposed and compromised. Additionally, whenever downloading the apps, go to the official sites: https://cash.app/
We would love to hear about your experiences with various money apps.