Finance

How Much Does Cash App Charge to Cash Out? A Complete Guide

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Cash App is an amazing peer-to-peer money transfer platform available on phones or as Cash Card. It hosts a number of features that may or may not carry additional fees.

When it comes to withdrawing money, many customers wish to know how much does Cash App charge to cash out.

This is what we will explore in this article. This easy guide has been especially put forward for customers who want to stay aware of their expenses when using Cash App to take out money.

Cash App Cash Out Options – Standard Withdrawal vs Instant Withdrawal

With Cash App, the option of cash out is always open. You can withdraw money as long as you have linked your account to a verified bank account or you are using a linked card.

Basically, you have to choose between two cash out options. All standard transfers are free whereas instant cash outs incur extra charges.

The major difference is that standard cash outs can take up to 3 days whereas instant ones are processed within 30 minutes.

As you can see standard withdrawal is slow and therefore may not be preferred by users who want to send or receive emergency funds. It has a processing time and, unfortunately, there is not much that you can do to make things roll quicker.

Note! Regardless of the amount you cash out or transfer using the standard option, there will be no additional fees.

The option of instant money withdrawal or transfer comes with a fee. Typically, you have to pay 1.5% which means $1.5 for every $100 that you take out.

A minimum of $0.25 is applicable as fee for instant withdrawal so you have to pay these charges even if you take out just $1.

This is a major downside of choosing instant over standard cash withdrawal but you have little choice if you are in dire need of paper money at some occasion.

How Much Does Cash App Charge to Cash Out?

There are multiple cash out options with Cash App. The fee associated with each method would vary so it is good to have an idea about the total expense beforehand.

Let us take a look at some of the most common ways of withdrawing money with Cash App and much each cost.

Charges For Instant Cash Out

As we mentioned above, each instant cash out would incur some fee. The rate is set at 1.5% of the amount withdrawn which means you have to pay $1.5 for every $100 that you take out.

The minimum fee is $0.25. Although it is 1.5% of $16.75, it would still be applicable if you take out $1 so a wiser approach is to withdraw the amount that minimizes the total fee.

Charges For Withdrawing Specific Amount of Cash

The rule here stays the same whether you wish to take out $100 or $500. Standard cash outs are free and instant withdrawals will incur 1.5% fee. This means:

  • $1.5 for $100 cash out
  • $2.25 for $150 cash out
  • $3 for $200 cash out
  • $3.75 for $250 cash out
  • $4.50 for $300 cash out
  • $5.25 for $350 cash out
  • $6 for $400 cash out
  • $6.75 for $450 cash out
  • $7.50 for $500 cash out

And so on…

Tip! t is obvious that the larger the amount you are withdrawing more would be the associated fee so, in case you have to take out as much as $1000 or more, prefer standard cash out unless very much needed otherwise.

Charges For Withdrawing Cash At an ATM 

You can use your cash card to take out money at an ATM much like any other debit card. Each transaction would cost $2 regardless of the amount that you are taking out.

However, before you use this approach, make sure that you Cash card is activated and you have sufficient balance in your Cash App account.

Did You Know? There is a way to avoid ATM transaction fees with Cash App. You simply have to make more than $300 deposit in your account each month and that would compensate for ATM cash out fees automatically.

Fees For Taking Out Stocks with Cash App

It was only recently that Cash App has introduced a feature that lets you invest in stocks. Consequently, you can also then take out the money through app without paying any fees.

However, one thing to watch out here is that the government may still impose some charges as is typical for all trades. These include SEC and TAC.

SEC is a fee of $0.00002210 per $100 of principal. The amount you owe will be rounded off to the nearest penny and may be more than standard charges.

On the other hand, TAC is a fee of $0.000119 per share. It is also rounded off to the nearest penny.

Does Cash App Allow FREE Transactions?

Yes! There are many transactions that are free via Cash App. The best example is that of making standard withdrawal or using the standard mode to transfer money.

The biggest catch is that you can link your Cash App account to a bank account or debit card and then use the standard method to transfer money so paying even a single cent isn’t needed!

Cash App Fees and Usage – In a Nutshell

Cash App was launched as a simple peer-to-peer payment system that allowed exchange of funds between accounts such as Netspend and Cash App. Customers were glad to finally get their hands on an app that let them pay bills, receive payments online, make purchases, etc.

The application gained even more following after it introduced features that let users invest in stocks and Bitcoins.

Soon afterward came the Cash card that worked exactly like debit card and was a perfect addition to an already amazing package.

When you open a Cash App account, you have to choose between two options.

  • Personal account
  • Business account
Note! If you don’t specify the type of account you need, the selection would be set to personal by default.

Transaction rates may vary depending on the type of account you have. Here are few things you should keep in mind:

  • It is free to receive any money on your personal Cash App account
  • A fee of $2.75% would be deducted when funds are deposited to business account
  • All credit card transfers incur 3% fee
  • All instant transfers will cost you 1.5% of the total amount

Take-Home Message

Hopefully, this article has covered everything you had to know about how much Cash App charge to cash out.

There are multiple ways to take out money using this application but the bottom line here is that you should always prefer standard mode of cash withdrawal. This is because it carries no charges and you will get the money if you can just wait for a couple of days.

However, as the saying goes: To each his own. If you really need the cash instantly then be ready to deal with some extra expense!