Cash App is a fantastic peer-to-peer money transfer platform that you can use via mobile phone or by applying for the Cash App card online and activating it for hassle-free in-store shopping via Cash App. However, when withdrawing money from the account directly, many customers wish to know how much Cash App charges to cash out.
- For instant cash out, you need to pay 1.5% of the amount as fee on Cash app.
- Each ATM transaction costs $2 regardless of the amount that you are taking out.
- All standard transfers performed via Cash App are free.
…and Much More!
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 know the total expense beforehand. Let us look at some of the most common ways of withdrawing money with Cash App and how much each costs.
Charges For Instant Cash Out
Cash app fee to receive money instantly is set at 1.5% of the amount withdrawn, meaning you have to pay $1.5 for every $100 you take out.
The minimum fee is $0.25. Although it is 1.5% off $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 cashouts are free; instant withdrawals will incur a 1.5% fee. This means that the Cash App fee chart would look something like this:
- $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. With this rate, you can determine how much cash app will charge to cash out $400 or $1000 or more.
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 you take out.
However, before using this approach, ensure that your 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
Cash App recently introduced a feature that lets you invest in stocks. Consequently, you can also take out the money through the app without paying any fees.
- However, one thing to watch out for 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 has a fee of $0.000119 per share. It is also rounded off to the nearest penny.
You might be interested in reading: Can You Overdraft Cash App?
Extra Reading
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 if you have linked your account to a verified bank account or are using a linked card.
You have to choose between two cash-out options. All standard transfers are free, whereas instant cash-outs incur extra charges. The significant 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 could be faster and may not be preferred by users who want to send or receive emergency funds.
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 must pay 1.5%, which means $1.5 for every $100 you take out.
A minimum of $0.25 is applicable as the fee for instant withdrawal, so you have to pay these charges even if you take out just $1.
Attention! 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.
Can I Withdraw Money From Cash App For FREE?
Yes! Many transactions are free via Cash App. The best example is making standard withdrawals or using the normal 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. 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 introducing features that let users invest in stocks and Bitcoins. Soon afterwards came the Cash card that worked precisely like a debit card and was a perfect addition to an already fantastic package.
When you open a Cash App account, you must choose between a Cash App business account and a personal account.
Transaction rates may vary depending on the type of account you have. Here are a 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 a business account.
- All credit card transfers incur a 3% fee.
- All instant transfers will cost you 1.5% of the total amount.
The Bottom Line
There are multiple ways to take out money using this application, but the bottom line is that you should always prefer the standard mode of cash withdrawal. This is because it carries no charges, and you will get the money if you wait a few days.
However, as the saying goes: To each his own. If you need the cash instantly, be ready to deal with some extra expenses!
Frequently Asked Questions
What is the Cash App fee for taking out $600?
Cash App will charge you $9 for withdrawing $600 from your account.
How much will it cost to cash out $100 from my Cash App account?
It will cost you $1.50 to cash out a $100 from Cash App. This is when you choose instant transfer. Otherwise, standard transfers on Cash App do not carry additional charges.
Is there a way to avoid Cash App fees?
You can avoid fees on Cash App by using a linked bank account to send or receive money. However, remember there are limits on how much you can spend or withdraw. For example, the maximum you can pay via Cash App card is $7,000 per day and $10,000 per week.
Can I get money off my Cash App without a Cash Card?
You can withdraw funds from your account without the card by linking it to a bank. Then, send the money to the bank account and obtain cash over the counter from the cashier.
How to cash out on Cash App without a bank account?
Open the Pending Payment tab and Accept. The amount will go to the Cash App wallet because you don’t have a bank account. You can then send the amount to a friend’s account and cash out via Cash Card.
Jamie Johnson is very enthusiastic Kansas City – based freelance writer, and her core expertise are finance and insurance. She has been endorsed on several personal finance, insurance & business website to share her thoughts. Her publications can be found on famous sites like Bankrate, The Balance, Business Insider, Chamber of Commerce and many others.
From many years, she served more than 10,000 hours of research and writing to more than 2000 articles related to personal finance, credit building, mortgages, and personal and student loans.
