How Much is Cash App Fee?
When it comes to using Cash App, understanding the fees associated with the service is crucial. Cash App, developed by Square, is a popular peer-to-peer payment platform that allows users to send and receive money, invest in stocks, and even purchase Bitcoin. However, like any financial service, Cash App has its own set of fees. Let’s delve into the various types of fees you might encounter and how they can affect your transactions.
Transaction Fees
One of the most common questions about Cash App is, “How much is the transaction fee?” The answer varies depending on the type of transaction you’re making.
| Transaction Type | Fee |
|---|---|
| Domestic Person-to-Person Transfers | 1.5% of the transaction amount (up to $10) |
| International Person-to-Person Transfers | 3% of the transaction amount (up to $10) plus a foreign exchange fee |
| Card Purchases | 3% of the transaction amount |
| Bank Transfers | Free |
As you can see, the fees for domestic person-to-person transfers are relatively low, but they can add up if you’re sending a large amount of money. International transfers are more expensive due to the foreign exchange fee, which can vary depending on the currency you’re sending and receiving.
Bitcoin Fees
One of the unique features of Cash App is the ability to purchase Bitcoin. However, there’s a fee associated with this service as well.
Bitcoin Purchase Fee:
- 1.49% of the transaction amount
- Minimum fee of $0.25
This fee is charged by Cash App and is in addition to any network fees that Bitcoin transactions may incur. It’s important to note that the network fee can vary depending on the current demand for Bitcoin transactions.
Withdrawal Fees
When you want to withdraw money from your Cash App account, you’ll need to be aware of the withdrawal fees.
Withdrawal Fees:
- Free for bank transfers
- $1 for ATM withdrawals
Bank transfers are the most cost-effective way to withdraw money from your Cash App account, as there’s no fee for this service. However, if you choose to withdraw cash from an ATM, you’ll be charged a $1 fee, in addition to any fees imposed by the ATM operator.
Other Fees
In addition to the fees mentioned above, there are a few other fees you should be aware of when using Cash App.
- Monthly Inactivity Fee: If you haven’t used your Cash App account for 12 consecutive months, you may be charged a $0.15 monthly inactivity fee.
- Debit Card Replacement Fee: If you lose your Cash App debit card or need a replacement, you’ll be charged a $5 fee.
- Debit Card Replacement for Lost or Stolen Card: If your Cash App debit card is lost or stolen, you’ll be charged a $5 fee for a replacement.
It’s important to keep your Cash App account active and secure to avoid these additional fees.
Conclusion
Understanding the fees associated with Cash App is essential for making informed financial decisions. By knowing the various types of fees and how they apply to your transactions, you can avoid unexpected costs and make the most of your Cash App experience.
