Below, we’ll find out if it’s available in Australia and whether you should use it or not.
What Is Cash App?
It lets you send and receive cash. However, it does so much more as you can invest as well. Unfortunately, you can’t pay your bills or top-up reloads, like with Xoom.
It wasn’t always called Cash App. It used to be known as Square Cash and was developed by Square Inc.
Easily, the app is one of the leading ways to transfer funds. In February 2018, they stated that they had over 7 million active users. This is an amount that many of its competitors can’t beat.
One of the reasons it became popular was due to its business accounts. In 2015, Cash App (then known as Square Cash) allowed businesses to create accounts for this purpose. It also introduced the $cashtag, which we all know and love.
- Also read: Wealthfront Review
Over the years, the company allowed Bitcoin to be traded, and in 2018, allowed for direct deposits.
They came into being in 2013. It’s been 7 years and it’s clear that Cash App has made a name for itself.
Is Cash App Available In Australia?
Unfortunately, it’s not available in Australia. However, it isn’t available in most countries as you can only make an account if you’re from the UK or the US.
How Do you Sign Up?
Although it’s an app, you can open an account through their website.
- First, you’ll have to enter your mobile number or email address. This is to verify your identity
- With the verification process done, you’ll be asked to include your bank details
- After entering your debit card details, add your full name
- With that done, create a user name
Sending money is easy. All you do is get the recipient’s user name and add a designated account. Once they click accept, they’ll receive the funds.
You Can Easily Send Cash
The best thing is that you can send cash to anyone. Even if they don’t have an account, you can send them a link that will create an account for them, and let them accept whatever you just sent.
There are limits to sending cash. You can’t send over $7500 a week or $17,500 a month. Truth be told, this isn’t that bad.
You can save money with the Cash App. There is a feature called Cash Boost. When making payments with your Cash App account, the feature lets you take advantage of discounts. It’s handy, but know that the discounts aren’t too big. They’re only available with a certain number of vendors.
This isn’t all. You can only use one boost at a time. If you want, you can swap it with your friend, and vice versa.
If you haven’t guessed it yet, you can only use the feature when you have Cash App’s cash card.
You Get A Debit Card
One of the many perks of using Cash App is that you get a debit card. The card is used by Sutton Bank. With it by your side, you can make a range of payments. This is a feature that many users appreciate and you won’t have your private card or bank details linked to the account.
Get Free Money
Without much effort, you can get a lot of cash with the app. All you have to do is send a link to the app. When they sign up with your referral code, you get $5 added to your account. It isn’t a one-time thing. The more friends you get to sign up, the more cash you’ll get.
It’s great for your friends too. They’ll receive $10 when they create the account.
There Are No Fees
A major perk of using Cash App is the fact that you don’t have to pay anything. When it comes to their competitors, many of them charge a fee for sending and receiving. Their services are free too, so you’ll not be charged a monthly subscription. This isn’t the case with the app’s competitors.
If you’re a fan of sending cash through your credit card, we have some bad news for you. You’ll be charged 3% of whatever you just sent. Although this could seriously dent your wallet, it’s not the worst thing. It’s quite normal when it comes to money transfer services.
You Can Trade Bitcoin
In this day and age, Bitcoin is one of the best ways to make cash. Instead of using an online broker, you can use Cash App to make purchases. You can easily make a lot of money this way. However, there aren’t detailed guides for you to use. So, you’ll have to study up on your own.
There are fees you have to pay when buying and selling bitcoins. The first is a flat rate. These are service fees, while the second is a variable that depends on how volatile the market is. Depending on this, you could be paying a lot, so keep this in mind.
Their Services Are Encrypted
You’re sending cash online. You want to be safe when doing so. This is possible with the app as they are heavily encrypted. However, there is something you should know. The cash in your account is not insured. Many people might assume it is because their account is linked to Sutton Bank. This is not true and could affects people’s decisions to work with the company.
Invest In Stocks
Not only can you buy Bitcoins, but you can also invest in stocks. Cash App lets you purchase them with your Cash App account. You can buy stocks for whatever price you want. This is great as many online brokers have fixed amounts.
If you don’t have enough cash in your Cash App account, don’t fret. The app lets you tap into your personal account.
Withdraw Cash For Free
You can also withdraw cash from an ATM for free. This depends though. You can only do this if you’ve set up a direct deposit. If not, you’ll be charged a fee. Thankfully, it isn’t much as it’s usually $2.
Get Easy Help
Cash App has a very organized FAQ section. It’s one of the easiest to read, and best of all, the answers are succinct. However, there are times that you might need a more thorough answer. So, keep this in mind.
Unfortunately, they don’t have a customer service line. Although the FAQ section is great, the number of customers who’ve had issues with the app are quite high. As you can imagine, this has turned quite a few people away from working with them.
Are There Any Alternatives?
Yes, Cash App is easy to use, with a multitude of benefits, but there’s an alternative that is just as good.
Venmo is easily Cash App’s biggest competitor. They have an app as well, which is owned by PayPal. Like Cash App, they’re not available worldwide. You have to be from the US if you want to use their services. They also have a 3% fee for credit cards. Other than that, they are free.
To send cash, you have to link your real account. This isn’t too surprising. You can only send $3000 a week. This amount is much less than what Cash App lets you send.
Similarly, you get a debit card. You can either have the cash deposited in your Venmo account or have it transferred to your bank account.
All in all, Cash App helps you save time. They also help you save cash with their Cash Boost feature. Let’s not forget that you can make a pretty penny as well, either through investing or referring your friends to the service.
Unfortunately, as said previously it’s still not available in Australia. Lets hope they will accept Aussies soon.