Cash App, a popular peer-to-peer payment app in the United States, has gained significant traction for its ease of use and versatility. But does Cash App allow international money transfers?
In this blog, we'll explore Cash App's capabilities regarding international transfers, the associated fees, and alternative options for sending money across borders.
Before delving into Cash App alternatives for international money transfers, let's briefly discuss what Cash App is, how it works, and whether it supports cross-border transactions.
Cash App, developed by Square Inc., is a mobile payment app that allows users to send and receive money easily and quickly. It's primarily used for peer-to-peer transactions, making it a convenient tool for splitting bills, paying friends, or even purchasing goods and services from businesses that accept Cash App payments.
To use the Cash App, you must first download the mobile app. It's available for both iOS and Android devices. Sign up for an account. After setting up your Cash App account, you will need to link it to an existing bank account or credit/debit cards to the app.
Once linked, you can transfer money to other Cash App users by entering their phone number, email address, or $Cashtag (a unique identifier).
With its growing user base and frequent updates, Cash App has evolved to offer various financial services, including the ability to buy and sell cryptocurrencies, invest in stocks, and even receive direct deposits like paychecks or government benefits.
Cash App only works for payments from the US to the UK and vice-versa. Other destination countries and currencies are not supported by Cash App.
Both sender and recipient need to have their own Cash App account to make cross-border payments.
In other words, Cash App is an excellent choice for sending or receiving money between the US and the UK.
Cash App charges no exchange rate margin and no transaction fees. So your money will be exchanged at the mid-market rate, with no costs at all.
Cash App offers a physical debit card called the Cash Card, which is linked to the user's Cash App account and can be used for making purchases, both online and in stores, and withdrawing cash from ATMs. It can be used anywhere where Visa is accepted.
Cash App doesn’t support domestic or international transfers when you are overseas, aside from sending payments to users in the US or the UK.
Many standard transactions are free. Cash App doesn't have an account, maintenance, or annual fees, but there are fees depending on how you use the app.
If you use Cash App but want to transfer money elsewhere in the world, there are plenty of options.
Most people would go for traditional bank wire transfers due to their familiarity and reputation for reliability.
While they're secure, bank wire transfers can be relatively slow and may come with high fees, including both sender and recipient charges. They often offer poor exchange rates and there are chances you might be paying hidden fees such as correspondent bank charges.
For international money transfers, the recommended approach is to use specialized online money transfer services.
Here, we provided you with a list of the top alternatives to Cash App for your international money transfer needs.
Instarem is an online remittance service provider based in Singapore and is known for its competitive rates, low fees, transparent fees, and convenience.
Wise, headquartered in London, is a top-notch online and mobile payment service facilitating international money transfers from 59 countries to over 80 nations. Offering transparent fees and real exchange rates, Wise stands out as one of the premier choices for international money transfers.
Remitly is an online-based money transfer provider known for its affordability, speed, and convenience. It enables transfers to over 170 countries, making it a solid choice for those needing to transfer money globally. You can easily send money via their website or mobile app.
XE Money Transfer, headquartered in Newmarket, Ontario, Canada, is a leading online international foreign exchange service known for its low cost and competitive exchange rates.
PandaRemit is an online international remittance service established in Hong Kong by Wo Transfer Limited. With offices spanning Hong Kong, Sydney, Tokyo, Hangzhou, Denver, and Singapore, Panda Remit offers transparent money transfer services featuring competitive exchange rates and no hidden charges.
Pangea is a mobile-centric international remittance platform that allows customers to send money from the U.S. to 25 countries across Asia and Latin America in under 30 seconds at a low flat fee. Pangea is not available in every US state, so check if its service is available where you are.
Abound, formerly known as Times Club and owned by the Times of India group, is a rewards and remittance app designed for Non-Resident Indians (NRIs), providing a unified platform to address their money transfer requirements and optimize their financial savings.
With Abound, you can send money from the U.S. to India at competitive exchange rates and earn numerous cashback and rewards.
Pomelo offers a new approach to transferring money hassle-free to the Philippines from the US. This fintech platform merges consumer credit with international money transfer services.
If you are looking for one of the fastest methods to transfer money to India from the United States, consider SBIC, which is a subsidiary of India's largest public sector bank, the State Bank of India.
SBIC is a full-service bank, offering a wide range of commercial lending solutions, personal and business banking products, and international services. SBIC operates multiple branches throughout California, with its headquarters situated in Downtown Los Angeles.
Placid is a money transfer service provider that facilitates currency exchange services across over 25 countries. Placid has direct affiliations with several banks and financial institutions, enabling convenient and affordable cross-border money transfers.
PassTo, a London-based money transfer app, offers international remittance services with a mid-market exchange rate and transparent fees. PassTo has been established to serve expats in the UK by offering a streamlined and affordable money transfer solution that saves time, energy, and expenses.
Sending money internationally through the Cash App is fee-free. When you make a payment to the UK from the US, the currency conversion is done using the mid-market exchange rate at the time of the transaction, and the recipient will get the money in their local currency. There are no extra charges.
If your recipient doesn't have an existing Cash App account, they will be asked to register and verify their account to accept the payment. If they fail to do so within 14 days, the payment will be refunded to you.
No. Cash App works exclusively in the US and the UK. It facilitates money transfers solely between US or UK bank accounts, requiring both the sender and recipient to have US and UK bank accounts.
Is Cash App safe?
Cash App uses cutting-edge encryption and fraud detection technology to ensure your data and money is secure. Regardless of whether you're connected to a public or private Wi-Fi network or using data services like 3G, 4G, or EDGE, any data you provide is encrypted and transmitted securely to Cash App’s servers.
There are several good alternatives to Cash App for international transactions. We recommend using tools like CompareRemit to compare the alternatives and discover the most suitable option for your specific requirements in real-time.
Cash App is a convenient and versatile mobile payment app, but it doesn't support international transfers, except between the US and the UK. The good news is that there are other options for international transfers, as discussed in the blog.
When selecting an alternative method for international money transfers, consider factors such as fees, exchange rates, transfer speed, and the availability of the service in your region.
Additionally, be mindful of the recipient's preferences and the local banking infrastructure, as some countries may have limited options for receiving international transfers.
To compare your options for international money transfers, use CompareRemit's comparison tool and find a provider that best fits your money transfer needs.