The Square Cash App is an excellent resource for improving your financial stability and conveniently transferring funds from anywhere in the world. With a bit of setup, both businesses and individuals can take ownership over their cash flow.
With this handy guide, you will learn the best tips and tricks for setting up your account.
What is the Square Cash App?
Square Inc. originally started as a mobile POS and eCommerce transaction processor. In 2015, Square introduced the Cash App to allow anyone to quickly transfer money with ease using an Android or Apple device. The service quickly exploded in popularity, and now, Square has become a household name among smartphone users.
The Cash App is incredibly simple to use. After creating a username, known as a $cashtag, you can transfer or receive money from any other $cashtag. Adding money is as simple as linking a debit card with the appropriate balance. This will be explained in further detail down below.
Enable instant transfers on your account
The first thing any Square Cash user should do is link a debit card. To do this on the app, click the button with three lines next to the word more. This menu allows you to browse the settings. From here, click on account and then on transfers. On the transfers screen, type in the information of the debit card you are using to fund the account.
Now, you can instantly transfer up to $10,000 worth of funds using the debit card you provided. While instant transfers incur a larger fee, having the option can save you many headaches overall.
Send instant transfers via your smartphone or PC
Now that your account is set up, it is time to send some money. Click the transfers tab to be taken to the relevant page on the app. You will see an instant transfer option. Pressing this allows you to enter the $cashtag of your recipient and immediately send money. You will also receive a confirmation email as the transaction is processed.
You can also instantly transfer your funds via the balance tab. Upon opening the balance tab in the settings menu, select instant transfers to be taken directly to the same screen.
Using Cash App to invest
Cash App Invest can be used to purchase fractional shares of stock in various companies on the New York Stock Exchange. Investing funds is one of the best ways to take your finances to the next level. Since you already have the Cash App installed, this is a fantastic way to get your feet wet in the vast world of investing without opening a separate brokerage account.
To get started, you need to purchase at least one dollar of company stock. There are a few legal requirements before you get started. In order to invest, you need to provide the following pieces of information to Square:
Full Name
– Date of Birth
– Residential Address
– Social Security Number
– Employment Status and Employer Name
With the legal requirements out of the way, you simply need to select a stock and make the purchase. Choosing the right stock is another story. Be sure to fully understand the risks of investing before you embark on any significant trades.
Navigating the Cash App fees
If you plan to send a lot of money via the cash app, you will want to manage how much money you are paying in transfer fees. While the 1% fee on instant transfers does not sound like much, you can quickly throw away large sums of cash with multiple transactions in a week.
Luckily, the Cash App allows you to transfer money for free. The catch is you must wait three business days for the money to settle. When possible, it is always better to plan ahead and avoid the instant transfer penalty.
The road to better finances
With Cash App, you can conveniently transfer and invest funds from your smartphone, which can help you get closer to financial freedom. Using the above tips, you can review your investment opportunities and manage your cash flow with the Square Cash App. To learn more, check out our article on how Cash App compares to PayPal.
