Cash App Vs. Current (A Complete Comparison)

Written By Tim Doman

Sending and receiving money from your friends and family has never been easier than it is now. With just the click of a button, you could transfer thousands of dollars. A couple of years ago, you would have to go to the bank to get a physical check or cash. 

With the rise of p2p (peer-to-peer) and innovative banking apps like Cash App and Current, transferring money has never been easier. These apps save us so much time and energy. The best part about these apps is that they are free to download and use.

Current and Cash Apps are two great apps for managing your money. Current’s focus is on a more modern approach to mobile banking, while Cash App focuses on p2p transactions. They both offer their debit cards, but the Cash App makes it much easier to send and receive money from peers. 

[lasso rel=”pxf” id=”10713″]

Cash App Vs. Current

Current is a mobile banking app that prioritizes budgeting and saving. They provide a more modern approach when it comes to banking. They offer a banking account, fee-free ATM withdrawals, interest on savings accounts, early direct deposit, and the ability to overdraft your account.

Cash App is a P2P app that makes it easy to send and receive money from your peers. Many additional features are offered, such as a debit card, bitcoin services, a Cash App boost, and early direct deposit. It is free to download and use on both the Apple AppStore and Google Play Store.

While both apps have some similarities, they have completely different objectives. You probably want to know which app will work best for you and suit your needs. Below, we will discuss some of the similarities and key differences between these two apps to help you make the best decision.

Sending and Receiving Money

Cash App

Cash App provides a very user-friendly interface that makes it easy to navigate. Signing up is as simple as providing your name, phone number or email, and zip code. Upon completion of this process, you’re free to start sending and receiving money.

To send money, simply input the recipient’s phone number, email, or cashtag to instantly send them money. They do start you with a $250 limit within 7 days.

However, you can increase that amount by providing more information to them. To receive money, you can simply request it from your peers. You get a notification via the app, text, or email for every transaction.

You can also receive money via direct deposit or by depositing a check. This money is then available in your balance which you can use to your liking. The goal is to make it as easy as possible to share and receive money.


Customers of Current can send and receive money using a current tag. It is free to send and receive money from other current users. They don’t currently offer Zelle features, because they aim to cut the middleman out. Checks are also accepted as a way to deposit money.  

The difference here is Current is a mobile banking app that allows users to send and receive money. Cash App just has an additional banking feature which we will cover later on. 


Cash App

Believe it or not, sending money to your friends isn’t the only thing the cash app can do. You can deposit checks and tax returns straight to your account. These funds are then immediately available in your cash balance.

Unlike many big banks, you can receive your direct deposits up to two days earlier. This gives you the flexibility to pay your bills on time, or just have money available for you in tough times. The downside here is that the Cash App is not backed by the FDIC (Federal Deposit Insurance Corp). This means your money isn’t insured by a federal bank. 

The best feature offered by the cash app would be the boost feature. This allows you to get up to a 10% discount on certain fast-food restaurants, coffee chains, and delivery services using a cash card. 


Current is an extremely innovative app that has a ton of features that separates it from its competitors. The current app has budgeting tools that can help you save money and track your spending and many privacy settings.

Two distinctive features set Current apart from the cash app. First, they are backed by the FDIC, which means your money is insured for up to $250,000. Secondly, Overdrive allows you to overdraft up to $200 without any fees. You heard that right, current will essentially spot you $200 for whatever you need it for.

You can also get up to 15x of the normal points every time you swipe your card. Just like Cash App, they allow you to get direct deposits up to 2 days earlier. We can’t forget to mention that they also offer accounts for teens. You can use any Allpoint ATM for fee-free withdrawals. Current has more features when it comes to mobile banking.

Perhaps the best feature of Current is its savings account. You earn 4% APY on your savings account to help you attain your financial goals. This works well with the budgeting tool to help save your money for the future.


Cash App

There are a couple of limits to just how much you can spend on your cash card and the amount of money you can receive. The limit you can spend per day is $7,000 and $15,000 per month. You can send up to $250 within a 7-day window and receive up to $1,000 in 30 days.

These limits can be increased because they understand some people have different spending needs. These numbers are just a preset limit, but if you want it to be increased, you’ll need to contact customer support.


Current also has its own set of preset limits. You have a $500 daily ATM withdrawal limit, $2,000 daily spending limit, and $5,000 maximum p2p transaction amount. This resets every 24 hours. Based on the latest data provided by the current website, they are unable to raise these limits. 


Cash App

Fees might be the most important thing to a lot of people, because let’s be honest, who likes paying fees. Well, if you’re using the cash app, you’ll be happy to know there aren’t any fees associated with the app.

They charge a 3% fee for sending money via your credit card while using your debit card or bank account is free. To get an instant deposit on your debit card, they charge a 1.5% fee. You could wait a couple of days to have it deposited into your bank account, but that isn’t always an option.


It may be hard to believe, but Current doesn’t charge any fees. There are no overdraft fees, bank transfer fees, ATM fees (in-network), or instant transfer fees. You might be thinking to yourself, there has to be a catch, but trust me, there isn’t.

Since Current operates more like a mobile bank, you can transfer money directly to your card. So yes, it is true. Current doesn’t have any hidden fees as they suggest. 

Cash App Vs. Current: Which is Better?

Since we’ve covered just about all the great features offered by both companies, it’s time we conclude. We know both apps are great, but the question is, which one is right for you. 

Cash App offers a very versatile app that can pretty much do it all.  The app is easy to use and makes it easy to send and receive money. They give you the option of either keeping your balance in the app or depositing it straight to your bank account or card. The boost option is also great for getting discounts at your favorite restaurants and merchants.

Be aware of Cash App scams while using the app.

Current, like the name suggests, has a more modern approach when it comes to banking. They don’t refer to themselves as banking institutions, but rather as financial technology companies. Their list of features includes a teen banking account, no fees, early direct deposit, budgeting tools, and 4% APY on your savings account. As you can see, their list of features is quite extensive. 

Which app is best for you depends on what you’re looking for. If you want an app to just send money to friends, Cash App might be great for you. If you want a full mobile banking experience, the current one might be right for you. It depends on what you need. I recommend looking through all the features available before making a decision. 

If you found this article useful, check out more written by me and our team:

About the Author

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured On:
forbes logo
usnews logo
wall street journal
yahoo finance
techcrunch logo
world finance
bbc logo
thestreet logo