Cash Out On Cash App (What Does It Mean?)

what does cash out mean on cash app

New Cash App users can be confused with all the lingo once they start using the app. One of the more used terms in the Cash App space is to “cash out”. 

To cash out simply means that you are depositing the money from your Cash App balance into your connected bank account. The transfer can be instant or take 2-3 days, depending on the method you chose.

Let’s dive deeper into cash outs and find out how to add a bank account or a card to your Cash App as well as all other things related to cash outs.

How to Cash Out on Cash App

To be able to cash out and transfer money from your Cash App balance into your bank account, you first need to link a bank account. 

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To add a bank account to your Cash App:

  1. Open Cash App
  2. Tap the Profile Icon on your Cash App home screen
  3. Tap on “Linked Banks” or “Add Bank”
  4. Tap on “Link Bank”
  5. Enter your debit card number
  6. Enter your card’s expiration date
  7. Enter CVV
  8. Enter ZIP code 

You can also modify an already linked bank account:

  1. Open the Cash App
  2. Tap the Profile Icon on your Cash App home screen
  3. Choose “Linked Banks”
  4. Select the bank account to replace or remove
  5. Tap “Remove Bank” or “Replace Bank”
  6. Follow the prompts

Cash App supports your run-of-the-mill cards from Mastercard, Visa, Amex, and Discover. You can also link most prepaid cards but you can’t cash out to them. 

READ ALSO: Does Cash App Have Buyer Protection? (A Reason to Worry)

Let’s see what the actual process of cashing out looks like. To cash out to your bank account:

  1. Open Cash App
  2. Tap the Banking tab on your Cash App home screen
  3. Tap “Cash Out”
  4. Choose an amount 
  5. Tap “Cash Out” again
  6. Select a deposit speed (Instant or Standard)
  7. Confirm with your PIN or Touch ID

As you can see, it’s an easy process because after you link a bank account, there’s not much to it. 

Cash Out Speed Options

speed options

There are two speed options for cashing out – standard speed and instant. Standard speed is free but it can take up to three business days to get the money in your account. If you link a bank account, that’s usually your only option.

However, if you link a debit card, you can pay for an almost instant money transfer. You will have to pay a 0.5% – 1.75% fee per transfer. The minimum fee is $0.25. 

This is in line with other apps such as Venmo and has become a standard practice in the industry. 

Cash App to Cash App transfers are all instant and you don’t have to pay a fee. We recently compared Chime’s Pay Anyone feature to Cash App, Venmo, and PayPal so make sure to check out that as well. 

READ NEXT: Can You Use Chime SpotMe On Cash App? (A Quick Guide)

You Selected an Instant Transfer But it Wasn’t Instant

As already mentioned, Instant transfers are only available for debit cards. However, not all debit cards are the same and therefore there are some cards that don’t consistently support the transaction networks that Cash App uses to transmit funds instantly.

If that’s the case and you’ve already paid for an Instant transfer, the money will be available in your bank account in 1-3 business days and the instant deposit fee will be refunded.

Can You Change a Standard Cash Out Into an Instant?

But what if you already made a standard transfer but you changed your mind or you need the money to get there faster? 

In that case, you may be able to convert pending Standard deposits to Instant deposits. All you have to do is:

  1. Open Cash App
  2. Tap the Activity tab on your Cash App home screen
  3. Choose the deposit to speed-up
  4. Select “Deposit Instantly”

If the button is available, then great, you can expedite the transfer. However, if it’s not there, that means that the funds have already been sent and should arrive in 1–3 business days.

READ NEXT: How to Avoid Sugar Daddy Scams on Cash App (Simple Rules)

How to Check Your Cash Out Status

checking status

If you’re anxious and are eagerly awaiting the funds to hit your account, you can check the cash out status if you:

  1. Open Cash App
  2. Tap the Activity tab on your Cash App home screen
  3. Find and select the transaction
  4. Press the button at the bottom 

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Conclusion

To conclude, when using Cash App, cashing out means you are depositing money from your Cash App balance and into your bank account. To do that, you have to connect a bank account or a debit card (recommended).

When depositing money into your bank account you can choose from a standard speed transfer (free) or instant (paid). 

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As a Current mobile banking app affiliate, I earn from qualifying purchases.
topmobilebanks logo

Current: The Future of Banking

As a Current mobile banking app affiliate, I earn from qualifying purchases.