Cash App, a peer-to-peer payment platform, has gained immense popularity for its ease of use and versatility. If you’re a Cash App user or considering using it, you might be wondering how much money you can send or receive on the platform. In this article, we’ll provide a comprehensive guide to the sending and receiving limits on Cash App.
Understanding Cash App:
Cash App, developed by Square Inc., is a mobile payment application that allows users to send and receive money, invest in stocks, and even purchase Bitcoin. It’s widely used for personal and business transactions, making it a valuable tool for managing finances.
Cash App Sending Limits:
Cash App imposes various sending limits depending on your account verification status and usage. Here are the different levels of verification and their corresponding sending limits:
- Unverified Accounts: If you haven’t completed the initial account verification, you can send up to $250 per week and receive up to $1,000 per month. However, you can only receive a maximum of $100 within a 24-hour period.
- Verified Accounts: To verify your account, you need to provide your full name, date of birth, and the last four digits of your Social Security Number. Once your account is verified, you can send up to $2,500 per week and receive up to $2,500 per month. The receiving limit within 24 hours remains $100.
- Additional Verification: For increased limits, you can undergo additional verification, which may involve providing more personal information. With additional verification, you can send up to $7,500 per week and receive an unlimited amount of money. The daily receiving limit may vary based on your transaction history.
It’s important to note that Cash App has certain transaction fees for business payments, and the sending and receiving limits may vary for business accounts.
Cash App for Business:
Cash App also offers business accounts, with different limits and fees compared to personal accounts. Here are some key details regarding Cash App for business:
- Business accounts can send up to $15,000 per week.
- The maximum amount you can receive with a business account depends on your transaction history and can be customized.
- Business transactions may be subject to a 2.75% fee, making it essential to review the terms and conditions for business usage.
If you attempt to send more money than your account limit allows, Cash App will notify you that you’ve reached your limit for the specified time frame. To increase your limits, you may need to provide additional information or wait until your limits reset.
Cash App provides various sending and receiving limits depending on your account verification status. These limits help protect the platform’s users and maintain security. While Cash App is user-friendly and convenient for managing finances, it’s important to be aware of these limits and to adhere to them to avoid any issues with your transactions. If you require higher limits, you can explore additional verification options as provided by Cash App.