Square Payments’ Cash App and eBay’s PayPal have long fierce competitors. Both services provide a way for people (and businesses) to quickly transfer money to each other without having to rely on the notoriously slow bank-to-bank transfer times. Many people have and regularly use both applications, though.
So, can a Cash App user send money from their balance directly to their PayPal Account?
The answer is no. As it stands, there is no way to transfer money straight from Cash App to PayPal. That being said, you can transfer money from one service to the other by using your personal bank account as an intermediary. You’ll just have to pay a little bit of money in fees if you want your money instantly.
If you’ve never done it before, then it can be a bit confusing. I was certainly a bit dumbfounded the first couple of times that I had to do it. Now, however, I’m an expert. After you do it a few times, I promise you won’t even have to think about it! Below, I will show you exactly how you can send money from Cash App to PayPal.
How Can Cash App Send Money To PayPal?
In 1999, Elon Musk Co-Founded PayPal- the world’s first large-scale online payment processor. Shortly after that, in 2002, it was purchased for a whopping $1.5 billion by eBay, which still owns it to this day. Although PayPal is now used for everyday money transfers between people, it still retains its original roots as a payment processor.
Cash App was launched in 2013 by Square Payments (PayPal’s biggest point-of-sale competitor today). Whereas PayPal offers a full suite designed to allow businesses and individuals to send invoices, make card payments, and manage their budgets, Cash App’s goal was a lot simpler. They just wanted to create an easy-to-use app for one person to instantly send money to another.
The main difference between Cash App and PayPal is that Cash App is primarily a phone-only application. On the other hand, PayPal has both a phone app and a large online platform for money management.
You would think that, by now, the two companies would have been able to work together to create an easy way to transfer your balance from one app balance to another. However, economically speaking, this wouldn’t be in their best interest.
Each app makes money by getting more users to join and use their service. By allowing users to transfer money between services, fewer people would download their particular app. Instead, users have to download and use both services to initiate the transfer, putting more money in both of the companies’ pockets. If you’re wondering if you can send Cash App money to Venmo, the answer is the same.
This means that the only way to “send” money from Cash App to PayPal is by using your bank account. Since you’re able to link the same bank account to both services, you can transfer money from your Cash App balance to your bank account and then from your bank to your PayPal. Here’s how you do it.
How To Send Money From Cash App To Your Bank Account
Note- you can only do this method if you have a bank account added to your Cash App account.
Step One: Link Your Bank Account To Cash App
Your first step is to link your bank account with your Cash App account. This takes a few minutes, but it’s a necessary part of the process, so you’ll just have to put up with it. The good news is that it’s fairly simple:
- Open Cash App on your phone.
- Press the ‘Banking’ icon in the bottom-left-hand corner of the screen.
- Scroll all of the way down to where it says ‘Linked Accounts,’ and press there.
- You’ll have the option to add a credit card, debit card, or bank account. Select ‘Add Bank Account.’
- Cash App uses Plaid, a secure third-party gateway, to encrypt and verify your account. You’ll just need to enter your online login details for your bank.
- Wait for a couple of minutes while your account details are finalized.
There you have it! Easy as 1-2-3, right?
Step Two: Transfer Your Cash App Balance To Your Bank Account
Next, you’ll need to send the money from your Cash App balance to your card. This is super-simple. Open Cash App and navigate to the same ‘Banking’ tab you were at earlier. Your balance should be displayed here. Ensure that your bank account details are correct, press ‘Cash Out’, and select the amount of money you want to send to your bank account.
Instant Transfer Vs. Standard Transfer
You’ll be able to choose between a standard transfer, which will take 2-3 business days, or an instant transfer, which will take less than 5 minutes. The standard transfer option is free, and the instant transfer option costs 1.5% of the amount being transferred ($1 for every $100). I usually use instant transfer for ease, but if you want to save a couple of bucks and don’t mind waiting, standard transfer works fine.
Cash App Card Withdrawal
Another simple way to do this is to visit an ATM with your Cash App “Cash Card.” You’ll be able to insert your card and instantly withdraw as much as you’d like from your Cash App balance for a small $2 fee. You can then deposit this cash directly into your personal bank account and transfer it to PayPal. Find out how you can load your Cash Card here.
How To Send Money From Your Bank Account To PayPal
Now, it’s time to repeat the same process, but for PayPal!
Step One: Link The Same Bank Account To PayPal
- First, log in to your PayPal account (in-app or online).
- Select ‘Account > Profile > My Money.’
- When viewing the ‘Bank Account’ section, select ‘Update > Add Bank Account.’
- Choose ‘Confirm Instantly’ if you’re in a rush. You’ll just be required to verify two small payments that are sent and withdrawn from your account.
Step Two: Add Funds To Your PayPal Account
Once your bank account has been successfully verified and linked, it’s time to add those Cash App funds to your PayPal.
- Select ‘My Account > Add Money.’
- Select to add money from the bank account that you just added.
- Enter the amount that you would like to transfer and press ‘Submit.’
PalPal Instant Transfer Fees
Your funds should be available in a few business days if you use the standard transfer method. However, you can also instantly transfer the money into your account if you prefer. PayPal will charge a 1% fee ($10 maximum) for any funds transferred immediately.