Sending and receiving money is a crucial aspect of money management. Besides, the applications involved in offering fast, stress-free, and excellent payment services require users to share and link their details to benefit from safe and quality services. The flexibility in terms of a money transfer using various platforms has led to your financial needs’ simplicity.
However, there are demands whereby peer-to-peer transfer apps such as Cash App set in. Cash App doesn’t only make it simple to send cash to friends and family but also facilitates payments request from people. Additionally, Cash App enables you to direct deposit paycheck into your Cash App account. You can invest the deposited money and use the Cash card to make purchases all over. Visa is acceptable.
Moreover, let’s see another feature on how to transfer money from Netspend to bank account mechanisms. Nevertheless, you can utilize Cash App to get reimbursement on group expenses, pay back friends and family in addition to earning rewards on your purchases. With Netspend prepaid cards’ help, Cash App allows users to transfer money, spend money directly or link to an existing bank account.
Table of Contents
- What Is Netspend?
- What Is Cash App?
- Do You Need a Bank Account To Use Cash App?
- How Can You Transfer Money From Netspend to Cash App Instantly?
- Is There Any Cost To Send Money To Cash App?
- What Should You Consider When You Use A Netspend Card To Transfer Money?
- Bottom Line
What Is Netspend?
Netspend is a worldwide payments company and a renowned issuer of reloadable prepaid cards and related financial services in the United States. Netspend equips consumers and businesses to be self-banked. It was founded in 1999 and serves close to 68 million consumers who lack traditional bank accounts but opts to depend on alternative financial services to control their money.
Additionally, Netspend is an upcoming reloadable prepaid card that has gained lots of popularity among those wanting to manage their money. It provides a Netspend mobile app to monitor your finances, send money to friends and relatives, and deposit checks using the App.
Netspend allow for direct deposit as a convenient way to reload money to your card account and get payments two days faster. Netspend is applicable anywhere Debit Mastercard or Visa Debit cards get accepted.
Read our related article, Does Uber Take Netspend Cards? We answer this question and explore the various forms of payment you can use for your next Uber ride!
What Is Cash App?
Cash App by Square and a peer-to-peer payment tool that customers depend on due to its versatility, simplicity, and consumer-friendly interface. This P2P App enables easy sending of money to family and friends for free by their phone number, email address, or $Cashtag.
Cash App is widely acceptable over other applications due to its speed. You can send money from chime to Cash App, and your transfer arrives as soon as you enter the “send” button. Interestingly, there is no queuing list or recurrent delays as money gets transferred instantly.
Cash App is a fully equipped financial tool that you can quickly send and receive money via your mobile device. You can use Cash App to pay your bills and expenses and use Cash App to request payments from friends and family.
Recently, Cash App has diversified to include additional parameters such as the freedom to invest your Cash App account balance and the choice to receive direct deposits through your Cash App account.
There’s also a new Cash App card that operates like a debit card, serves wherever Visa is acceptable and allows you to make payments using your Cash App balance. Once the Cash App account gets created, you can login to your Cash App and request a Cash Card. This Cash App card is a free debit card that works wherever Visa is accepted.
Read our related article, Can You Use Cash App On Apple Watch? Make payments, receive money, and send funds right from your wrist!
Do You Need a Bank Account To Use Cash App?
Generally, you require an active bank account linked to your Cash App account to transfer money. However, Cash App users can receive an optional Visa debit card that enables them to utilize funds from their Cash App account to acquire purchases from retailers or, better still, withdraw funds from an ATM.
You can also load funds to your Cash App account through a debit card tied to an existing bank account. Additionally, it’s possible to transfer money from your Cash account to your Bank account, a transaction that takes 2 to 3 days.
Moreover, it’s also important to note that as far as Cash App is concerned, it must link the bank account through a debit card. Connecting the bank account of any eligible bank is a component of the Cash App sign-up process.
Besides, to get the most benefits out of the Cash App, it is compulsory to link a bank via a debit card. In other words, it means that users who once had finished the sign-up procedure and included their bank account to Cash App, even if the bank account is no longer in use, can withdraw money at any ATM.
How Can You Transfer Money From Netspend to Cash App Instantly?
Sometimes you want your money immediately, and that’s why instant transfer is vital. You can instantly transfer funds to your linked bank account using Netspend card 24/7 for a 1.5% fee per transfer. However, to get started, you need first to link your bank account.
Cash App acknowledges linked bank accounts and credit or debit cards backed by Visa, MasterCard, American Express, or Discover. It is impossible to use Netspend prepaid card on Cash App without first linking to a bank account. Below is how to add a bank account or accepted card to your Cash App.
- Open Cash App on your smartphone’s Appstore and navigate to balance icon at the bottom-left corner of the display.
- Go to “Add Bank” and then fill in your Netspend card number information on the first screen.
- The next screen you will add your Expiration date, CVV code (3 digit code) and your Zip code
- Finally click the “Add Card” at the bottom right of the screen
- Your card should be added.
If you lack a debit card, tap on “No Card?” and then choose your bank from the list provided or identify it by name. Afterward, you will then enter the same username and password you use for the bank’s site.
After adding a bank account or debit card to the App, you can take advantage of Cash App instant money transfer. You can also choose Instant Deposits to your bank account, which are instant, but attaches a 1.5 percent fee. The direct deposits take from one to three days, depending on the sender’s bank.
Read More: Does Netspend Deposit 2 Days Early? Yes, you can receive your funds up to 2 days faster with Netspend. Here’s how.
Do I Need My Flashpay ID to send money to Cash App?
No, you don’t need your flashpay ID to send money to cash app, but you will need your netspend debit card on hand to add the required information that I spoke about in the section above.
Flashpay ID is used to send money to your friends or colleagues, while the netspend debit card is needed in order to pay at physical stores or online websites or ATM’s.
Read our related article, How Much Can You Load On a Netspend Card? Discover the limits of your card!
Is There Any Cost To Send Money To Cash App?
There are no charges for the majority of Cash App transaction services. However, if you send funds using a credit card, you will get charged a 3% transaction fee. You can transfer money from one Netspend card to another or from a debit card or bank account instead to avoid this fee.
The only other fee applicable is an Instant Transfer fee from your Cash App account to your linked Netspend card, which charges 1.5% of your deposit with a minimum of $0.25 set. An instant transfer arises when you request a real-time cash transfer to your debit card. The transfer of money to your bank account has no fee, but you’ll have to queue 1-3 working days to access the funds.
What Should You Consider When You Use A Netspend Card To Transfer Money?
The Netspend Prepaid Mastercard helps you manage your money if you lack access to, or don’t require, a checking account. The following are some of the considerations to look at when using Netspend on a Mastercard to transfer money.
- Rewards rate: N/A
- Welcome offer: $20 credit when you refer a friend who activates their new card and loads at least $40
- Annual fee: $9.95 per month, $5 for the reduced monthly plan (with $500 direct deposit per month) or $1.50 per purchase if you choose the pay-as-you-go plan
- Purchase intro APR: None
- Balance transfer intro APR: None
- Regular APR: None
Read our related article on Cash App Verification Time. See how long it takes to verify your Cash App Account.
1) Current sign-up bonus
This card doesn’t give a welcome offer or sign-up bonus, but it does have a referral program that can improve your balance. When you refer a person who signs up for a Netspend prepaid card and adds a minimum of $40 to their account, you both get a $20 credit. You can direct as many people as possible and get $20 for each referral.
Netspend features a free program called Payback Rewards that provides you personalized opportunities to earn cashback from some of your favorite retailers. You need to click on the offers you need to activate and utilize your card at your chosen stores. Netspend monitors the offers you redeem and tops up your cashback to your account at the end of the month.
Netspend Prepaid Mastercard provides almost all of the features of a regular bank account. Besides, it offers direct deposit, overdraft protection, online bill pay, money management tools, and more. Below are the main benefits of Netspend prepaid Mastercards.
4) High APY savings account
You can register free Netspend savings account together with your prepaid card account that gives APYs up to 5% on the first $1,000 in your account. It would help if you made transfers from your card account to the savings account or initiate automatic transfers.
Read More: Cash App Savings Account: Can You Use Cash App as a Bank? Discover what you can do with Cash App and if you can use it for savings!
5) Overdraft protection
Netspend has an optional overdraft protection policy for cardholders who get at least one direct deposit of $200 or higher every 30 days. You’ll get a 24-hour grace period to evade fees. After that, you’ll get charged $15 unless you overdraft your account by less than $10. If you overspend a little, Netspend may waive your overdraft fee.
If you’re searching for a versatile, simple peer-to-peer payment app without debit card fees, Cash App is worth considering. You can transfer money from Netspend to Cash App and be able to utilize your Netspend card to get your paycheck, make online purchases, pay your bills, and send money to friends and family. The information provided above will help you get equipped with your financial management and transfer.