Did you know that according to information from the World Bank, the United States leads the number of transfers sent in the world, followed by Saudi Arabia and then Switzerland? The value of transactions in terms of digital money transfers amounted to $64.1 million US dollars in 2018. An annual increase of 15.9% is projected, which would lead to a total of $143.1 million by 2023.
Just how do these transfers work though? To carry out the transfer of digital money from bank to bank and person to person, there are several reliable and secure apps that help you. Right now, though, we’ll be focusing on Apple Pay and Cash App, two of the most prominent digital wallet apps of the year.
Apple Pay is a digital wallet where users can carry out transactions electronically. This platform is a development by Apple Inc., as the name might suggest. With the app, you can send money, buy applications in the App Store and pay digitally at stores where Apple Pay is accepted.
The app, as you might guess, only works on Apple devices such as iPads, iPhones, Apple Watches and Macs. While the app comes installed on most newer devices, if you’ve somehow deleted it, you can find it in the App Store to download for free.
Not sure what the difference is between Apple Pay and other similar digital wallets? Check out our guide on Samsung Pay vs. Google Pay vs. Apple Pay.
What is Cash App?
Square Inc. developed the Cash App in competition with other emerging mobile money wallets such as Apple Pay, PayPal's Venmo, and Google Pay. It’s why it was formerly called Square Cash. And, the basic features are similar to Apple Pay.
With Cash App, a user can send money, pay bills or withdraw cash at an ATM if they have the possibility, among other transactions. This tool is available in the Play Store and the App Store, making it a bit more ubiquitous versus Apple Pay. On top of that, Cash App is one of the best money transfer apps for those without a social security number.
Don’t have an SSN? Here is a helpful guide on How to Use Cash App Without an SSN.
Cash App vs. Apple Pay
While both of these apps allow you to perform online money transfers, there are some similarities and differences between Cash App and Apple Pay. Let’s explore those below.
Both applications are compatible with SaaS platforms, iPhone, iPad.
Both Cash App and Apple Pay allow screenshots and videos.
The two applications have a free version.
Cash App and Apple Pay both have a 5-star score in the "General and Ease" categories.
Cash App and Apple Pay both offer the following mobile payment features: ACH support, contactless payments, credit/debit card support, and P2P payments.
Cash App is compatible with Android but not with Mac whereas Apple Pay is compatible with Mac and not with Android.
Cash App targets anyone who wants to send or receive payments through a mobile application while Apple Pay targets anyone who wants to pay with an Apple-only payment service.
Cash App has an online support service unlike Apple Pay.
Cash App differentiates itself by providing cryptocurrency exchanges and brokers. However, Apple Pay offers POS (point of sale) systems to make it more business-friendly.
Cash App offers a mobile payment function in support of cryptocurrencies (it’s compatible with Bitcoin) while Apple Pay does not.
Apple Pay, unlike Cash App, is available not only in the US and UK, but also in more than 50 countries (however, do keep in mind that you still need an Apple device to access the app).
Can You Transfer Apple Pay Money to Cash App?
Indeed, money can be transferred from the Apple Pay application to the Cash App, but not directly. Apple Pay does not allow you to link a bank account to make transfers and is limited to debit and credit cards provided by banks. For this reason, money can be indirectly transferred through Apple Pay to your bank account and then from there to your Cash App wallet. Keep reading to find out how to do just that.
How to Transfer Money from Apple Pay to Cash App
Unfortunately at the moment, there is no direct transfer option or button to send funds between these two platforms, but that doesn’t mean you can’t do it! You just have to go through a couple more steps than clicking one button.
Step 1: Transfer Money from Apple Pay to your Bank Account
For this process, the following steps must be followed (keep in mind that the time to process this transaction can take up to 1-3 business days in some cases):
Be sure you have access to your card information or the bank account information where you want to transfer the money to. If you’re using an iPhone, simply open the Wallet application, tap on the Apple Cash card, and then tap the Plus button. If you’re using an iPad, go to Configuration > Wallet & Apple Pay > Apple Cash Card.
Select the “Transfer to Bank” option.
Enter the amount to deposit and click Next.
Click on Instant Transfer or 1-3 business days (depending on how fast you want the money deposited into your account).
Confirm the transaction with Face ID, Touch ID, or Passcode.
Wait for the funds to transfer.
Note: If you use the 1-3 business day option, no fee will be charged to transfer your money to your bank account. In the case of selecting instant transfer, a fee of 1% is deducted from the value of each transaction.
Step 2: Transfer Money from your Bank Account to Cash App
When the money from Apple Pay has reached your bank account, the funds can then be transferred to your Cash App wallet.
Because the money is now in your bank account, you’ll be able to transfer those funds to Cash App following these steps below:
Tap the Banking tab on your Cash App home screen.
Press Add Cash.
Choose an amount.
Use Touch ID or enter your PIN to confirm.
After you see the confirmation come up, you’ll just have to wait for the transfer to be fully completed! It’s that easy (well, kind of). While this is a roundabout way of transferring money from Apple Pay to Cash App, it works well if you have the patience to go through these two steps.
Now, on the other hand, you can add a Cash App account to Apple Pay, but only if you have a Cash Card, which is the application's free debit card. It is a simple and easy process to do through the Cash application, or in Apple Wallet on your iPhone or iPad
Save on Money Transfer Fees
Today, there are also other alternative ways to transfer money from a digital banking app to your real bank account, such as Cheese Mobile Banking, which is an excellent online platform that provides basic banking services with cashback rewards. Although Cheese itself is not a bank, we are associated with Coastal Community Bank to provide financial options to its customers.