I’m sure you’ll agree that sending and receiving money hasn’t ever been this easy. Technology has shrunk down to fit the palm of our hands, and with the use of peer-to-peer technology, we can now send and receive money instantly.
Platforms like Cash App have also made it possible to pay your bills, buy new things, and pay for your meals quickly and easily for free.
But what are the limits? How much are you allowed to spend on a given day or a given week with Cash App?
Well, it’s different for different users, and it
depends on the account status.
However, it’s keeping in mind these limits that you may want to schedule big purchases at the end of the week, or not use Cash App to make big purchases at all.
In this post, I will discuss what Cash App limits are by default, and how you can increase your limits.
Using Cash App
Using Cash App to send money to your family and receive payments from your friends, say, after you won a bet is super easy.
While you can transfer and request funds using a web browser, many users prefer using the phone app.
It’s easier to carry around, payments are instant, and you don’t have to worry about carrying cash.
To use the app to send money:
To request payments using Cash App:
Cash App Limits
Default Cash App Sending Limits
You can transfer up to $250 in a given seven-day period by default when you create your Cash App account.
Transfers include any payments you make at the coffee shop or when buying groceries, and not just the money you send to your family and friends.
By default, Cash App limits your spending capacity to a bare minimum – and you won’t be able to use it as your primary mode of payment right after you install it.
However, there is a way to increase your 7-day spending limit on Cash App.
You will need to get your account verified by the company. I outline the process and mention the details below.
How To Increase Cash App Limits
Increasing your Cash App spending and receiving limit is a lot easier than you would think. You don’t need to speak to a customer representative or something like that.
You will need to cross the limit of $250 to initiate the verification process. You could ask a family member or trusted friend to lend them your phone an initiate a transaction with their Cash App account.
You must then enter your legal name, date of birth, and the last four digits of your SSN in the menu that appears.
Verification can take up to 48 hours, so you must be patient.
After your account has been verified, you will be able to spend up to $7500 in a week, and the default receiving limits will also be lifted. You can receive an unlimited amount of money after your account is verified.
If the company is unable to verify your identity with just the information you supplied, they will contact you and ask for some additional details.
By verifying your identity on Cash App, you also enhance the security of your account. It is because your account is much more secure after verification that the company increases sending and receiving limits by such a considerable margin.
Cash App Receiving Limits
By default, your receiving limit on Cash App is $1000 within a given 30-day period.
However, the good news is, the receiving limit is a lot more flexible than the sending limit.
However, the receiving limits are boundless once you verify your Cash App account using the aforementioned method.
Previously, the receiving limits were capped to $2500 per week, but this limitation was recently removed by Cash App to give users more flexibility.
Of course, the maximum amount you could receive now from one user in a week is capped at $7500, because that is what the maximum spending limit is for all users.
Peer to peer money transfer platforms like Cash App have made receiving money and spending it a lot easier than it was even a decade ago.
Regardless of if you want to send your little sister in college some money or want to pay your friend back for dinner he paid for, the app makes things fast and convenient.
Increasing your spending and receiving limits is the way to go as soon as you make your Cash App account. However, if you haven’t done it yet, don’t worry.
You can follow the steps mentioned above, and your account’s limits will increase typically in under a day.
You can then enjoy the many benefits and “Boosts” Cash App offers without worrying about your spending limits!