Cash app is a widely popular money transfer application among all the other ones. It has several features that make it on top of its competence. Users can use it for stock and Bitcoin purchases without having any issues. Apart from the huge user base, lots of good things, there are a bunch of myths surrounded by cash apps. And, the user needs to be aware of these myths. One such myth is, the “Cash App Clearance Fee.” The user keeps asking Does Cash App Have A Clearance Fee? Let us unfold the truth behind it!
First of all, there is nothing like ‘Clearance Fee’ on the cash app. It is absolutely free to receive and send the payment with a cash app and that is too instantaneous. You need not pay any extra amount to make your transaction except for a few scenarios.
Using a cash app for business purposes is subject to paying a 2.75% fee charge.
Similarly, if you use the instant deposit method to transfer funds, you need to pay 1.5% on each transaction.
These clearance fees are actually the tactics used by the scammers to trap vulnerable users.
Hence, you need to be careful if you are asked any clearance fee with respect to your transaction.
Starting from the basics;
What is a Clearance Fee?
Many of you would be unaware of the term ‘Clearance Fee.’ We will tell you what it is.
Actually, clearance fees are the small amounts that are likely to be charged on your transaction. These are basically the service fees from the bank or the server’s side.
But in actuality, it is clearly mentioned by the cash app team that there is no kind of fees that you will be paying while using the app.
So, next time if you ever get any message stating you are charged with so and so amount, simply contact the support team.
One question that will be swirling in your mind is,
Does Cash App Charge a Fee?
The cash app does charge only on a few scenarios. For instance, if you use a credit card, you need to pay a 3% fee charged on the transaction.
Similarly, using the instant deposit method rather than the standard method is subject to you to pay 1.5% on each transfer.
But, it is clear that there are no fees asked by the cash app for its basic features such as sending and receiving the funds to and from the cash app user.
Does Cash App Charge a Fee to Receive Money?
“No”, the cash app does not charge any kind of fees for receiving funds from other cash app users.
The cash app works without any fee charges when it comes to sending and receiving funds.
Only a few scenarios are there on which you need to pay. Else, all the activity is free of cost on the cash app. Also, there is no fixed amount to be maintained on the cash app for a specific period.
Does Cash App have a clearance fee?
Not at all! Cash app does not have any kind of fees for its basic features; receiving and sending funds.
It is clearly mentioned by the cash app team that they do not charge for the basic activity and if there is any charge it is mentioned clearly.
For instance, these are a few conditions when a user needs to pay.
Use of credit card:
If you are using a credit card in place of a debit card for any reason, you are required to pay a 3% fee charges on the transaction you make.
Choosing Instant Transfer:
There are two modes which are given by the cash app to its users to send or deposit money. Standard or Instant Transfer.
Using standard is normal mode and does not let you pay any charges. However, it makes takes up to 3-4 days in order to complete the transaction.
While instant transfer works instantly to transfer funds and requires you to pay a 1.5% fee charge.
What is a Clearance fee on Cash App?
The clearance fee on the cash app is nothing but an effort by the scammers to harm the users by any means.
For example, These scammers try to be authentic cash app representatives and text or email you. In the message, they send that you have won $5000 and in order to get it, you need to pay a clearance fee of $200.
If any user believes that the message is legit and pays the required amount in the greed of getting more amount, they are scammed.
Once the money is sent to these scammers, they disappear forever.
Cash App clearance fee Sugar Daddy Scam
Sugar Daddy Scam is the most talked-about scam on the cash app. It takes advance of the users’ trust and loot the money and run away.
This emerges from the social culprits such as Facebook, Instagram, or Twitter. They try to add themselves to your friend list and establish relationships.
After that, when they see the user can now trust them, they use their tricks to trap the user.
Similarly, there are many other scams that ask for the clearance fee to release the fund to your account on behalf of the cash app. however, this bullshit and should never be trusted.
Is there Cash App business account fee?
Using a cash app business account requires you to pay a fixed fee of 2.75% on each transaction.
However, there are no clearance fees on the cash app business account too.
When the cash app itself confessed that there is no extra fee a user needs to pay for its basic features; Sending and receiving, then why be worried?
How to Recognize and Avoid Scams?
Now, you would be thinking about the ways by which you can identify whether the offer is legit or not. Well, we have included some points which could help you in this.
Send funds only when you are sure with its authenticity: identifying the authenticity of the sender is a primary practice that you should do before trusting blindly and being looted by them.
Send fund to your contacts: It is advisable to send funds only to those you know or on the list of your contact. It helps to save you from unwanted fraud.
Re-check Recipient’s detail: sometimes, because you are in hurry, chances are that you missed something or mentioned the wrong details of the recipient. Check twice before sending.
Clearance fee on Cash App
Cash app is a free peer-to-peer transaction application to send and receive to and from the cash app user.
The cash app has itself denied any kind of clearance fees on the cash app.
However, you need to pay an extra amount when you use a credit card for the payment, Instant deposit methods, or Business account for your business purpose.
Apart from such, all the fee naming clearance fees are fraud and done by the third party to create harm to the users.
Do not trust blindly any message you receive offering any gifts or anything you have not participated in.
The Bottom Line:
Are you among those who have confusion regarding Does Cash App Have A Clearance Fee?
Then, this is the right place for you!
Cash app clearly mentioned that there is no clearance fee asked to any of its users.
These are the third-party sites or scammers who work to take advantage by using cash app names.
However, these are illegal and should not be paid attention to.
We have listed all the possible scenarios which can arise while you get a message from the other side giving you an offer, gifts, or anything that is not in your knowledge.
Make sure to contact the cash app support team, in case you come across any of the scenarios.
Hope this had been useful from starting to till now! If so, let us know your comments and also doubts that popped up during your reading this blog.