Understanding Apple Cash Fees

Apple Cash Fees can be a bit of a mystery, but don't worry, we're here to break it down for you.

The main fee to consider is the 3% fee on person-to-person transactions, which is charged to the sender. This fee is waived for customers who use their debit card or bank account to send money.

For example, if you send $100 to a friend using Apple Cash, the recipient will receive $97, as the $3 fee is deducted from the sent amount. This fee applies to all person-to-person transactions, regardless of the amount sent.

Apple Cash also charges a 1% fee on transactions sent to friends who are not in the US.

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Apple Cash is a digital card that lets you send and receive money from others in the Messages app or fund other Apple Pay transactions. You can load your Apple Cash card with money from a debit or prepaid card.

Broaden your view: Apple Cash Transfer

You can use Apple Cash to send and receive money within the Messages app or Apple Wallet via Apple Pay. You can also fund payments via Apple Pay for purchases in apps, online, and at retail locations that accept Apple Pay.

Receiving cash back, also known as Daily Cash, is an option if you have an Apple credit card. This is a convenient way to earn money back on your purchases.

You can transfer your Apple Cash balance to your bank account, which is a useful feature if you need to access your funds elsewhere.

Here are the ways you can use your Apple Cash card:

To send and receive money with Apple Cash, you can use the Messages app or Apple Wallet. You can send money to anyone with an Apple Cash account, and they can receive it instantly.

To send money, you can use Siri to make a voice command, like "Send $15 to Susan for lunch." Alternatively, you can tap the Apple Cash card in your Wallet app and select the amount you want to send.

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You can also receive money into your Apple Cash account, which can then be spent or transferred to a debit card or bank account. Transfers to eligible Mastercard or Visa debit cards are instant, while bank transfers take 1 to 3 business days.

There are some limits to keep in mind when sending and receiving money with Apple Cash. For example, you can transfer up to $10,000 per transaction, and up to $20,000 every seven days. The minimum transfer amount is $1, although you can transfer the full balance if it's under $1.

To transfer money from your Apple Cash account to a bank account, you can follow these steps: tap "Transfer to Bank", enter the amount of money you'd like to transfer, and tap "Next." Then, select "Instant Transfer" or "1-3 Business Days", depending on your preference.

Here are the key details to keep in mind when transferring Apple Cash to a bank account:

Note that the Instant Transfer method incurs a fee of 1.5% of the total transaction, with a minimum of 25 cents and a maximum of $15 per transaction.

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Apple Cash transactions are protected with zero-liability protection, so you won't be held responsible for unauthorized transactions. This protection is included at no additional cost.

You can also set up a daily spending limit to help prevent overspending. This feature is available for both iOS and Android users.

You should know that there's a fee for Apple Cash Instant Transfers, which is 1.5% of the total transaction, with a minimum of 25 cents and a maximum of $15 per transaction.

If you're not careful, you might end up waiting a bit too long for your money to post - it can take up to 30 minutes, but if it doesn't show up after two hours, you can reach out to Apple support.

To use Apple Cash, you'll need to have a debit card added to your account, and you can do this by tapping "Add Card" in the Apple Cash section of your Wallet app.

For your interest: Currency Conversion Fee vs Foreign Transaction Fee

It's also worth noting that you can transfer Daily Cash received from your Apple Card to your bank account, and depending on your delivery choice, your money can post in as little as a few days or within minutes.

If you have a balance in your Apple Cash account and an Apple Card, consider transferring some of the funds to an Apple high-yield savings account, which earns a strong interest rate and has no monthly fees.

Apple Pay is a secure way to make transactions, thanks to a token assigned to your card, which keeps your actual debit or credit card number hidden. This token is used for all transactions, so your card number is never stored on your phone or shared with merchants.

You're protected by TouchID, FaceID, or a PIN, which adds an extra layer of security to your transactions. This means you'll need to authenticate each transaction before it's completed.

If you're a Citizens Bank customer, your virtual credit and debit cards are covered by Citizens Zero Liability Protection for unauthorized purchases. This protection also covers your physical credit and debit cards.

If a merchant asks you to enter a PIN for a transaction, it's likely because the transaction value exceeds a certain dollar amount. This is a standard security measure to ensure the transaction is legitimate.

Here are some key points to keep in mind when it comes to security with Apple Pay:

You can send and receive money from other people in the Messages app and Wallet app, making Apple Cash similar to other peer-to-peer money transfer services like Cash App and Venmo.

You can also use Apple Cash to fund Apple Pay purchases, which is a convenient option if you're already using Apple Pay for other transactions.

To transfer Apple Cash funds to your bank account, you can do so, and depending on your delivery choice, your money can post in as little as a few days or within minutes.

Suggestion: Add Money to Apple Cash without Debit Card

PayPal and Venmo are popular alternatives to traditional bank transfers. They offer a convenient way to send and receive money online.

PayPal was founded in 1998 and has since become one of the leading online payment systems, with over 400 million active accounts worldwide.

Venmo, on the other hand, was launched in 2009 and is known for its social features, allowing users to share payment information and add friends to their account.

PayPal charges a fee of 2.9% + $0.30 per transaction, making it a relatively affordable option for small to medium-sized transactions.

Venmo, however, allows users to link their credit or debit cards, making it easy to fund their account and send payments.

Take a look at this: Apple Cash Payment Not Completed

You can send and receive money from other people in the Messages app and Wallet app, making Apple Cash similar to other peer-to-peer money transfer services.

Apple Cash can be used to fund Apple Pay purchases, giving you more flexibility with your digital wallet.

You can transfer Daily Cash received from your Apple Card to your bank account, with the money posting in as little as a few days or within minutes, depending on your delivery choice.

Apple Cash can be a great addition to your digital wallet, but you can also transfer Apple Cash funds to your bank account for greater flexibility in managing your money.

Explore further: Change Bank on Apple Cash

If you're using Apple Pay with your Apple Card, you can get cash back in a roundabout way through Daily Cash.

You can choose to have your cash back deposited into your Apple Cash account or your savings, if you connect your account with your Apple Card.

To manage your cash back, you'll need to connect your Apple Card account to your Apple Cash account or savings.