Cash App and Gobank are two financial apps that offer financial services to their customers. Both apps counts a large number of mutual users.
Knowing how to transfer money from Gobank to Cash App can help in a situation where you need money to send through Cash App.
Gobank is an online bank that is registered under the Green Dot bank which is the registered trademark name.
Cash App on the other hand, is a P2P payment platform that lets users conveniently send and receive money online.
Cash App is known for offering financial aid through the borrow feature found in the app. This feature, once available for a user, will let the user borrow money from Cash App.
The borrow money feature is a great alternative to cash advance apps that work with Cash App.
Once you create a Cash App account, the next thing you'll need to do is to link a funding source for your transactions.
Cash App supports some online banks and also works with Green Dot meaning, you can transfer money from Green Dot to Cash App.
Though Gobank is a subsidiary of Green Dot, transferring money from Gobank to Cash App can be tricky.
However, this article compiles steps to transfer money from Gobank to Cash App.
Table of Contents
What is Cash App?
Block, Inc.'s Cash App (formerly known as Square Cash) is a mobile payment service that enables users to send money to one another using a mobile app for a 1.5 percent fee for an immediate transfer.
Only residents of the United States and the United Kingdom can use Cash App. The business reported 70 million annual active users in September 2021 and a $1.8 billion gross profit.
How Does the Cash App Work?
Users can get a debit card, set up direct deposits, and send and receive money via the Cash App. Users of the investing tool can invest as little as $1 in equities.
To accomplish this, fractional shares—smaller chunks of stock—are purchased. Through the app, users can also buy, trade, or transfer Bitcoin.
What is Gobank?
Green Dot Bank, Member FDIC, which also does business as Green Dot Bank and Bonneville Bank, is the parent company of the GoBank brand.
Deposits made with any of these trade names are made with Green Dot Bank, a single FDIC-insured institution, and are combined for the purposes of deposit insurance coverage.
Green Dot Bank, GO2bank, and Bonneville Bank are additional registered trade names under which GoBank conducts business.
One single FDIC-insured bank, Green Dot Bank, is the subject of all of these registered trade names.
Deposits made with Green Dot Bank under any of these trading names are combined for deposit insurance coverage up to the permitted limits.
Does Gobank Work With Cash App?
Yes, but not directly.
GoBank works with Cash App through the Black unlimited version of the Green Dot card.
The Green Dot Bank Unlimited Cash Back Bank Account comes with a high-yield savings account that offers depositors a 3% Annual Percentage Yield on their savings up to $10,000, as well as a 3 percent cash back bonus on all online and in-app purchases.
The FDIC insures all deposits. The account also has no minimum deposit requirements, no overdraft, bounced check, or other penalty fees of any kind, as well as a low monthly fee that is easily waived, a free ATM network, and the ability to make free cash deposits at renowned national retailers where Green Dot Bank products are featured.
Keep in mind that GoBank works under the registered trade name of Green Dot Bank. With a $500 direct deposit, you may open a checking account with GoBank and avoid paying a monthly charge.
The trade names are deposits with a single FDIC-insured bank, Green Dot Bank, and keep in mind that GoBank is a brand and trademark of that institution.
Can You Transfer Money From Gobank To Cash App?
Yes, you can. However, transferring money from Gobank to Cash App isn't a direct process.
The transfer can be done though the black unlimited version of the Green Dot card.
The Green Dot Unlimited Cash Back Bank Account Visa Debit Card is a unique blend between a prepaid card and an online bank account.
Anyone who wants to earn an unlimited 2% cash back on purchases should consider it.
Additionally, its separate savings account pays users a pleasant boost of up to $200 in interest at a rate of 2% annual percentage yield (APY) on balances up to $10,000.
How To Transfer Money From Gobank To Cash App
The process of transferring money from Gobank to Cash App is a tricky one.
The process can be done in three steps.
The steps involved in transferring money from Gobank to Cash App are as follows;
- Get the Green Dot unlimited black card.
- Link the card to Cash App.
- Transfer money from the Card to Cash App or use the card as a funding source for your transactions through Cash App.
1. Get the Green Dot Unlimited Black Card
You can apply for and get the Green Dot unlimited black card directly from Green Dot.
Here are some other features you will benefit from the card.
- Unlimited 3% Cash Back Bonus: Every time you make an online or in-app purchase with your Unlimited Visa debit card, Green Dot Bank will add 3% of the purchase amount into the customer’s cash back bonus balance.
- Integrated High Yield Savings Account with 3% Annual Interest: The Green Dot Bank High Yield Savings Account is an FDIC insured savings account that pays a 3% annual interest rate (3% annual percentage yield) on deposits up to $10,000.
- ASAP Direct Deposit: No need to wait for payday. Green Dot customers receive their pay up to 2 days before payday and government benefits up to 4 days before benefits day with Green Dot’s ASAP Direct Deposit.
- Free ATM Network: Customers can use thousands of free conveniently located ATMs nationwide.
- No Overdraft or Penalty Fees: Green Dot has no overdraft fees, no bounced check fees and no minimum balance requirement.
- Deposit Cash for Free: Make free cash deposits at participating national retailers that feature Green Dot Bank products.
- Free Online Bill Pay: Set up one-time or recurring bill payments with Green Dot. You won’t have to make any extra stops, write checks, or pay for stamps just to pay your bills.
2. Link the Card to Cash App
Once you get the card, you will be able to link it to Cash App.
Here's how to link the card to Cash App:
- Open your Cash App.
- Go to the "My Cash" tab by tapping the icon of a building in the lower-left corner.
- Tap "+ Add Credit Card" under the name of your bank. Go to the "My Cash" tab, then tap "+ Add Credit Card."
- Enter your card information, then tap "Add Card."
- Follow the prompts.
The card can be linked to mobile wallets such as Apple Pay, Google Pay and Samsung Pay.
3. Transfer Money from the Card to Cash App
Follow the steps below to transfer money from the card to Cash App.
- Tap the Banking/Money tab on your Cash App home screen
- Press Add Cash
- Choose an amount
- Tap Add
- Use Touch ID or enter your PIN to confirm
You can also use the card as a funding source for your transactions via Cash App once the card has been linked to your account.
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Final Thoughts
Cash App is a P2P payment platform that lets users send and receive money online.
Cash App does not directly work with Gobank but however, works with Green Dot which is a parent provider of Gobank services.
You'll need to get the Green Dot unlimited black card and link to Cash App before being able to transfer money from Gobank to Cash App.
References:
https://en.wikipedia.org/wiki/Cash_App
https://www.gobank.com/
https://ir.greendot.com/news-releases/news-release-details/green-dot-launches-unlimited-cash-back-bank-account-help
https://www.bankrate.com/finance/credit-cards/reviews/green-dot-unlimited-cash-back-bank-account-visa-debit-card/
https://cash.app/help/us/en-us/1106-add-cash