Square Cash: Send cash to debit cards.
Do you want to send cash to another person? If so, Square Cash, a new service from Square will help you do so.
Square Cash transfers cash from your debit card to the recipient’s debit card. The “sending cash” notifications are sent via email as shown above.
Your debit card needs to be linked to your Square account to send cash; the recipient receives the cash in the debit card linked to their Square account.
If the recipient does not have a Square account, they will be prompted to created an account and link their debit card to it. If they do not have a debit card then presumably this service will not work.
The fee for sending cash - $0.50 per payment. There is no fee for receiving cash.
Square Cash will make it easy to transfer cash to another person.
Square Cash is an alternative to PayPal (with its high fees), Dwolla, Google Gmail payments and other money transfer services including Western Union.
Square Cash is an invite-only service right now and the full terms are not available. The things to look for
- Cash Transfer times – how quickly does the recipient receive the cash?
- Cash Transfer limits – how much cash can be transferred in one transaction?
- Is it a US-only service or can cash be sent to people in other countries?
- Are there any other restrictions?
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