The Square Cash App is offering a $5 bonus when you sign up via this Square Cash App Link with the Referral Code $FRUGALZ. You then just send at least $50 for the free $5 bonus. There is no cost to send or receive money if you’re using a debit card.
Square Cash Review
Square Cash lets you send money to and receive money from anyone with a registered phone number or email address via your linked debit card from your bank account. You can also send money using a credit card but they charge a 3% fee to the sender not the receiver. If you send via debit card it’s totally free for both parties.
The Square Cash app comes to you as a convenience because you do not have to cash out the money that is sent to you from someone like you do with competitors Venmo and PayPal. Say someone sends you money for concert tickets then Venmo and Paypal will hold on to that money until you send it into your bank account.
Square Cash is actually the most useful for tech-illiterate people because the only requirement is a debit card. No need for a Facebook sign-in or all of the trouble of setting up a Paypal or some of those clunky bank account apps. I did have trouble setting up my Etrade Visa Debit card (not sure why yet) but my Chase Debit Visa worked. There is a chance it does not work with banks such as Etrade. I will update this post when I find out.
Another neat thing about the Square Cash app is that if you purchase on a website or send money you just have to input the seller’s “$Cashtag”—the dollar symbol plus their unique identifier into Square’s “Cash” app or website—to pay from their debit card. Anyone can go to cash.me/$frugalz to set up an account.
You can also earn $5 referrals when you tell your friends and family about the Square Cash App. Just make sure that they send $50 or more so that you will both earn a $5 bonus credit. You can refer as many friends as you like so there is no limit to the amount of $5 referral bonuses that you can earn.
Square Cash vs. Venmo vs. Paypal vs. Facebook Messenger Payments
If you’re more of a social media person and want all of your friends knowing your business of who you pay and who receive money from then Venmo is a better alternative. I cannot imagine anyone wanting publicly available Venmo transactions involving buying drugs, alcohol, or prostitution. Although you can set all of your transactions private or simply use Square Cash instead. We actually had one person write in on how someone sent a person they owed money to via Venmo and that person was the wrong person and cashed in the money and there was nothing Venmo could do about it. The social media aspect confused the person doing the transaction and resulted in a loss because they did not enter a full email address and just connected to a social media photo.
We do not see a reason to use Venmo if you’re on Facebook since they just integrated a payment option into their own Messenger. Using Messenger to send and receive money is as simple as pulling up that friend on Facebook then adding your debit card. The major catch here is you need to be friends on Facebook.
The bottom line is that Venmo is for Social Spenders. Square Cash is for Anonymous, Simple Transfers for Non-Techies. PayPal is people who want to take time to set up an account with the bank account information and take a bit longer for the transaction with it’s worldwide reach of over 200 markets and 26 currencies. We should also mention that a lot of people have a Gmail address so you can also try sending money via Google Wallet and that is free as well with a debit card.
While there are many options to send and receive money with friends the best option is to ask them if they are already using one of these then go from there. You also want to check out which service has a bonus such as Square Cash and try to use it for the $5.