Does Cash App work in Europe? Alternatives for 2024

Cash App is one of the leading payment apps available in the USA. In this article, we uncover the Cash App availability in Europe, and the alternatives available.

Particularly in Europe, banks were slow to embrace the new opportunities that the Internet could bring to every customer, hoping that their decades of developing “trusted brands” would still play a crucial role in a potential client’s final decision to adhere to their services.

However, that was not enough to prevent the new incumbents from quickly gaining a significant market share, as their tools used to transfer money between people were much easier, painless, and cheaper! And that was how Wise, and Revolut were born:

Wise, formerly known as TransferWise, is a peer-to-peer money transfer service with the primary purpose of saving you money from hidden fees charged by traditional banks. It was developed by two Estonian, Taavet Hinrikus (Skype’s first employee) and Kristo Käärmann, who felt they were being overcharged when travelling abroad.

Ever since, Wise has seen remarkable growth! It gives you access to a multi-currency account where you can convert money internally – between balances – (example: convert $1,000 to € will cost you $7.65). Besides, you can receive, send money, and spend money (with your debit card). You can also withdraw cash from ATMs, but only two free withdrawals up to a total of €200 each month. Above €200, there is a €0.50 fee per withdrawal plus a 1.75% fee.

The software is super intuitive, both in mobile and PC versions, which means you will get along pretty quickly with its main features.

In terms of safety, Wise is an authorised money institution under the Financial Conduct Authority (FCA). It strictly follows all FCA standards and strives to make each transaction as safe and secure as possible.

Revolut has the ambition to replace your bank account. The Fintech provides a business model dedicated to every individual who wants to get things done without focusing too much on unnecessary complexities involved in traditional banking. A good solution for your daily needs.

The UK Fintech enables you to send money worldwide quickly and securely, relying on the real exchange rate, which can let users save a huge amount of money. You can use this feature to easily split bills with your family or friends or get paid back.

If your account is the Standard one, you will have a limit of €200 in free ATM withdrawals each month, for instance. In paid plans, starting from €2.99, you will be offered priority 24/7 client support, higher limits on withdrawals, free overseas medical insurance, and other perks.

Revolut also includes a trading area – US stocks, precious metals, and cryptocurrencies.

First, you need to be aware of your needs. If you believe you will convert a high volume of money from one currency to another, a premium plan on Revolut can be better. On the other hand, if you will only do it in lower amounts and a few times, Wise might be a good choice.

We believe you will be well suited to either one. Both companies offer exactly what they state: transparency, low fees, and hassle-free user experience.

Their loyal customer base did not appear out of thin air. Their expertise, simplicity, and being very upfront about what they charge have given them a critical advantage over their competitors.

Whether you came for the investment side of Cash App (including cryptocurrencies), the following paragraphs will answer your concerns!

Even if cash app investing were permitted for European investors, we firmly believe that you would be better off with the existing alternatives in the market. But we also see the entrance of Cash App in Europe with good eyes since it will heat the investment industry, which means cheaper options to allocate your capital!

Cash App is still extremely limited in the number of financial products you can trade: US stocks, ETFs, and Bitcoin (elsewhere in the Cash App). It is not ideal for someone looking for mutual funds, bonds, options, futures, and CFDs.

After check-marked some criteria such as top tier regulators, customers’ feedback, platform ease of use, accessibility for European investors, and costs, we came to the following alternatives:

How does Cash App differ from its peers?

Simplicity. That’s right. The app is relatively painless. It allows you to send and receive money, gives you access to several banking features such as obtaining your paycheck and tax returns, and you may use it as an investing platform to increase your wealth! Users also have access to a customisable debit Visa card, Cash Card, to withdraw money from ATMs and pay online and in stores.

Moreover, Cash App investing is also a feature with promising results in the financial brokerage arena, but it is still a new kid on the block since it only launched in the last quarter of 2019.

Which app is better for me?

There is no one-size-fits-all app. So, ask yourself: What are your needs? Do you only value low commissions, or do you give more emphasis to a robust online platform? Does the range of investment products matter to you, or are you just looking for the payment side?

The best app will depend on your profile, preference, and objectives. Explore the websites above and decide for yourself!

We hope we have given you some valuable contributions to your investment and payment journeys!

A reminder that the above should not be construed as financial advice and should be considered information only.