CashApp for Business Vs Personal

About Author: Hi, I’m Quinn Askeland. In 2014, I started Transumo after experiencing expensive, slow, and frustrating international money transfers and payments through banks. Once I discovered how to manage my own international currencies much better, I became driven to help others improve their transfers and payments. Fortunately, today, there are many excellent options. See My Full Bio.

Cash App Business Vs Personal

Key differences:

  • CashApp Personal is perfect for sending and receiving money to friends and family, invest in stocks, and purchase Bitcoin
  • CashApp Business allows you to generate QR codes that simplify payments for your customers. You can also benefit from no limits on your transactions and get sales, fees, and taxes reports.

So, which account is better for you?

In this article, we will unravel the key differences of Cash App for Business Vs Personal, and discover how it can empower you or your business.

Disclosure: This post contains affiliate links, which may save you and do not cost any more. For more information, see my disclaimers here.

1. CashApp Snapshot

On the App Store CashApp gets a 4.8/5 and on Google Play it scores 4.6/5 which is “excellent”. However when things go wrong reviewers turn to Trustpilot and CashApp gets a 1.2/5 from 3,900 reviews where the majority of these reviewers complain about customer service.

🏛️Established2013, California (the US)
💁🏼‍♂️ClientsPersonal and Business
💱CurrenciesUSD and GBP
💻AvailabilityOnline and mobile
⚖️RegulationRegulated by the FINRA in the US and the FCA in the UK
⭐ReviewsOn the App Store it gets a 4.8/5 on over 5M reviews
On Google Play CashApp scores 4.6/5 on over 2.6M reviews
On Trustpilot 1.2/5 on Trustpilot with over 4,100 reviews (January 2024)
🔒SecurityDeposit protection (up to $250,000 for Cash Card holders in US only), PIN, touch ID, face ID, PCI-DSS level 1 certification for secure card payments
💰FeesDepending on the transaction
🌐Official WebsiteVisit CashApp

2. What is CashApp Personal?

CashApp (see the review) for personal use is a peer-to-peer payment app in the US and UK. You can use CashApp to send money for free to friends, family, and trusted businesses. 

Cash App Review

CashApp functions like a regular checking account – but it’s not a real bank (no banking license). 

You can receive your salary, save up for taxes, pay for your everyday expenses, and even invest in stocks and Bitcoin on the platform. 

The CashApp personal account also comes with a Visa debit card that lets you withdraw money from ATMs or pay for your purchases both online and offline.

It’s free to open a CashApp account and even send money for free – unless you want instant payments and withdrawals. Standard CashApp payments are completed in 3 days. 

If you’re in the US, the money you hold in your CashApp account is a deposit protected up to $250,000 by the FDIC.

You can also send USD to GBP and GBP to USD payments with your personal CashApp account (fees applicable).


Free local transfers in the US and UK

Cash Card balance is FDIC-insured up to $250,000 in the US only

Free Cash Card (a Visa debit card)

Invest in stocks and Bitcoin


Only available for international transfers

Set up for small transactions

Funds are not insured in the UK

3. What is CashApp for Business?

CashApp also offers business accounts that are free to open and hold called Cash for Business. 

Small business owners and entrepreneurs can use CashApp for Business to sell what they offer, and to manage their business more easily.

You can get paid by cards (credit, debit, and prepaid cards) or CashApp transfers. For CashApp transfers, simply share your Cashtag, CashApp QR code, or registered email or phone number. 

You can also pay vendors and contractors abroad with USD to GBP and GBP to USD transfers. 

Even though the business account has a higher sending limit than the personal account and no receiving limits, the business account is best for businesses because it provides detailed reports of your sales, refunds, fees, taxes, and tips that help them track their income and expenses. Moreover, it integrates with third-party accounting software such as QuickBooks which helps you manage your finances more efficiently.

You also get a CashApp Visa debit card for business expenses. 


Free to create and no annual fees

No receiving limits

Custom payment links and QR codes

Downloadable reports on sales, fees, and taxes


Not set up for large transactions

Not set up for global businesses

Limited scope to low-risk businesses only

4. CashApp Personal Vs Business: Key Differences

CashApp for PersonalCashApp for Business
PurposeSending and receiving money to friends, family, and trusted businesses in the US or UK.

International transfers in USD to GBP or vice versa
Receiving money from customers or paying vendors and contractors

International business expenses in USD to GBP or vice versa
FeesFree to open and hold an account

Free to send money locally (standard 3-day transfer)

0.5-1.75% of the amount for instant transfers (with a minimum fee of $0.25)

Outside of the country payments are processed at the mid-market or inter-bank rate

Sending and receiving bank fees/card fees may be applicable
Free to open and hold an account

Free instant transfer fees

All payments you receive have a 2.75% fee

Outside of the country payments are processed at the mid-market or inter-bank rate

Sending and receiving bank fees/card fees may be applicable
LimitsUnverified accounts can send $250 USD per week or up to $1000 USD per month.

When verified with your SSN in the US, you can send up to $7,500 per week.
No limits on receiving payments for verified accounts.

$7,500 sending daily limit for verified accounts
Tax reportingNo tax reporting for personal paymentsIf your gross sales is $600 USD or more annually, you need to report your CashApp payments to the IRS

5. How to switch to CashApp for Business

It’s easy to switch to a business account if you have already signed up to a personal account. 

However, note that you can’t use the business account for personal payments once you switch. 

Here are the steps to switch to a CashApp for Business Account:

  1. Log into your app
  2. Select “Personal” or “Edit Profile” at the top of the screen
  3. Then select “Switch to a Business Account” at the bottom of the page
  4. Follow the prompts (enter business details) to complete the transfer
  5. Once the process is complete, you should see a green building icon: beside your profile details

Also remember: you need to report all transactions once your gross sales is $600 or more (per year) so that the IRS can generate your 1099-K form.

6. CashApp for Business Alternatives

Getting paid with CashApp is easy and affordable if you have a local business. However, if you run a global business, here are some tried and tested alternatives.

6.1 Wise – Best Multi-currency Account for Global Businesses

Wise (read review) is available for both personal and business use and they bring the best of both worlds: affordable international money transfers and multi-currency accounts for growing global businesses. 

Wise Business Accounts Review

With Wise business account, you can pay overseas staff or suppliers from 70+ countries with no hidden fees or exchange rate markups.

The Wise Multi-Currency Account (see the review) you can hold, manage, and convert between 40+ currencies at any time. 

You also get local bank details in 10 currencies like USD, GBP, EUR, AUD, NZD, CAD, HUF, RON, TRY and SGD so you can get paid like a local and spend without currency conversion fees. 

The Wise business debit card rewards you with 0.5% cash back on all eligible transactions and allows you to pay online or in-store in over 55+ currencies and 200+ countries. Additionally, you can order expense cards for your team to monitor and limit their spending.

Wise’s business account also integrates with key business apps like Xero and other open APIs so you can stay on top of your finances with ease.

6.2 Revolut – Most flexible option for growing businesses

Revolut offers full-service current accounts to residents with businesses in the UK, USA, certain parts of Europe, Australia, and Switzerland. 

Review of Revoluts Business Accounts

Revolut (read review) is available for personal and business and offers both standard and premium accounts. 

Since Revolut has a full banking license in Lithuania, depositors under Revolut Bank UAB* can avail of the protection of up to €100,000 EUR. It’s important to note that Revolut is not a bank everywhere yet, including in the UK.

Revolut offers 4 tiers for businesses:

  1. A standard account
  2. Revolut Grow – £25 per month (or equivalent)
  3. Revolut Scale – £100 GBP per month (or equivalent)
  4. Revolut Enterprise – Custom pricing.

They also offer dedicated Freelancer accounts (have three tiers – including a standard account).

With Revolut for business, you can manage your company’s payroll, create smart invoices, pay overseas employees, get paid with a QR code and even integrate into other apps according to your business needs.

6.3 PayPal – Fast and Easy Payments for Businesses of All Types

Already have a personal PayPal (review) account? You’ll love handling your business expenses on their familiar platform. 

a man and woman discussing and sharing ideas with the text PayPal  Fast and Easy Payments for Businesses of All Types

You can integrate PayPal into your e-commerce website’s payment gateway, create custom invoices, and get paid easily with their POS app if you run a brick-and-mortar business. 

You can also send money internationally to 200+ countries in 25+ currencies. 

Overall, PayPal is fast and easy – but their fees are on the higher side and can be complex to understand but we tried to make PayPal Fees easy.

7. FAQs

  1. Can you send money abroad with CashApp for Business?

    Yes – you can transfer USD to GBP and GBP to USD with both CashApp Personal and Business Accounts within CashApp however there are some great alternatives for other countries.

  2. Can I use the CashApp Personal and Business Accounts together?

    No, you can’t use CashApp personal and business accounts using the same number or email but you can always sign up for another account using a different number or email. It’s important to consider the pros and cons of both accounts.

  3. Is CashApp for Business and Personal free?

    It’s free to open a CashApp for Business account and Personal account – but you have to pay a fee depending on how you use CashApp. There are also other essential aspects you need to consider.

Bottom line

Both CashApp for Personal and CashApp for Business are good options if you want to send and receive money locally in the US and UK. 

CashApp Personal account is ideal for personal transactions such as splitting bills with friends or family and investing in stocks or Bitcoins.

The Business Account is ideal for commercial purposes – it makes payments easier for your customers, has no receiving limits, free instant transfers, and provides reports on your sales, transactions, etc. However, you also need to be aware of the fees (above) and IRS compliance or HMRC that comes with it.

If your business is growing globally, there are better alternatives (above) to CashApp business. Depending on your preferences, budget, and goals, you may find one of them more suitable than the others.

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