How to Use Snapchat’s Snapcash for Receiving/Sending Money? Snapchat is an image messaging and multimedia mobile application created by Evan Spiegel, Bobby Murphy, and Reggie Brown, former students at Stanford University, and developed by Snap Inc., originally Snapchat Inc. One of the principal concepts of Snapchat is that pictures and messages are only available for a short time before they become inaccessible. The prototype for Snapchat was started by Brown and Spiegel as a project for one of Spiegel’s classes at Stanford, where Spiegel was a product design major. Beginning as “Picaboo”, the idea was to create a selfie app (application) which allowed users to share images that were explicitly short-lived and self-deleting. The temporary nature of the pictures would therefore encourage frivolity and emphasize a more natural flow of interaction.
SnapCash is built upon the Square Cash platform. The sender and the recipient however are not associated with an email address, but a Snapchat ID. SnapCash is really a wonderful integration of the Square Cash platform that utilizes the Debit Card network to simply send cash. The process to associate a Snapchat ID with SnapCash is almost precisely the same as Square Cash:
- Once the sender registers a debit card associated with SnapCash the sender simply types in recipients SnapChat ID for a stated amount.
- The recipient will receive the message as a new notification and will either register a debit card to receive the funds or accept the transaction into a debit card that was priorly registered.
Eligibility
- You can only link standard, U.S.-issued Visa or MasterCard debit cards. You may not link a credit card, ATM, PayPal, or pre-paid bank card as a means to send or receive Snapcash. To link your card, you must provide the date of expiration, 5 digit zip code, and CVV, which is the 3-digit number listed on the back of supported debit cards.
- You must be 18 years or older to send or receive Snapcash.
- Only residents of USA can send and receive Snapcash.
- Snapcash cannot be sent or received outside of the United States. Snapcash is not supported in U.S. territories such as Puerto Rico, Guam, the U.S. Virgin Islands, American Samoa, and Northern Mariana Islands.
How to Sign up for Snapcash?
There are two ways to sign up for Snapcash!
Sign Up Within Chat
- Swipe right on a friend’s name in the Snapchat feed
- Type a $ and a dollar amount (e.g. $15), and the green Snapcash button will appear
- Tap on the green Snapcash button. The first time you do this, it will prompt you to accept the Terms of Service and enter your debit card information.
Sign Up in Snapchat Settings
- Go to Snapchat Settings
- Tap ‘Snapcash’
- Tap ‘Add Card’
How to Send Money via Snapcash?
Once Snapchat users have linked their debit card, they can send Cash to anyone in their contact list. Swipe right on a friend’s name in your Snapchat feed, the same way you would to use the Chat feature, to begin using Snapcash.
- Type a $ and a dollar amount (e.g. $15), and the green Snapcash button will appear
- Tapping the green button turns the dollar amount into Snapcash. You’ll notice this when the dollar amount turns green. ($15)
- Tap ‘Send’ to transfer that dollar amount to your friend. The money will be sent to your friend from the debit card you provided at Snapcash sign up.
How to Receive Money via Snapcash?
You have to enter your Debit Card Information to Receive Snapcash. When a friend sends you cash and you haven’t signed up yet, you will receive a Chat from that person that says, ‘Tap To Receive $’. You will then be prompted to enter your debit card details.
Cash recipients have 24 hours to link a supported debit card once they receive Snapcash. After 24 hours, unclaimed funds will be returned to the original sender’s bank account within 1-2 business days.
Once your debit card is linked, when a friend sends you Snapcash you will receive a Chat from that person that says, ‘You Received $‘.
Introduction to Snapcash settings
Debit Card
You can unlink your debit card by tapping the ‘X’ next to your debit card number.
Security Code
If you toggle on CVV, you will be prompted to enter your CVV every time you attempt to send money.
Transactions and Receipts
Tap ‘Transactions and Receipts’ to view payments you have sent and received. Note that you cannot cancel payments which have already completed.
FAQ
Cash recipients have 24 hours to link a supported debit card. After 24 hours, unclaimed funds will be returned to the sender’s bank account within 1-2 business days.
Snapcash is sent immediately. You cannot cancel a payment if your recipient uses Snapcash because it has already been deposited in his or her account.
To issue a refund for a completed payment, send the amount you wish to refund back to the original sender.
If you notice a Snapcash payment was made without your permission, please contact your card-issuing bank. As a cardholder, you have the right to dispute any unauthorized charges made on your payment card.
As a reminder, you can toggle ON the Security Code setting in Snapcash Settings to require your CVV before sending money.
All payments sent through Snapcash are processed by Square. If you have billing or payment issues, please contact Square here.
All payments sent through Snapcash are processed by Square. If you have billing or payment issues, please contact Square here.
There is an initial $250 weekly limit when you send money. When you send more than $250 in one week, you will be prompted to verify your identity to increase the sending limit.
Upgrade your account and increase the weekly limit from $250 to $2,500 in most states.
There is no option to pre-authorize the higher sending limit.
Increase the amount to send with Snapcash:
When you send more than $250 in one week, you will be prompted by Square to verify your identity with…
- Your full name
- Date of birth
- SSN
Increase the amount of Snapcash you can receive:
The initial receiving limit for Snapcash is $1,000 per 30-day period. When you receive more than this amount, you will be prompted by Square to verify your identity with…
- Your full name
- Date of birth
- SSN
The ‘Transactions and Receipts’ screen shows your complete Snapcash activity, and breaks out your transactions for each person you’ve exchanged Snapcash with!
To view your Snapcash transaction activity:
- Go to Snapchat Settings.
- Tap ‘Snapcash’.
- Tap ‘Transactions and Receipts’.
- You will see a history of your Snapcash transactions, hosted by Square.
- All payments sent through Snapcash are processed by Square.
Once you’ve linked your debit card, funds will be directly deposited into your bank account within 1-2 business days after a friend sends you Snapcash. Weekends and bank holidays do not count as business days.
All payments sent through Snapcash are processed by Square. If you have issues sending Snapcash, please contact Square here.
Snapcash is meant for Snapchatters to quickly and easily exchange money – like splitting the bill at a restaurant or paying someone back for concert tickets.
It’s not okay to buy, sell, or offer compensation for:
- Snaps or Stories
- Usernames or access to an account
- Adding someone as a friend
- Drugs, guns, or other unlawful things
These acts all violate Snapchat’s Terms of Service and may result in the termination of your Snapchat account. Because Square is the one that processes your Snapcash payments, keep in mind that Square’s separate Terms and Prohibitions govern your use of Snapcash as well.
Please remember that Snapcash is solely a peer-to-peer payment system; it may not be used for any commercial purpose. Square’s abuse and safety system monitors for unusual patterns of transactions and may block your ability to use Snapcash if money is exchanged with too many people.
Sending Snapcash:
- Type three dollar signs ($$$) and the green Snapcash button will appear.
- Tap the Snapcash button to take you to the Swipe-to-Send page which appears as a green dollar bill.
- Swipe the dollar from the bottom to the top of the screen. Each time you swipe $1 will be sent to your friend. The total amount will be listed at the bottom of the screen.
- Swipe down to close Swipe-to-Send.
When you exit Swipe-to-Send, a pop-up will appear, asking you to confirm that you want to send this dollar amount.
Receiving Snapcash:
When you receive Snapcash, you will see an animation along with the total amount of money you received!
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