What Is Apple Cash? Reviews ( Everything You Need To Know )

You are asking what is Apple Cash, probably because you just heard about it for the time. Apple Cash is a digital card that is embedded in a Wallet. It is primarily designed to send and receive money from Wallet or Messages. Interestingly, since it is a digital card, it can be used in both online and in-store financial transactions.

With Apple Cash, you can track all your financial transactions and regulate your spending behavior via the Wallet app or in the settings. One of the amazing features of Apple Cash is that the app is encrypted which means that all your financial confidential information is kept secret even when you’re transacting in-store.

Meanwhile, Apple Pay also has amazing features which enables families to set up Apple Cash for the family members who are under 18 years old which allows the teens to spend money freely with their own Apple Cash Card.

What is Apple Cash? Is Apple Cash A Credit Card? 


In most instances, Apple usually call Apple Cash a “Prepaid debit card in your Apple Wallet”  which depicts that it is a debit card. Good enough, Apple Cash works perfectly in iDevices such as  iPhone, Apple Watch, iPad etc.

Apple Cash Technology


Apple Cash or Apple Pay as the case may be, uses Europay, MasterCard, and Visa(EMV) Payment Tokenization Specification. 

This working principle keeps the users’ confidential financial information private from the retailers because it replaced the customers’ credit or debit card Funding Primary Account Number (FPAN) with a tokenized Device Primary Account Number (DPAN) which creates dynamic security code generated per transaction.

However, the dynamic security code is the cryptogi in a Europay, MasterCard and Visa mode transaction. Also the Dynamic Card Verification Value (dCVV) is in a magnetic stripe data emulation-mode transaction. 

Meanwhile, Apple added that subscribers can easily stop the services on their list device through the “Find My iPhone service”.

How Does Apple Cash Work


Just as I have stated earlier that Apple Cash is an online digital card that is embedded in a Wallet that allows the subscribers’ to send and receive money in Messages or Wallet. Once you receive money on your Apple Cash Card, it will automatically appear in your Wallet. Interestingly, the money in your Wallet can be spent online, in-stores and even in apps with Apple Pay.

How To Set Up Apple Cash


Now that you have known What Apple Cash is all about, you may be prompted to set up your own Apple Cash, and if that is the cash, then, follow this few steps:

  • Switch on your iDevice
  • Go to the Settings app on either your iPhone or iPad and open it
  • Toggle down
  • Click on “Wallet and Apple Pay”
  • Switch on Apple Cash
  • Below Payment Cards, Click Apple Cash
  • Click “Continue”
  • Finally, follow the onscreen instructions succinctly and you will be able to set up your Apple Cash

Tutorial Video: 

Benefits Of Using Apple cash


The numerous financial benefits accruing from using Apple Cash cannot be overemphasized because since its inception, it has been rendering excellent financial services to the users. Some of the benefits include but are not limited to:

  • Apple Cash is more secure when compared with analogue debit card.
  • It it very quick in authenticating your financial transactions since it uses either Face ID or Touch ID for authentication which makes it easy to use
  • With Apple Cash, your confidential financial information is kept secret
  • There is no need to worry about theft since your account details is not visible 
  • Also, there is no need to fear to fear about losing the card since it only issues virtual card to subscribers’.

How Do I Get Cash From Apple Cash?


Now that you have set up your own Apple Cash and subsequently you have added some cash into it, and if you need urgent cash, what will you do? Well! It is very easy to transfer cash from your Apple Cash to your personal bank account.

However, there are majorly two ways to do this:

  • Instant Transfer which takes about 30 minutes for the transaction to be completed, but fees inclusive
  • Standard transfer which takes about 1-3 business days for the transaction to be completed, but it is free.

However, the two methods are good depending on your choice. For Instant Transfer, Follow These Below Procedures

Navigate to your card information:

On iPhone


  • Go to the Wallet app
  • Click on your ‘Apple Cash’ card
  • Click on the “More button”

On iPad


  • Go to the settings app and open it
  • Click on “Wallet and Apple Pay”
  • Click on Apple Cash card

At this stages for both iPhone and iPad, continue the transfer by;

  • Click transfer to Bank
  • Fill in the exact amount and click “Next”
  • Click on “Instant Transfer”

N/B: If you have not added an active debit card, Do this:

  • Click on Add Card 
  • Follow the onscreen instructions to enable you add either a Mastercard or Visa debit card
  • At this point, click to choose your preferred debit card that you want to transfer funds to. Hence, select the billing information for the debit card you chose
  • Finally, your funds will be transferred under 30 minutes and you are done.

Do You Get Rewards For Using Apple Cash?


Yes, users receive cash back rewards when the use Apple Cash.

Any time that subscribers use Apple Card With Apple Pay, the usually receive about 2% Daily Cash. Not only that, regular customers is also entitled to get 3% Daily Cash on all the purchases they made directly using the Apple, like purchses at Apple Stores, on the App Store and for Apple services.

What Is The Difference Between Apple Cash And Apple Pay?


The difference between Apple Cash and Apple Pay is that “Apple Cash” is an online digital card that is embedded in Wallet that allows subscribers to send and receive money in Messages or Wallet. And the money that you received will be in your Apple Cash Card.

While Apple Pay is used in spending the money that was received in the Apple Cash Wallet. In simple terms, Apple Cash receives the money while Apple Pay is used in spending the money, as simple as that.

Is It Free To Use Apple Cash?


Yes, it is free to use Apple cash. This means that Apple Cash doesn’t charge fee when you send, receive, or request money.

Does Apple Cash Go To Your Bank Account?


Yes, Apple Cash can go to your bank. It is very easy to transfer some or all of your Apple Cash to your personal bank account. On normal circumstances, it takes about one to three business days to complete the transfer and the good news is that it is completely free.

But if you use Instant Transfer, it will only take about 30 minutes but it isn’t free. If you really need to transfer Apple Cash to your bank account, you can check the procedures on the above section of this article.

How Much Does Apple Cash Cost?


Apple Cash charges about 1.5% fee(with the lowest fee of $0.25 and the highest fee if $15) which is deductable from the amount of each Instant Transfer.

However, account security checks may require extra time to make funds available. But the Instant Transfer takes approximately about 30 minutes or less to complete the transactions.

Does Apple Cash Have A Limit?


Yes, Apple Cash has daily and weekly limits for sending or receiving money. Apple Cash capped $3,000 as the maximum amount you can send or receive per transaction.

For weekly transactions, Apple Cash capped $10,000 as the maximum amount you can send or receive in a week.