Cash App is one of the most successful mobile banking apps out there. This one allows you to send and receive money through your smartphone and makes it much easier to make money transfers.
One of the major requirements to create a cash app account is to have a bank account with a SWIFT code system.
So what is Cash App SWIFT code and how does all the work?
Ideally, SWIFT Codes are only necessary for international wire transfers. However, for the Cash App, only the routing number of Sutton Bank and Lincoln Savings Bank are necessary, which are 041215663 and 073905527 respectively.
In today’s article, we’ll walk you through what you need to know about SWIFT codes, how they work, and whether you need one to use Cash App.
So without further ado, let’s dive right in!
Does Cash App Have a SWIFT Code?
Technically speaking, Yes, Cash App has a SWIFT Code and is those of Sutton Bank and Lincoln Savings Bank. In most cases, Lincoln Savings Bank is the one responsible for deposits while Sutton Bank is the one responsible for issuing the cash card.
One thing you need to keep in mind here is that SWIFT codes are mainly used for international wire transfers. If a financial institution isn’t connected to the SWIFT network, it won’t be able to send or receive funds internationally.
Cash App is not considered a financial institution on its own, as it doesn’t offer the requirements for establishing a bank. However, in order to receive and transfer money through its platform, Cash App has two banking partners, which are Sutton Bank and Lincoln Savings Bank.
However, in order to find out the bank’s SWIFT code in your case, you’ll need to open the Cash App and click on the banking tab.
Scroll down beneath your balance, and you should find the routing and account number section. There you should find out the partner in your case.
Keep in mind that you won’t need SWIFT codes for these banks if you’re making a transfer inside the United States and you’ll only need the routing number of these banks. It’s also used in electronic transactions for Cash App.
These numbers are:
- Lincoln Savings Bank – 073905527
- Cash App Sutton Bank Swift Code – 041215663
How Can I Find My Bank’s SWIFT Code?
If for any reason, you need to find out your bank’s SWIFT code, you don’t have to worry, as it’s pretty easy to figure it out.
To do this, all you have to do is check any of your previous bank statements that are issued to your address or online.
There you should find the bank’s SWIFT code listed under the “SWIFT Code” section or simply next to your account number.
Use the previously mentioned breakdown of the SWIFT Code section in order to find the 8 to 11 characters that identify your bank internationally.
Alternatively, you can check your bank’s official website, as many institutions list their SWIFT codes publicly on the website.
How Can I Send and Receive Bank Transfer to My Cash App?
You can make a bank transfer from your bank account to your Cash App directly using your connected account.
To do that, you’ll have to link your bank’s debit card to Cash App accounts. Here’s how to do it:
Start by opening your Cash App on your smartphone. At the bottom left, you should find the Banking icon. This one used to look like a building but now has a $20 icon on it.
After you click this icon, choose the “Add Cash” box on the left and it will prompt you to a page where you can type in the amount of money you would like to transfer to the app.
After choosing the amount of money you want, click on the “Add” button. The app will then confirm your transaction either by a PIN Code or by fingerprint ID depending on how you set the app.
Similarly, you can cash out by following the same steps here but start by choosing the “Cash Out” button on the right.
What Is a SWIFT Code?
First, you might be wondering what SWIFT codes actually are.
Put simply, the SWIFT code is a format system that is used by banks in order to identify all the financial institutions that are capable of sending and/or receiving money, i.e. banks.
This code is approved by all banks in order to standardize the banking system. The word SWIFT stands for “Society for Worldwide Interbank Financial Telecommunication”.
The SWIFT code is usually used when you are transferring money between different banks if you’re making an international wire transfer, especially in a single euro payment area (SEPA).
In addition to identifying banks during transfers, the SWIFT code system can also be used to identify banks during communication between banks.
You should also keep in mind that BIC and SWIFT Codes are basically the same thing, as BIC stands for “Bank Identification Number”.
A Breakdown of the SWIFT Code Format
While SWIFT codes might look like random characters, they have meanings. Every SWIFT code is usually made up of 8 to 11 characters that you can use to identify the bank, up to separate branches!
Here’s a breakdown of this format from left to right:
- First 4 letters: These letters are used to identify the banks and they’re special for each one. Usually a shortened version of its name. Example: Bank of America is (BOFA)
- The next 2 letters: Represents the country of the bank. Example: (US)
- The Next 2 Characters: Can be letters or numbers and they tell you the institution’s location within a coded system.
- The last 3 characters: Similar to the previous one but are specific to every branch of the institution.
This wraps it up for today’s guide about Cash App SWIFT code and whether you need one to make transfers from or to your bank account.
As you can see, the SWIFT Code is mainly necessary if you’re making an international wire transfer. However, for electronic transactions, only the routing number of the bank is needed.