Have you ever sent or received Apple Cash and wondered where that money goes? It isn’t deposited into your bank account, and it doesn’t exist as real paper money. Instead, it’s held in something called a Stored Value Account, which is managed by Green Dot Bank, an FDIC-insured financial technology company.
The account is automatically created when you set up Apple Cash, and it functions like a digital prepaid debit card. You can actually see your Apple Cash card number and security code in the Wallet app and use them to make purchases online, even if the store doesn’t accept Apple Pay, which may make you wonder, what’s the difference between Apple Cash, Apple Pay, and Apple Daily Cash?
Well, Apple Cash is the money in your Stored Value Account with Green Dot Bank. Apple Pay is the payment system that lets you buy things while keeping your information private. And Apple Daily Cash just refers to the rewards program for the Apple Card. It gives you a certain percentage of cash back for each transaction, which is then sent to your Stored Value Apple Cash account every day.
But you don’t need an Apple Card to set up and use Apple Cash. In fact, you don’t even need a bank account. All you need is an Apple account.
Although, as your Apple Cash balance grows, you might want to turn it into real cash. And that can’t be done without a connected bank debit card, since that’s where your Apple Cash balance is transferred, and then turned into real cash by using your bank’s ATM. So if you don’t want to connect a debit card, you have two options: spending your Apple Cash on purchases, or sending it to family and friends.
Now what if you lose your iPhone? Do you also lose your Apple Cash? Luckily, no, since the money is tied to your Apple account, rather than a specific device. You can still access it on your iPad or Mac if your iPhone is lost. And if you get a replacement, logging into your Apple account will restore the same Apple Cash balance you had before.
But what if you switch to Android instead, and stop using Apple products completely? Well, this is where things get a little complicated. Apple Cash is part of Apple’s ecosystem, so you can’t access it from Android or Windows. And if you decide to delete your Apple account completely, your Apple Cash balance will be deleted with it. So if you do plan on leaving Apple’s ecosystem, it’s best to make sure your Apple Cash balance is at zero dollars before switching.
