For business owners, moving money quickly to your bank account can make the difference with paying your bills on time or not. Read on to learn how bank transfers can help you manage your finances.
What is a bank transfer?
A bank transfer is a payment method that allows consumers and business owners to transfer money to a bank account. For business owners, this will typically happen when you’re looking to transfer money from sales related to your business to a business bank account.
If you use Square for your business, there are several types of transfers available:
- Standard next-business-day transfer: When you activate your Square Point of Sale account, link a bank account and start accepting payments, funds will transfer on a standard schedule of 36 hours to one to two business days within a transaction.
- Instant transfer:** If instant transfers are available on your account, you can send funds to your linked, external bank account 24 hours a day, seven days a week, for a 1.5% fee per transfer. These transfers require a minimum balance of $25 and transfers of up to $5,000 can be sent. Balance not sent instantly will be sent on your normal schedule.
Move Money Instantly
Transfer your funds on your schedule, with little or no fees, with instant transfers.
Square transfer limits
| Type of transfer | Transfer limit | Speed of transfer |
|---|---|---|
| Standard next business day | None | 1 to 2 business days. |
| Instant transfer | Up to $5,000 | Instantly 24 hours a day, 7 days a week. |
Is a bank transfer secure?
Bank transfers are considered a safe and secure method of payment, as there is proven identity verification associated with the transfer itself. However, it is critical to ensure you know who you’re sending the money to. Whether you are initiating a bank transfer to an external bank account or a different account within your own, double-check the name of the recipient. Once a transfer is initiated, it cannot be cancelled.
Note: Square will group and send payments based on the time you choose to close your business day. This is referred to as your “close of day”. Setting a close of day time ensures that a full day’s business activity is included in one transfer. Close of day is ideal for businesses that stay open after 5 p.m. PT/8 p.m. ET (or your time zone’s equivalent). If you choose a close of day time after 5 p.m. PT/8 p.m. ET (or your time zone’s equivalent), your transfer will be delayed by one business day and you should receive your transfer two business days later (weekends and holidays excluded).
**Instant transfers require a linked debit card and cost a fee per transfer. Only physical Canadian debit cards with Visa Debit or PLUS network support can be linked to a Square account at this time. Funds are subject to your bank’s availability schedule, but are generally available in your bank account within 20 minutes of initiating an instant transfer. Minimum amount is $25 CAD and maximum is $5,000 CAD in a single transfer. New Square sellers may be limited to one instant transfer per day of up to $500 CAD.