Set up and edit transfer options
About transfer options
With Square, you can choose when to receive your funds. We offer three different transfer schedule options:
Standard next day transfer: Transfer funds according to our standard schedule. All Square sellers start with our standard transfer schedule by default.
Instant transfer: Instantly send available funds to your linked bank account — 24 hours a day, 7 days a week — for a 1.5% fee per transfer.
Manual transfer: Your funds will be available in your Square balance and you can decide when to manually transfer them to your linked bank account. Your funds will then arrive in your bank account the next day – at no extra cost.
Before you begin
Before you receive your first transfer from Square, you need to add a verified bank account to your Square account. Learn how to link and edit your bank account.
If you’re using instant transfers, make sure you update your linked bank account in your transfer settings to prevent funds from being sent to a previous account. You can start the verification process from your Square Dashboard or Square Point of Sale app.
Review transfer options
Square offers multiple ways to transfer your money.
When you activate your Square Point of Sale account, link a bank account and begin accepting card payments, we’ll transfer funds according to our default automatic transfers schedule.
With the free automatic transfers option, your funds will automatically send each evening – including Friday through to Sunday – and will arrive in your linked bank account the next day.
By default, your close of day is midnight Melbourne time and Square will automatically transfer your funds the next day. Any next-day transfers sent after midnight will arrive on the second day.
Automatic transfers do not occur on public holidays. Transfers are not available on weekends if the linked bank account is ineligible for real-time payments.
Sometimes you need your money immediately – that’s when instant transfer can help. If funds are available on your account, you can instantly send them to your linked bank account – 24 hours a day, seven days a week – for a 1.5% fee per transfer.
While instant transfers are easy to send to your bank account, you need to link a bank account to your Square account. Once you’ve set your account up for instant transfers, you can start receiving your money immediately.
Some new sellers start with an instant transfer limit of up to $500 per day. A higher daily transfer amount may become available as you run and grow your business with Square.
Learn more about sending an instant transfer.
By default, your funds will be transferred to your bank account every night, including weekends.
Instead of automatic transfers, you can select manual transfers to choose when to transfer your money. Your funds will be available in your Square balance and you can decide when to manually transfer them to your linked bank account. Your funds will then arrive in your bank account the next day – at no extra cost.
Any transfer requests received after midnight will be sent to your bank on the second day. Manual transfers do not occur on public holidays.
Select a transfer schedule
- Sign in to your Square Dashboard and select Settings > Account & Settings > Money > Transfers.
- Under Transfer Schedule, select Automatic or Manual.
- If using Automatic, review the dates and times for your close of day.
- Click Save.
Initiate an instant transfer
Square transfers your eligible balance into the bank account associated with your linked bank account after you’ve manually triggered an instant transfer. You’ll receive a confirmation email when the instant transfer is successful. If initiating from the Square app, you’ll also see a transfer confirmation.
There are three ways to initiate an instant transfer from your Square Dashboard.
- Sign in to your Square Dashboard.
- From your Home page, select Transfer Now > Transfer Now.
You can also initiate transfers from your Square balance.
- From your Square Dashboard, go to Money > Balance.
- Select Transfer Now.
Lastly, you can initiate transfers from your settings.
- From your Square Dashboard, select Settings > Account & Settings > Money > Transfers.
- Select Transfer now.