Transfer options with Square

With Square, you can choose when to receive your funds. We offer three different transfer schedule options – automatic, instant or manual.

Square doesn’t have transfer limits with our automatic or manual transfer schedules. We won’t hold funds based on the amount, frequency or type of transaction. 

If you’re having trouble locating a transfer, review these transfer schedule tips. Transfers suspended? View our Transfers Suspended FAQ to learn more.

Automatic transfers

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.

Note: 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. Learn more about Square's Automatic Transfer Schedule.

Custom close of day time

If your business has unique hours, you can customise the time you’d like transactions grouped for automatic transfer. This time is called your close of day.

Setting a close of day time ensures you’ll receive a single transfer for a full day of payment activity – making bookkeeping a breeze. Read more about customising your close of day time.

To customise your close of day:

1. Go to Money > Balance from your online Square Dashboard.

2. Click Transfer settings.

3. Under ‘Transfer Schedule’, select Automatic, then click a day of the week from the table.

4. Once you click a day of the week, you can select a Close of Day time. It’s recommended that you set your close of day one hour after your actual closing time to provide a window for last-minute sales.

5. Confirm your transfer type. You can also apply these settings to each day of the week.

6. Click Save.

Note: The Transfer Schedule Type and Close of Day times will affect when your funds are transferred to your linked bank account.

If you have Automatic Transfer Schedule enabled and you haven't changed your close of day from the default midnight Melbourne time setting, payments taken before midnight will be grouped together and available in your linked bank account the next day.

Payments taken after midnight will be transferred to your linked bank account by the second working day, along with any other payments taken during that business day prior to midnight.

Instant transfers

The quickest way to get your money is to take advantage of instant transfers.

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.

Learn more about sending an instant transfer.

Note: 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.

Manual transfers

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.

Note: Any transfer requests received after midnight will be sent to your bank on the second day. Manual transfers do not occur on public holidays.

From your online Square Dashboard:

1. From the main menu, select Balance in your online Square Dashboard .

2. Select a location and click Transfer settings.

3. Under Transfer Schedule > select Manual.

   

From the Square Point of Sale App

1. From the main menu, tap More > Balance and select Transfer to bank.

To initiate a manual transfer from the Square app:

1. Open your Square app on a mobile device or iPad and select More > Balance.

2. Tap Transfer out.

To initiate a manual transfer from your online Square Dashboard:

1. Log in to your online Square Dashboard and go to the Balance tab.

2. Select one of your locations under the Locations section.

3. Click Transfer out.