Set Up and Manage Instant Transfers
For faster access to your money, initiate instant transfers from the Square Point of Sale app or from your online Square Dashboard. You can instantly send between $5.00 to $5,000 per day — 24 hours a day, seven days a week. There is no limit to the number of instant transfers you can initiate on a given day.
Overview
New Square sellers start with a maximum limit of $500 per day. A higher daily transfer amount may become available as you run and grow your business with Square.
Make sure you linked a valid bank account to your Square account.
Square Loans transfers cannot be sent using instant transfers. Once approved, funds will be transferred to your linked bank account in 1-2 business days.
There is a processing fee of 1.5% per instant transfer, in addition to our standard card processing fees. Any balance not transferred instantly will be sent according to your normal transfer schedule.
Note: Instant transfer costs are not reimbursed when you earn free processing.
Instant Transfers are sent via the New Payments Platform - a national infrastructure supporting real-time data-rich payments for the Australian digital economy. It is the fastest payment service in Australia.
Approximately 96% of bank accounts across the country are connected to this network, but there are some that aren’t. If you’re interested in using instant transfers, you can contact your bank to confirm whether the bank account is eligible for real-time transfers. If your account is one of the few that is ineligible, you can choose to link an alternative account, or you can wait until the next day to receive your funds.
If you attempt to send an instant transfer to a closed bank account, your transfer will be automatically rejected. To use instant transfer, you’ll need to sign in to the Square POS app or visit your online Square Dashboard to link an active bank account.
Set Up Bank Account
Before using instant transfers, make sure your bank account is linked and verified by going to Transfer Settings > Instant Transfers in your online Square Dashboard. Instant transfer fees display under Instant Transfer in your online transfer summaries.
Link or edit your bank account
- Tap ≡More from your Square app or tap the down arrow on your Square Register.
- Tap Settings > Account.
- Tap Transfers.
- Enter the required bank account information.
- Tap Link.
- Verify your bank account via the email sent to the email address associated with your Square account.
- Tap ≡More from your Square app or tap the down arrow on your Square Register.
- Tap Settings > Account.
- Tap Transfers > Change Account in the instant transfer section.
- Enter your bank information.
- Tap Link.
- Go to Banking > Balance in your online Square Dashboard.
- Go to Transfer settings and click Add a bank.
- Enter and save your account information.
Square will send an email to the address associated with your Square account. If you can’t find the email, check your spam and junk folders or resend the email from Transfer Settings > Transfers.
- Go to Balance > Transfer Settings in your online Square Dashboard.
- Click Change Account.
- Enter and save your bank information.
- Verify your bank via the email sent to the email address associated with your Square account.
Send Instant Transfers
You can instantly transfer payments in an amount of up to $5,000 per day. New sellers will be limited to $500 per day. A higher daily transfer amount may become available as you run and grow your business with Square.
If you run into any issues with instant transfers, review these transfer troubleshooting steps.
Note: Square Loans transfers cannot be sent using instant transfers. Once approved, funds will be transferred to your linked bank account in 1-2 business days.
There are three ways to initiate an instant transfer from your online Square Dashboard:
- From your home page, click Transfer Now.
- From Banking > Balance, click Transfer Now.
- From Transfer Settings, select Transfers, then click Transfer Now under Instant transfer.
Instant Transfer Reports
See your entire transfer history, including instant transfers, by going to Banking > Balance > Transfer Reports from your online Square Dashboard. Click each transfer to see its details.
To review your transfer report in the Square Point of Sale app:
From the navigation menu, tap ≡ More.
Tap Balance.
Tap View all activity.
Find answers to commonly asked questions via our instant transfer FAQ.