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Square's Automatic Transfer Schedule

With our automatic transfer schedule, transfers are initiated every day between 11am to 1pm for payments taken before midnight, Melbourne time. Transfers for sales made prior to midnight Melbourne time will arrive in your linked bank account the following day—including weekends (excluding public holidays).

Note: If you have recently signed up for Square, it can take up to five business days for your bank account to verify and link to your Square account. Your funds will remain in your Square balance until your bank account is successfully verified. Learn more about linking your bank account. For next day transfers, see the limits set out below.

Transfers suspended? Learn more about why your transfer is pending.

Overview

After you activate your Square account and link a valid bank account, you can choose how you want to receive your transfers—automatically or manually. With automatic transfers, transfers are automatically sent the next day at no extra cost.

Timing

By default, your close of day is midnight Melbourne time and Square will automatically send your funds the next day.

  • Any next day transfers sent after midnight will arrive the second day
  • You can customise your close of day if your business stays open past midnight and you want to bundle all the payments for that business day into a single transfer.

Fees

Automatic transfers are free for each transfer, in addition to the Square transaction processing fees.

Transfer Frequency

Transfers will be made daily – even weekends, excluding public holidays.

Limits

There are limited circumstances where next day transfers might not be available. These are circumstances beyond Square’s control. These include (but are not limited to):

  • Public holidays.
  • Where the linked bank account is ineligible for real-time payments, (Check if your bank offers real time payments by speaking with them or checking the NPP website.)
  • Where the New Payments Platform (Australia’s real time payments network) is down.

Please see [Square’s Terms of Service] (https://squareup.com/au/en/legal/general/ua) for further details.

If you enabled automatic transfer schedule and 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 day, along with any other payments taken during that day prior to midnight.

With our standard schedule:

  • Payments are sent to your bank account by the next day, excluding public holidays.

  • Transfers will typically be available in your bank account the same day they’re sent by Square, depending on your bank’s processing speeds.

  • Transfer cutoff and initiation time will adjust accordingly with daylight savings time.

  • Public holidays and other circumstances outside of Square’s control may affect transfer timelines. See “limits” section above for further details.

  • Weekend transfers are available where the linked bank account is eligible for real-time payments.

The table below details standard transfer times. Note: Transfer times are approximate.

Automatic Transfer Schedule

Transaction Date Transfer Initiated
Monday Tuesday 1 p.m. Melbourne time
Tuesday Wednesday 1 p.m. Melbourne time
Wednesday Thursday 1 p.m. Melbourne time
Thursday Friday 1 p.m. Melbourne time
Friday through Sunday Monday 1 p.m. Melbourne time

*Transfer times are approximate.

Learn about customising your close of day time or customising your transfer schedule options to suit your business.

Need your funds faster? Learn more about instant transfers.

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