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Instant Transfer FAQ

Find answers to commonly asked questions about instant transfers with Square.

What is the fastest transfer option with Square?

To transfer your money before the next day, you can use instant transfers. Instant transfers are available to send your eligible balance on demand – 24 hours a day, 7 days a week.

Are there any transfer limits?

Yes. Instant transfers have a minimum transfer amount of $5.00 and a maximum transfer amount of $5,000 per day.

Funds that are not eligible for instant transfer will be sent to the bank account linked to your Square account as soon as the next day.

Note: Some new sellers start with a maximum transfer limit of up to $500 per day. As you run and grow your business with Square, a higher daily transfer amount may become available.

What is the fee for instant transfers?

Instant transfers incur a 1.5% fee per transfer, in addition to the Square standard card processing fees. Any balance not transferred instantly will be sent according to your normal transfer schedule.

Is my bank supported for instant transfers?

We currently support most Australian banks.

Online bank accounts, credit cards, PayPal or prepaid bank cards aren’t supported. You’ll need to link a supported bank account to your Square account to use instant transfers.

Note: Since each bank has different requirements, we can’t confirm if your bank or financial institution can support instant transfers until you’ve attempted to link your account to Square.

Why is my bank unsupported for instant transfers?

We currently support most Australian banks. However, online bank accounts, credit cards, PayPal or prepaid bank cards aren’t supported right now.

If you’re having trouble linking your bank account, try to link a different bank account instead. Learn how to link or edit your bank account via the Square app or online Square Dashboard.

Why are instant transfers unavailable?

This is due to one of the following reasons:

  • You haven’t linked a bank account to Square, or your bank account hasn’t been completely verified. You can link a bank account or check your verification status from your online Square Dashboard.
  • Your Square balance is above the $5,000 limit.
  • You’re new to Square and you’ve already sent instant transfers up to $500 in one day.
  • Your linked bank account doesn’t accept instant transfers.
  • Your transfer may have been impacted due to a regular account review. We periodically review accounts to ensure customer security. Instant transfer will become available when this review is complete.

If my instant transfers were sent on a weekend, evening or after my close of day, when will they arrive?

Instant transfers send your funds instantly – even on nights and weekends – regardless of your regular transfer schedule.

Note: Any money not sent instantly will be sent to your linked bank account as soon as the next day.

Where can I locate transfer details?

From the online Square Dashboard:

  1. Go to Banking > Balance > Transfer Reports.
  2. Select any transfer from the list.
  3. Click View details to view further details, including the transfer mechanism and related trace details.

Read more about locating transfer details.

What should I do if my transfer fails?

For instant transfers, try sending your transfer again at the end of the day or wait for your funds to be sent with the Square next day schedule.

Can I transfer funds from multiple payments in a single instant transfer?

Yes. You can transfer a balance of up to $5,000 from multiple payments with instant transfers.

Note: Some new sellers start with a 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.

Can I set up automatic instant transfers?

No. At this time, you must trigger each instant transfer as you require it.

Can I cancel an instant transfer after I’ve initiated it?

Unfortunately, you’re not able to cancel an instant transfer since the funds are instantly sent to your account.

Where can I see a summary of my instant transfers?

Your complete transfer history, along with any instant transfer fees, is available to view and download from Balance > Transfer Reports in your online Square Dashboard. Read more about viewing your transfer history.

You can also view instant transfers from the Square app by going to ≡ More > Balance > Transfer Reports.

If I qualify for free processing, will instant transfer fees be covered?

No. The Square referral program only covers card processing fees, not the fee for instant transfers.

Can I send my transfers to multiple bank accounts?

Not at this time. However, you can link multiple external bank accounts to your business locations, so you can switch between different bank accounts when sending your transfers. This also helps avoid sending your transfers to a closed bank account.

You can link multiple external bank accounts to your Square account from the Bank Accounts tab in your online Square Dashboard. Click Add external bank account to enter your bank account details and complete the bank verification process.

Note: Only verified bank accounts are able to receive transfers. Ensure that you are linking verified bank accounts to your locations before initiating your transfers.

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