Transfer Options with Square
Transfer Options Comparison
|Default Transfer Schedule||Instant Transfer||Manual Transfer|
|Speed of Transfer||Transfer initiated next working day around 16:00–arrives in account within an hour.||Transfer sent instantly–arrives in 20 minutes.||Transfer sent within 24 hours of being initiated.|
|Transfers on weekends or holidays?||❌ No||✅ Yes||❌ No|
|Action required?||❌ Default option–no action required||✅ Yes–manual action required||✅ Yes–manual action required|
|Price||Free||1% of transfer amount||Free|
The quickest way to get your money is to take advantage of Square’s Instant Transfer feature.
Sometimes you need your money immediately – that’s when Instant Transfer can help. If Instant Transfers are available on your account, you can instantly send funds to your linked bank account 24 hours a day, 7 days week, for a fee of 1% of the transfer total.
Requirements and Limitations
To send an Instant Transfer, you must have at least £50 (after processing fees) in your Square balance.
The maximum payment size you can Instant Transfer is £2500 per 24 hour period to your bank account. The funds will arrive in your bank account within 20 minutes.
Learn more about sending an instant transfer.
Note: New sellers may be restricted from using Instant Transfer until they have sufficient account history. As you run and grow your business with Square, Instant Transfer will become available.
Next Working Day
For sales that are processed before Square’s payment cut-off time at 00:00, transfers are initiated the following working day. For sales that are made after midnight, transfers are initiated in two working days.
Transfers are initiated at approximately 4 p.m., Monday through Friday. Once your transfers have been sent, they should be available in your bank account within an hour.
• Transfers are not initiated on Saturdays or Sundays.
• Bank holidays may affect transfer timelines.
• Transfer cutoff and initiation times will adjust accordingly with British Summer Time.
You’ll receive an email notification when your transfer is initiated by Square. While some banks post transfers immediately, others may take longer. You can visit Balance in your online Square Dashboard to confirm when Square initiated a transfer to your linked bank account.
You can also customise your close of day schedule.
Note: For Square’s standard Next Working Day transfers, transfers to your bank account are capped at £250,000 per day. If you accept over £250,000 in card payments in a single day, your next transfer will be for £250,000, with the remaining balance of payments delivered in a second transfer on the next working day.
By default, your funds will be transferred to your bank account every night, from Monday to Friday.
Instead of automatic transfers, you can enable manual transfers to choose when to transfer your money. Your funds will be available in your Square balance, and you can decide when to transfer them to your linked bank account. Your funds will then arrive in your bank account the next working day – at no extra cost.
You are able to pause automatic nightly transfers and change to manual transfers, directly from your online Square Dashboard or from the Square app.
Navigate to Balance in your online Square Dashboard .
Select Transfer Settings.
Under Transfer Schedule > select Manual.
To initiate a manual transfer from the Square app:
Open your Square app on a mobile device or iPad and select More > Balance.
Tap Transfer out.
To initiate a manual transfer from your online Square Dashboard:
Log in to your online Square Dashboard and go to the Balance tab.
Select one of your locations under the Locations section.
Click Transfer out.