Set up and edit transfer options
About transfer options
With Square, you can choose when to receive your funds. We offer a few options – our standard transfer schedule, a custom transfer schedule (tailored by you to your working hours) or keep your funds in your Square balance to spend with your Square Card.
Square doesn’t have transfer limits with our standard or custom schedules. We won’t hold funds based on the amount, frequency or type of transaction.
There are multiple ways to transfer funds:
Standard next-day transfer: Transfer funds according to our standard next-day schedule, including weekends and holidays. Your funds will automatically be sent each evening and will arrive in your linked bank account the next day.
Instant transfers: Instantly send funds to your linked bank account using your spending card 24 hours a day, 7 days a week, for a 1% fee per transfer.
Manual transfer: Choose when to transfer your funds manually, including weekends and holidays. Funds arrive in your bank account the next day.
Before you begin
Before you receive your first transfer from Square, you need to add a verified bank account to your Square account. Learn how to link and edit your bank account.
If you’re using instant transfers, make sure you update your linked bank account in your transfer settings to prevent funds from being sent to a previous account. You can start the verification process from your Square Dashboard or Square Point of Sale app.
Review transfer options
Square offers multiple ways to transfer your money.
Payments taken before 00:00 GMT will be available in your bank account the next day, including weekends and holidays. Payments taken after 00:00 GMT will be available in your bank account on the second day. Weekend and holiday transfers will be available where the linked bank account is eligible for real-time payments.
Note: Holidays might differ between regions and vary from year to year. Learn more at https://www.gov.uk/bank-holidays.
Your minimum balance must be £15 for instant transfers after Square’s processing and transfer fees. Instant transfers cost a 1% fee per transfer, in addition to Square standard card-processing fees. Any balance not transferred instantly will be sent according to your normal transfer schedule.
The maximum payment size you can instant transfer is £750 per 24-hour period to your bank account. The funds will arrive in your bank account within 20 minutes.
New Square sellers start with a limit of one instant transfer per day of up to £2,000. As you run and grow your business with Square, a higher daily transfer amount may become available.
Instant transfer may not be available for sellers using Square APIs until they have sufficient account history.
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, which can be manually transferred to your linked bank account, or used instantly with your Square Card. Manually transferred funds will arrive in your linked bank account the next day – including holidays and weekends – at no additional cost.
Select a transfer schedule
- Sign in to your Square Dashboard and select Settings > Account and settings > Money > Transfers.
- Under Transfer Schedule, select Automatic or Manual.
- Under Transfer Speed, select Next-Day to enable next-day transfers for every day of the week, or Custom to select your preferred transfer speed on a per-day basis.
- Select Save.
- Open the app and tap More from the navigation bar at the bottom of your screen.
- Tap Settings > Account > Transfers.
- Under Transfer Speed, select Next-Day to enable next-day transfers for every day of the week, or Custom to select your preferred transfer speed on a per-day basis.
- If using Custom, select a working day to adjust its transfer type.
Initiate an instant transfer
Square transfers your eligible balance into the bank account associated with your linked spending card after you’ve manually triggered an instant transfer. You’ll receive a confirmation email when the instant transfer is successful. If initiating from the Square app, you’ll also see a transfer confirmation.
There are three ways to initiate an instant transfer from your Square Dashboard.
- Sign in to your Square Dashboard.
- From your Home page, select Transfer Now > Transfer Now.
You can also initiate transfers from your Square balance.
- From your Square Dashboard, go to Money > Balance.
- Select Transfer Now.
Lastly, you can initiate transfers from your settings.
- From your Square Dashboard, select Settings > Account & Settings > Money > Transfers.
- Select Transfer now.