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Set Up and Manage Same-Day Transfer

Fast transfers are a standard with Square, with money in your bank account in one to two business days. With same-day transfer, you can send your money even faster on a recurrent basis, giving you more control and flexibility. Customize your transfer schedule and automatically send funds to your linked bank account at the end of your business day (any day of the week) for a 1.5% fee per transfer.

Same-Day Transfer: The Facts

  • Timing: Your funds will be sent directly to your bank account at 5:15 p.m. PT/8:15 p.m. ET or 15 minutes after your close of day time. You’ll receive an email notification once your funds have been sent to your bank account. Funds that are not eligible for same-day transfer will be sent to your linked bank account in one to two business days.

  • Fees: Same-day transfers cost a 1.5% fee per transfer, in addition to Square’s processing fees.

  • Flexibility: You can set same-day transfer as your default transfer option for any day of the week – even weekends.

  • Limits: To use same-day transfer, you must have a minimum balance of $1 after Square’s fees. You can send payments as large as $10,000. If your daily balance exceeds $10,000, you’ll receive multiple transfers from Square. There is one exception: Individual payments greater than $10,000 won’t be sent via same-day transfer or instant transfers. When this occurs, these payments will be sent via next-business-day transfer and will be available within one to two business days to your linked bank account.

Set Up Same-Day Transfer

From your online Square Dashboard

  1. Sign in to Transfer Settings > Transfer in your online Square Dashboard.

  2. Under Transfer Speed, select Same-Day to enable same-day transfers for every day of the week, or Custom to select your preferred transfer speed on a per-day basis.

  3. If using Custom, select a business day to adjust its transfer type.

  4. Click Save.

  5. Enter your bank information > Save.

  6. Verify your bank via the email sent to the address associated with your Square account.

From your Square app

  1. Visit Transfers > Balance.

  2. Under Transfer Speed, select Same-Day to enable same-day transfers for every day of the week, or Custom to select your preferred transfer speed on a per-day basis.

  3. If using Custom, select a business day to adjust its transfer type.

Learn more about: Payment Processing

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