Avoiding 1.5% instant transfer fee is more difficult than it ought to be

Slick1 — Sun, 21 Sep 2025 09:30:35 GMT

When you log into your account and go to the home page you're immediately presented with the option to transfer your funds out.

If you click on the button it takes you to a screen that offers you an instant transfer.

Just before you agree to the transfer you realise that there's a 1.5% fee attached.

There is no option to avoid this fee.

Why isn't the slower free option also offered?

Instead you have to back out of this screen and go looking for the other slower (free) bank transfer option... which is hard to find.

Is anyone else annoyed that the free option is so hard to access?

Who wants to pay 1.5% just to get an instant payment?

Surely most users are willing to wait 2 days to save 1.5%?

In the past both options were presented to the user. It's only relatively recently that only the instant (paid) option is presented on the home screen.

Can something be done to improve access to the unpaid transfer option?

🙂

Re: Avoiding 1.5% instant transfer fee is more difficult than it ought to be

BernadetteA — Sat, 02 Mar 2024 22:52:21 GMT

Thanks for reaching out, @Slick1

Once you have linked a bank account, and begin accepting payments, Square will transfer funds according to our standard schedule. All Square merchants start with our standard transfer schedule.

(With this schedule, funds are usually transferred within 36 hours or 1-2 business days of a transaction.) By default, your funds will be transferred to your bank account every night, from Sunday to Thursday.

You do also have the option to pause automatic nightly transfers and change to manual transfers, directly from your online Square Dashboard, or from the Square app. 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 business day—at no extra cost.

From your online Square Dashboard:

From the main menu, select Balance in your online Square Dashboard .
Select a location and click Transfer settings.
Under Transfer Schedule > select Manual.

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.

From the Square Point of Sale app,

From the main menu, tap More > Balance and select Transfer to bank.

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.

I hope this helps you out, but please let us know if you have any additional questions or concerns.

thread Avoiding 1.5% instant transfer fee is more difficult than it ought to be in Payments Troubleshooting

Avoiding 1.5% instant transfer fee is more difficult than it ought to be

Re: Avoiding 1.5% instant transfer fee is more difficult than it ought to be