Understanding Square's Instant, Automatic and Manual Transfers

[J_Armstrong_7]

The title of this thread has been edited from the original: Instant transfer $500 limit.

Hi all,

is there any way around the new user instant transfer $500 limit per day please?

And if not.

Will an automatic transfer definitely go into my account by tomorrow, if I set it up now?

I bank with the Commonwealth Bank.

Thanks Joel.

🙏🏾🙏🏾🙏🏾 

[Katie_SQ · Accepted solution]

Welcome to Square, @J_Armstrong_7! 😊

There's quite a bit to cover regarding transfers, so I wanted to provide some information about all the transfer options available, so you can decide what will work best for you.

Instant Transfers

New Sellers have an initial instant transfer limit of up to $500 per day. As your business grows with Square, this limit may increase to a maximum of $5,000 per day. Instant transfers incur a 1.5% fee per transfer, in addition to Square's standard processing fees. 

For more details, please visit our Instant Transfers FAQ.

Automatic Transfers

With automatic transfers, your funds are sent each evening, including weekends, and typically arrive in your linked bank account the following day. Here are some key points to consider:

• By default, your close of day is set to midnight Melbourne time. Payments processed before this time will be transferred the following day. Payments processed after this time will be transferred the day after. You can customise your close of day by following the instructions here.
• Transfers are initiated daily between 11 a.m. and 1 p.m. Melbourne time.
• Weekend transfers are available if your bank account supports real-time payments.
• Public holidays and other factors outside of Square’s control may affect transfer timelines.
  
  

If you enable automatic transfers today (Wednesday 13 November), your funds will be sent to your account tomorrow (Thursday 14 November). Whether the funds will land in your account that same day will depend on your bank's processing speeds, and other conditions (such as Public Holidays). 

For more information, please refer to Square's Automatic Transfer Schedule.

Manual Transfers

Alternatively, you can choose manual transfers to decide when to transfer your money. If this transfer option is selected, your funds will remain in your Square balance until you manually transfer them to your linked bank account. Once initiated, the funds will arrive in your bank account the next day, at no extra cost.

I hope this information is helpful, but if you have any other questions please don't hesitate to reach out!

[Den26lusad]

How come mine is taking too long if I use the manual transfer? I did it 1st of August and up to now I haven’t received it yet. This is like the second time it happened every time I use manual transfer to avoid the 1.5% fee.

[Corrine11]

How long does it take for a payment with Square to enter into your nominated bank account

[Katie_SQ]

Hi @Corrine11!

I've gone ahead and merged your post with an existing thread where I've provided information about all of the transfer options available with Square. Please see my Best Answer within this thread. 😊

To see which Transfer Option you currently have selected, on your Square Dashboard, navigate to Money > Balance > Transfer Settings. 

Hope this helps! Please let me know if you have any other questions.