How To Transfer Money From Square To Bank Account

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Square is the preferred payment method of small businesses everywhere. The mobile system doesn’t charge monthly fees and allows merchants a unique utility and agency. Square is, basically, an account unto itself. When your customer pays, the funds go into a Square-owned account. 

While Square offers the option of a business-owned checking and debit account, most vendors want to transfer their profits to their personal banks. Square provides a variety of methods to do this on several schedules. The system is user-friendly; business owners control their options through an online dashboard or the Square application. 

This article discusses the possibilities for transferring funds from a Square account to your bank account and how to initiate each transfer. 

Standard Next-Day Transfer

Standard Next-Day Transfer is the introductory method applied to all Square users. New merchants are required to use this means of transfer. Fortunately, the process is rapid. Your funds transfer from Square to your bank account within 36 hours on normal business days. 

Next-day transfer is Square’s default method, so all you have to do to initiate it is link a bank account. 

Let’s take a look at Square’s transfer schedule:

Next-Day Transfer Schedule and Cut Off Times

Square defines the end of a business day as 5 pm Pacific Time and 8 pm Eastern Time. This schedule dictates transfer times. The list below breaks down what this looks like in practice:

  • 5 pm Sunday through 5 pm Monday pays out Tuesday 
  • 5 pm Monday through 5 pm Tuesday pays out Wednesday
  • 5 pm Tuesday through 5 pm Wednesday pays out Thursday
  • 5 pm Wednesday through 5 pm Thursday pays out Friday
  • 5 pm Thursday through 5 pm Friday pays out Monday
  • 5 pm Friday through 5 pm Sunday pays out Monday

If you don’t want to wait until Monday morning to receive your Friday funds, change the settings on your online Square dashboard by:

  • Opening Friday Transfer Settings
  • Turn off “Weekend Balance”
  • Click “Save”

Customized Close of Day Schedule

Not every business follows a nine-to-five schedule. Square allows you to dictate how you would like your transactions batched based on your business model. To set your schedule:

  • Open the Square dashboard.
  • Open “Balance>Setting.”
  • Select “Day of the Week”
  • Pick your time zone.
  • Choose a weekday and set the closing time (Square recommends allowing an hour after your actual closing time to accommodate last-minute transactions)
  • Apply to each weekday.
  • Click “Save.”

Instant Transfers

Instant transfers are a good option if you can’t wait 36 hours to access your funds. While this is an appealing option, it’s worth remembering that Square charges a 1.5 percent processing fee for instant transfers. You also need to ensure your account has 25 dollars after the payment has been charged. 

You need to enter both a debit card and bank account information for instant transfers. Once you have, the transfers are easily set up.

From Your Square Dashboard

  • Open “Balance”
  • Click “Transfer Now” on available transfers
  • Enter your debit card information. Click Save.
  • Tap “Reporting Location”
  • Click the cog icon
  • Navigate to “Transfer Settings”
  • Click “Add Bank.”
  • Submit your banking information.
  • Check your email. Square sends a confirmation email within 24 hours for security purposes.

Now that you have set up instant transfers, you can send them. There are three ways to do this:

  • Home page: select “Transfer Now>Transfer Now.”
  • Balance Page: select “Transfer Now.”
  • Transfer Settings Page: click “Transfer Now,” found below “instant transfer.”

From Your Square Application

  • Click “More”
  • Select “Settings>Accounts.”
  • Select “Transfers”
  • Click “Change Account”
  • Enter your bank account information.
  • Click “link.”
  • Check your email for the verification message Square sends.

With your account set up, you can now quickly request an instant transfer from the Square application by:

  • Clicking “Transactions”
  • Select “instantly transfer”
  • You will receive confirmation both in the app and via email.

Supported Banks

Not every bank allows instant transfers. You will need to attempt to link your account to ensure they are compatible with instant transfers. The below institutions have had success with instant transfer linkings:

  1. JP Morgan Chase
  2. Bank of America
  3. Citizens Bank
  4. Huntington National
  5. Regions
  6. SunTrust
  7. TD Bank
  8. PNC Bank

This list is not comprehensive. The only way to know if your bank is supported is to attempt to link it. 

Manual Transfers

Square offers a great deal of control over how you transfer your funds. While the default transfer is the Next Day option, you can pause those transfers through the Square dashboard. Your funds remain in your account until you initiate a transfer. 

Setting up manual transfers requires the same steps through the Square dashboard and the Square application. Simply:

  • Click “Balance”
  • Go to “Transfer Schedule”
  • Select “Manual”

After setting up manual transfers, request your funds by:

Your Square Dashboard

  • Login to the dashboard
  • Click the “Balance” tab.
  • Pick your account under “Locations.”
  • Select “Transfer Out”


Square makes it easy to tailor your transfers to your schedule and needs. Figure out what method works for you, then simply use the dashboard or the app to oversee your transfers.

Related: How to Transfer Money From Green Dot Card to Bank Account