E-money transfers have become a crucial activity in todays economy.
Perhaps, it became more and more important since the pandemic, where social distancing was a priority and the use of contactless payment methods was a necessity to comply with regulations.
Following that, there are now a plethora of digital payment services offering convenient financial services and easy money transfer options.
Square, among others, has gone beyond being a money transfer service, as it offers an easy way for individuals, small and medium businesses everything they need to sell their goods and services and accept payments from their customers.
If you've manage an online space with Square and accept payments through it, you may have wondered ho to witdraw money from Square to bank account.
Thankfully, you've come to the right place.
To help you out, we've compiled the different ways to transfer money from Square to your bank account.
Table of Contents
Can You Transfer Money From Square To Bank Account?
Yes, you can transfer money from Square to bank account.
There are 4 transfer options available to transfer money from Square to your bank account, which include:
- Standard next-business-day transfer.
- Instant transfer.
- Same-day transfer.
- Manual transfer.
We'll later see how you can transfer the funds through each of the transfer options.
How To Transfer Money From Square To Bank Account
Square is a fintech company that provides business owners with credit card processing services, point-of-sale (POS) software, and financial tools such as invoicing and inventory management.
The company understands users would need to withdraw funds to their bank accounts, which is why they offers them four different ways to transfer funds to their bank accounts.
1. Standard next-business-day Transfer
Square's next-business-day transfer is a great option to transfer money from the platform to your bank account.
When choosed as a transfer option, Square will automatically transfer your funds to your bank account according to their standard schedule.
However, you'll need to make sure you have an active Square POS account, a linked bank account, and funds in your Square balance.
Once a next-business-day transfer initiated from your account, the funds will reflect in your bank account within 36 hours or 1-2 business days.
2. Instant Transfer
Square's instant transfer is an ideal option for those looking to receive their funds instantly.
Square lets you instantly transfer money from your Square balance to your linked bank account using a US debit card 24 hours a day, 7 days a week, for a 1.75% fee per transfer.
However, to use Square's instant transfer option, you'll need:
- To link a bank account and a supported U.S.-issued Visa or MasterCard debit card to your Square account.
- Make sure you have at least $25, after processing fees, in your Square Balance.
When transferring funds through the instant transfer option, it is important to keep in mind that the maximum amount you can transfer is $2,000.
Once transfer initiated, the funds will be available in your account right away.
3. Same-day Transfer
Same-day transfers are more like instant transfer—the transfer is done almost instantly within the same day.
This transfer option is ideal for those looking to routinely transfer the funds faster than one to two business days.
What's even great with this transfer is the funds can be transferred either to your linked bank account or US debit card.
However, just as with the instant transfer option, there are some requirements to meet, which include;
- You must have linked a bank account or debit card to your Square account.
- You must have a minimum balance of $1 and 1.75% processing fees in your Square account.
You're allowed to send a maximum of $10,000 per same-day transfer.
Once a same-day transfer initiated, the funds will be available in your bank account within 15 minutes.
It is also worth nothing that individual payments greater than $10,000 will be available within 1-2 business days in your linked bank account.
4. Manual Transfer
Manual transfer let you decide when to transfer funds from your linked bank account.
This is a great option for those who choose to receive their funds on a different date other than the range offered by Square—Sunday to Thurday.
The ideal part with this transfer is that there's no additional cost for using it—meaning, all manual transfers are usually fee-free.
How Long Does It Take To Transfer Money From Square To Bank Account?
The time is takes to transfer money from Square to bank account primarily depends on the transfer speed you choose.
Standard next-business-day transfers usually take 1-2 business days to complete.
Instant and same-day transfers usually occur the sameday—however, instant transfers complete instantly whereas same-day transfer complete within 15 minutes.
Does Square Transfer Money Automatically?
Yes, Square does transfer money automatically.
Square's next-business-day transfer will automatically transfer funds to your linked bank account as per the transfer schedule.
Same-day transfer can also transfer funds automatically to your linked bank account.
Can Square Take Money Out Of My Bank Account?
Yes, Square may take money out of your bank account if;
- You process a refund.
- A cardholder disputes a payment by issuing a chargeback.
- You are charged for a paid service.
What Banks Work With Square?
Square typically accepts most US banks.
However, some transfer options, such as the instant transfer are available only with a few banks, which include:
- Bank of America.
- Citizens Bank.
- JP Morgan Chase.
- Huntington National.
- PNC Bank.
- Regions.
- SunTrust.
- TD Bank.
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Frequently Asked Questions
How do I put money from Square to my bank account?
It is very easy to transfer money from Square to your bank account. To do so, Open your Square app, navigate to Balance, and tap Transfer to Bank. Enter the amount you want to transfer. Choose a transfer speed. You can use next-business-day transfer or instant transfer. Confirm your transfer.
Does Square go directly to bank account?
Yes, money transferred from Square goes directly into your bank account. However, how long it may take depends on the transfer speed you choose.
Why can't i transfer money from Square to my bank account?
If you can't transfer money from Square to your bank account, check to see if you've linked your bank account properly and that it has been verified.
Final Thoughts
Square is a popular fintech company that allows small and medium-size businesses accept and process credit card payments and offers them with financial management tool they need to run a successful online presence.
Square offers 4 options to transfer money to your linked bank account and the time it takes to transfer the funds depend on the transfer speed you choose.