How to Transfer Money from Square to Your Bank Account

Square is a popular payment platform for small businesses and freelancers to accept card payments online or in person without having to pay high merchant services fees.

If you’re new to using Square, you need to know how to transfer money from Square to your bank account. In this guide, we take you through the process step-by-step, explain the associated fees and timelines and offer tips to deal with common troubleshooting issues.

💡If you need to send and receive international payments, consider opening a Wise Business account. Wise is a Money Services Business (MSB) provider that can save you money on exchange rates and processing fees, while making it easy to receive multiple currencies in one place.

What You Need to Know Before You Transfer Money from Square to Your Bank Account

Before you send your first transfer, you need to add a verified bank account to your Square account. Make sure the account information is up to date in your transfer settings to prevent funds from being sent to an incorrect account. You can start the verification process from your Square Dashboard or Square Point of Sale app.¹

To get started, link your bank account to your Square account. In your Square Dashboard or Square app, navigate to the “Bank Accounts” section and click “Add Bank Account”.

You can use Plaid to instantly connect your bank account through your Square Dashboard. Alternatively, you can choose manual verification, in which case you enter your bank account details and Square will send a small test deposit to confirm your account. Enter the deposit amount in Square to finalize the verification.

You can also send transfers from your Square account into your Cash App account, although instant transfers are not available for this method. Standard transfers can take up to four business days.

Unlike some platforms, Square doesn’t set transfer limits for its standard or custom schedules, so you don’t need to worry about the amount causing delays. New users start with a limit of one instant transfer per day of up to $2,000, which Square may increase over time.

How to Transfer Money from Square to Bank Account: Step-by-Step

By linking your bank account to your Square account, you can transfer funds the next business day or instantly. If you’re wondering how to transfer money from Square into a bank account, follow the steps below.

Navigate to Transfer

Once your bank account is linked and verified, open your Square Dashboard or Square App and navigate to “Balance”, then select “Transfer”.

Choose a Transfer Speed

You can set when you want to the transfer to be processed: standard next business day, instantly, or same day.

Enter the Transfer Amount

Type in the amount of money you want to transfer to your bank account.

Confirm the Transfer

Review the details you’ve entered to make sure they’re correct, and then send the transfer.

Troubleshooting Tips for Linking Your Bank Account to Square

If you encounter issues while trying to link your bank account, try these common troubleshooting tips.²

Check Your Bank Verification Status

You can check the status of your account verification by signing in to your Square Dashboard, selecting “Account & Settings” and navigating to “Bank Accounts”. You should also check your email, as you’ll receive a confirmation email from Square when the account is verified.

Your bank verification may show as pending for four business days. If you see an alert in your Square Dashboard, your bank account information was not accepted.

You can still take payments while you wait for the verification to complete and transfer the money once your account is verified.

Check Your Account Details

Make sure you haven’t entered an incorrect routing or account number, which can prevent your account from linking correctly. Double check your account information.

If you’ve manually entered details for a credit union account, confirm the account number as credit unions may use a different electronic account number for ACH transactions.

Ensure Your Bank Account Is Supported

Ensure you have linked a checking account, as savings accounts and prepaid cards are not supported. The account much be able to debit money back to Square to process customer chargebacks or refunds.

Ensure You Have Sufficient Funds

If you’re verifying the bank account manually, Square will transfer and withdraw a small amount as a test transaction. If the verification has failed due to insufficient funds, put at least $1.00 in the account and enter the information again.

Check Whether Bank Verification is Canceled

If you select “Cancel Verification” after entering your bank account information, the process will be canceled. You’ll need to re-enter your bank account details to link the account.

Provide ACH Number or Origin ID

Some banks may require you to provide Square’s ACH number or origin IDs to link your bank account. You can use these numbers:

• 9424300002

• 9424318002

• 9591330001

• 5800429876

• WFMSQUARE1

How to Set Up and Edit Square Transfer Options

Square offers several options for when to receive your funds:

• Standard next-business-day transfers
• Instant transfers
• Same-day transfers
• Manual transfers

By default, transfers are sent daily by 8pm PST Monday to Thursday. Friday-Sunday transfers are sent on Sunday night. You can adjust this schedule on your Square Dashboard if you select “Transfers” and “Settings”.³

To set up a transfer option:

• Login to your Square Dashboard or Square App.
• On the dashboard, navigate to “Settings”, go to “Account and Settings”. Select “Transfer Settings” and then “Transfer”.
• On the app, go to the navigation bar at the bottom of the screen and tap on “More”. Then tap “Settings”, tap “Account” and then tap “Transfers”.
• Under Transfer Speed, select “Same Day” to initiate a same-day transfer or Custom to choose your preferred business day for the transfer.
• Select your bank account and Save.

How to Set Up Square Instant Transfers

If you need to access your funds quickly, you can pay a higher fee to enable instant transfers to your bank account using your debit card.⁴

To set up an instant transfer from the Square Dashboard:

• Navigate to “Balance” and click “Transfer Now”.
• Enter and save your debit card details.
• Click on the reporting location and then click the cog icon.
• Navigate to “Transfer” settings. Select “Instant Transfers” and then click “Link an account”.
• Enter and save your bank account information.

To set up an instant transfer from the Square App:

• On the navigation menu, tap on “More”.
• Tap on “Settings”, tap “Account” and then tap “Transfers”.
• Enter your bank account’s debit card details.
• Tap “Link account”.

Once you’ve entered the details through the dashboard or the app, Square will sne dyou an email to the address associated with your account. Click on the verification link in the email to confirm your details within 24 hours. You may need to check your spam or junk folder or resend the email from the “Transfers” section under “Transfer settings”.

Square Transfer Fees and Times

Square charges different fees for its various transfer options:

• Standard transfers: Free. Funds arrive in 1-2 business days.
• Instant transfers: 1.75% of the total amount. Funds arrive within minutes.
• Same-day scheduled transfers: 1.75% of the total. Funds are transferred instantly based on a customizable automated schedule.⁵

What to Check if a Square Transfer is Taking Too Long

If your transfer is taking longer than you expect, there are several things you can check:⁶

• Confirm your bank account is verified.
• If you have multiple business accounts for different sales locations, make sure you’re looking at the correct bank account.
• Ensure your current balance meets the minimum transfer amount of $25 for instant transfers and $1 for same-day transfers after Square’s processing fees.
• Review your transfer details to see if the transfer is still pending.
• Check the cutoff times for your selected transfer schedule. If you initiated the transfer after the cutoff for the day, the payment will be sent the next day. Keep in mind that banks are closed on the weekends and public holidays.
• Make sure that the payments you intend to transfer out have completed.
• Look for an email from Square, as it will send a notification if there are any issues with your transfer.

If you all these check out and your transfer hasn’t arrived after two business days, contact Square’s customer support team for assistance.

Discover Wise Business: The Low-Cost Way to Handle Square Payments

If you need to open a business account to transfer payments out of Square, consider Wise Business. Wise is a smart non-bank alternative that can save you money on international transfers and payments.

Benefits of the Wise Business account include:

• No monthly fees
• International payments at the mid-market rate
• Ability to manage multiple currencies all in one place
• Hold over 40 currencies
• Major currency account details to receive payments like a local
• Free invoicing tool for business account holders

Register with Wise Business 🚀

Or read the guide on how to open a Wise Business account

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Sources:

¹ ³ ⁵ Set up and edit transfer options | Square Support Center - US
² Troubleshoot linking your bank account | Square Support Center - US
⁴ Set Up and Manage Instant Transfers | Square Support Center - US
⁶ Troubleshoot missing transfers | Square Support Center - US