It is obvious that clients would need to know how to transfer money from Square to their bank account once they have received the payments. It is also beneficial since apps may easily be targeted by fraudsters and you may want to move your money to a more secure location.
- You can sign up with Square either by using the website or by downloading the mobile app.
- You can transfer money from Square to a bank account through instant transfers, standard transfers, same-day transfer, manual transfers, checking, and customer close of day time .
- Instant transfer and same-day transfer will cost your 1.5% additional fee.
…and Much More!
How To Transfer Money From Square To Bank Account
Once you know how Square operates, it would become a piece of cake to have your money delivered to the bank account. Moreover, all the transactions are end-to-end encrypted so you don’t need to worry about the security of your transfers at any time!
Check Requirements For Opening a Square Account
Before you can begin the transfer or even open a bank account, you have to make sure that you are eligible to open a Square account. Although the list of requirements is not that long, there are still a few things that you need to consider. Here’s what you should have with you at the time of application.
- Full name.
- Date of birth.
- Above 18 years of age.
- Contact address
- Social security number.
- US-based bank account.
If merchants or retailers choose to open a Square account, they need to share their ITIN and wait for the customer care center to respond to their application.
Sign-Up With Square
After you have checked your eligibility, the next step is to sign-up through an easy procedure. In fact, you have two ways of performing this task. You can create an account online by visiting the official website or download the Square app to sign-up.
Here’s what clients who choose to do it via the website should consider.
- Open your web browser and visit squareup.com.
- Then tap on Get Started and provide your email ID to continue.
- You will be asked to select a password and then click on Create Account.
- In the next section, choose your business type and provide the required personal information.
- Click Continue and proceed by answering the next questions on the website. Follow the instructions on screen to complete the procedure.
On the other hand, you can also download the mobile app to sign in your account. The exact login information and protocol will be given to you on-screen.
- Make sure you own a mobile phone that supports Square.
- Download the Square app on your phone and tap on Create Account.
- Start the application procedure and continue to provide personal information that the sign-up requires.
The sign-up procedure will take less than a few minutes to complete. When you are done, the reader will be shipped to you within 10 days. You can get in touch with the customer care center if the delivery is late.
Send Money To Bank Account With Your Method of Choice
When it comes to transferring money to a bank account, you have a number of choices on how you want this to be done.
- Instant Transfer
It lets you instantly transfer money to linked account with 1.5% fee. If you have an eligible account and at least $25 in it after the processing fees, you can go ahead! Instant transfer have a limit of $2,000 to $10,000 per day although this may increase over time.
- Standard Transfer
With this method of transfer, you can link a bank account and receive card payments within 36 hours. The maximum time of transfer is 1 to 2 business days after a transaction is made.
- Same-Day Transfer
You can schedule the transfer close to the end of the day and the money will reach the next account within 15 minutes. This will incur 1.5% additional charges, the same as instant transfers.
You are allowed to receive payments of up to $10,000. If you have more than this amount, the Square would send funds in batches. Moreover, you need to have $1 in your account at the time of money transfer.
- Manual Transfer
You can opt for manual transfers and choose a time of your liking. The funds will become available within 24 hours with no charges. Tap on the Dashboard online and click Settings. Then select Balance and choose Transfer Schedule to select time of your choice. If you schedule payments after 8.30 p.m. will reach the account the next day.
- Square Checking
The article discussed below says that you need to link a bank account when signing up with Square. However, with Square checking account, you can access funds as soon as the payments are made and it acts as any other bank account for transfers.
- Customer Close of Day Time
This one is a good choice for those who do not wish to deal with the hassle of receiving payments one by one. Customer close of the day time lets you obtain the funds all at once either in the evening or close to the end of the business day.
Do You Need a Bank Account to Use Square?
It is not possible to complete your sign-up on Square bank without adding a transactional bank that can aid in deposit and fund transfers.
- Another way around this is to apply for a Square debit card.
Along with this, when you open a Square checking account, you would not be asked to link a bank. This is because Square’s checking account acts as a bank itself. Consequently, you would be able to send and receive money just like any other bank to bank transfer.
Square Bank – In a Nutshell
The company operates in San Francisco, California. It was set in 2019 with a symbol of SQ and has been operational ever since.
Square banking was launched as a way to simplify payment exchange for small businesses and help the entrepreneurs manage their cash flow easily. Considering the efforts, it is no surprise that the institute has gained considerable following over the years.
- It provides a range of financial tools to help businesses manage money transfers conveniently.
Square also offers Savings and Checking accounts, allowing users to keep a check on account balances, view payments any time, and manage expenditures accordingly.
The Bottom Line
Transferring from Square to a bank account works pretty smoothly. In fact, you can choose from a number of options when it comes to how this transaction should proceed. We suggest you choose instant transfer if you are in a hurry to get money through.
Similarly, you can receive payments in your Square account as well. Nonetheless, you need to link a bank in order to make Square work. Otherwise, you would have to open a Square checking account.
Frequently Asked Questions
Do Square money transfers go directly to the linked bank account?
The transfers made via Square are sent to the bank at night from Sunday to Thursday. This is true regardless of the mode of transfer that you choose.
How can I send money from my Square checking account?
You need to tap on the Balance tab and then click Add money. Here, you have to enter the amount of money that you wish to transfer. Then provide the passcode for your account and confirm the details. Tap Add to finish the transfer procedure.
Can you do instant transfer on Square?
You can set up instant transfers in your Square account by clicking Settings and then tapping on Account. Click Change account and provide your bank information. Tap Link and choose instant transfer. Complete the procedure by confirming via email ID.
Is it possible to send money from Square to the Cash App?
Square point of sale can send money to Cash App but you would need to provide a Cash App account and routing number in order to link the two platforms together.
Can I send money from Square to PayPal?
Yes. In addition to US banks, ATM transfers, and transactions with prepaid bank cards, Square supports transfers to PayPal.
Cassidy Horton is freelance finance base research writer and published hundred of articles on money, banking, loan and more. Her work is published authority finance site on Forbes, Money Under30, NerdWallet and many other finance brands. Further she is considered financial expert by MSN, LegalZoom & Consolidated Credit.