Can you transfer money from Square without a fee?

Transferring Money from Square: Is It Possible to Avoid Fees?

Square, a popular payment processing platform, provides businesses with a range of financial services, including the ability to accept payments and manage their funds. One key question that Square users often have is whether it’s possible to transfer money from their Square account without incurring any fees.

Standard Transfer Fees

By default, Square charges a fee for standard bank transfers. The fee varies depending on the amount being transferred, but it typically ranges from 1.5% to 2.9% of the transfer amount.

Instant Transfers

Square also offers instant transfers, which allow businesses to receive their funds immediately in their bank account. However, instant transfers come with a higher fee, typically around 1% of the transfer amount.

No-Fee Transfer Option

Fortunately, there is a way to transfer money from Square without paying any fees. This option involves manually managing your transfers and keeping your funds in your Square balance until you’re ready to transfer them.

When you choose this option, Square will typically process your transfer within one to two business days. While this may not be as convenient as instant transfers, it’s a great way to save money on transfer fees.

Steps for Fee-Free Transfers

To make a fee-free transfer from Square, follow these steps:

1. Log in to your Square Dashboard.
2. Click on “Balances.”
3. Select “Transfer Funds.”
4. Choose the “Standard Transfer” option.
5. Enter the amount you wish to transfer.
6. Select the bank account you want to transfer the funds to.
7. Click “Transfer.”

Benefits of Fee-Free Transfers

Transferring money from Square without fees has several benefits:

• Saves money: By using the no-fee transfer option, you can save significant amounts on transfer fees over time.
• Convenient: The process for making fee-free transfers is straightforward and easy to follow.
• Secure: Square uses industry-standard security measures to protect your funds during transfers.

Conclusion

While Square charges fees for standard and instant bank transfers, it’s possible to transfer money from Square without paying any fees by manually managing your transfers and keeping your funds in your Square balance. This option is convenient, cost-effective, and secure, making it an excellent choice for businesses looking to save money on transfer fees.