Square Announces New Instant Transfer Fees

Digital payments service Square recently announced its instant transfer fees will be 1.5% per transfer. Square reported that as of January 7, 2020, the rate for instant and same-day transfers from a user’s Square balance to their bank account is changing to 1.5% per transfer. If users started using instant or same-day transfers before this date, this new fee will go into effect on February 7, 2020.

“We are committed to continuing to deliver accessible, easy to use tools that help sellers of all sizes start, run, and grow their business. Our focus is, and will always be, on how to provide the best possible experience for our sellers. We now offer a variety of fast and free transfer options, so we felt the timing was right for this change. For example, if instant access is important to you, Square Card gives you access to your money right away—with no transfer fees.”

Square then noted that users who have used the service are unable to keep the old instant/same-day transfer rate for any accounts. The platform added:

“With standard next-day transfers, funds are usually transferred within 36 hours or 1-2 business days of a transaction, depending on the day of the week and ACH availability.”

Founded in 2009, Square is currently available in the United States, Canada, Australia, UK, and Japan.

“We’re empowering the independent electrician to send invoices, setting up the favorite food truck with a delivery option, helping the ice cream shop pay its employees, and giving the burgeoning coffee chain capital for a second, third, and fourth location. We’re here to help sellers of all sizes start, run, and grow their business—and helping them grow their business is good business for everyone.”