/payments

News and resources on payments systems, innovations and initiatives worldwide.

Square imposes new fees for instant transfers

Source: Square

Beginning on February 7, 2020, the rate for instant and same-day transfers from your Square balance to your bank account is changing to 1.5% per transfer.

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. You can learn more and request your Square Card here. And if you don’t need instant access, our standard next-business-day transfers remain free, as always.

This change goes into effect today for all sellers new to instant transfers, and on February 7, 2020, for all existing instant transfer users.

Comments: (1)

Melvin Haskins
Melvin Haskins - Haston International Limited - 09 January, 2020, 09:071 like 1 like

The cost to Square of making the transfer is the same whether it is $10 or $1 million, so why is the transfer charge a percentage of the transfered amount? This is robbery when it comes to large sums.

Embracing Open Banking with Secure and Interconnected APIs
THE STATE OF DIGITAL BANKING, 2019 - Landscape: The Digital Banking Strategy Playbook