Bank Transfer Charges

[ikarospancretan]

We are looking to implement Square in our annual fundraiser for our non profit.  I know what the swiped charges/fees but what transfer to our bank account fees/charges?  I dont need instant transfer. thank you

[Joe · Accepted solution]

Hi there, @ikarospancretan! Thanks for posing your question to us here on the Seller Community 👋 Hopefully we can serve as a valuable resource in your transaction to Square for your fundraising efforts! 

In regards to your question, normal transfers to your bank account are completely free. Instant Transfers do incur a cost of 1.5% of the amount transferred, but Instant Transfers need to be manually initiated - so as long as you wait one business day for your funds, no extra cost will be applied!

If you want to look into this more, feel free to jump in here. 

Also, feel free to reply here with any follow up questions! We want to make sure you are taken care of throughout your transition. Cheers! 

[ikarospancretan]

Awesome an thank you! I can see there is a report for purchases and refunds.  Under Balances, will that report show the breakdown of the transfer (total amount, fees, net total transfered?

[willisdianna421]

Hello. I always get charged and I do not want to be charged. Meaning that I will wait for the bank transfer and do not suggest that it be done immediately. Thank you.

[Sizorhandsam]

Transfer fees

[isabelle]

Hi @Sizorhandsam!

Thanks for posting in the Seller Community. Take a look at @Joe's best answer for more information on transfer fees.

Additionally, here is a Support Center article on the topic.