Are there bank transfer limits?
When it comes to transferring money to any external bank account, the amount limit — as well as speed of transfer — will depend on the banks involved in the transfer as well as the type of transfer itself. Below are some of the limits at common banks as well as Square transfer limits.
Bank transfer limits
| Type of transfer | Transfer limit |
|---|---|
| HSBC Holdings | Up to £25,000 per day |
| Lloyds Banking Group | Up to £25,000 per day |
| JPMorgan Chase & Co. | Up to $25,000 per day |
| Royal Bank of Scotland Group | Up to £20,000 per day |
| Barclays | Up to £50,000 per day |
Square transfer limits
| Type of transfer | Transfer limit | Speed of transfer |
|---|---|---|
| Standard next business day | None | 1 to 2 business days. |
| Instant transfer | Up to £3,500* | Instantly 24 hours a day, 7 days a week.* |
Data on this page was collected as of 11th September 2023 and is based on information found on each respective bank’s website. This information is subject to change or update without notice. Square does not make any representations as to the completeness or accuracy of the information on this page.
Is a bank transfer secure?
Bank transfers are considered a safe and secure method of payment, as there is proven identity verification associated with the transfer itself. However, it is critical to ensure you know who you are sending the money to. Whether you are initiating a bank transfer to an external bank account or a different account within your own, double check the name of the recipient. Once a transfer is initiated it cannot be canceled. As with other digital banking functionalities, the alternative could be less secure. Transferring funds to a bank account in cash form includes the steps for transporting money yourself and any security risks involved with physically moving that money from one location to another.
*New Square sellers may be limited to £750 per day. Funds are subject to your bank’s availability schedule, but are generally available in your bank account within 20 minutes of initiating an instant transfer.
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