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How switching actually goes.
Ignore the export button. It produces a WordPress-shaped .xml that carries none of your design, so the honest route starts from the design file instead.
Export nothing. Open your Figma file.
Send the frame with the plugin.
Set breakpoints and SEO fields.
Point the domain at the new site.
Cancel Squarespace after the DNS moves.
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What the export does and does not carry
Squarespace exports one
.xmlfile, and it is built for WordPress rather than for you. Its own documentation lists what does not come: custom CSS and code, style settings, portfolio pages, index pages, cover pages, album pages, store pages and product blocks. It also states you cannot import that file into another Squarespace site.So the export is a content archive, not a design one. Your text and images survive; the thing you spent the weekend on does not. Anyone planning a migration around that button is planning a rebuild without knowing it.
Do the domain last
Build and preview the new site first, on the free plan, for as long as you like. Publish it, check it on a real phone, and only then point the domain. Squarespace gives a custom domain free for the first year on annual billing, so check whether the name is registered with them or with a registrar you control before you move — that changes who you ask to repoint it. Cancelling before the DNS has moved is how people take their own site down.
Budget for the rebuild honestly
If the original design lives in Figma, this is an afternoon. If the site was designed inside Squarespace, in its editor, against its template, then there is no file to send and you are rebuilding from screenshots. That is still worth doing for a six-page portfolio and is not worth doing for a forty-page content site — which is the same sentence as the one at the top of this page.