TransferWise has today announced the launch of its Direct Debit feature.
Any TransferWise customer with a GBP and EUR account details will be able to set up direct debit payments in the UK or Europe without the need for a local bank account.
For anyone living or working abroad paying a recurring subscription like a gym membership, council tax or a phone or energy bill, managing payments between countries and currencies will now be easier, cheaper and more convenient than before.
The fintech states that the service will be free to set up with no subscription or extra charges. There will also be an auto currency which means if there isn’t enough money in one currency balance, the business will convert to the next cheapest currency automatically at the mid-market rate.
Lars Trunin, Head of UK Product at TransferWise, commented: “We’re on a mission to help people manage their money more conveniently and cheaply across borders, no matter where they live. That’s why we’re really excited to be able to bring the convenience of borderless direct debits to our global customers paying bills in the UK and EU.
“Direct debits have traditionally been a feature reserved for domestic banking with high street providers notoriously charging customers for refused payments or worse still issue payments through unauthorised overdrafts, resulting in high interest charges for customers.
“Now with the TransferWise account, international customers can benefit from the convenience of this local banking feature and if there’s not enough money for a payment, we’ll let you know you need to add to your balance, so you’ll never be caught out.”
This latest feature update comes on the back of TransferWise’s enhanced business product offering following a recent integration with GoCardless. Now plugged into the TransferWise API, the partnership offers businesses cheaper, more convenient recurring business payments.