TransferWise launches Direct Debits for UK & EU account holders

TransferWise has today announced the launch of its Direct Debit feature. Now, any TransferWise customer with 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.

Key benefits of using TransferWise for direct debits:

• Free – It’s free to set up; no subscription and no extra charges.

• Convenient – Manage direct debits directly via the TransferWise website or app.

• Secure – Pop up notifications and reminders help keep track of upcoming payments which are protected by the UK Direct Debit guarantee scheme.

• Smart tech – Auto currency conversion feature means if there isn’t enough money in one currency balance, we’ll convert to the next cheapest currency automatically at the mid-market rate.

• Business payments – If a TransferWise business customer wants to collect payments from the likes of Stripe, PayPal or Ebay they can now go straight into their GBP or EUR balance.

Lars Trunin, Head of UK Product at TransferWise, said: “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. For expats paying bills and subscriptions abroad, students paying international student loans, second homeowners and global nomads living between countries with recurring payments, the TransferWise direct debit feature is a gamechanger.”

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.