UK-based Fintech TransferWise recently allowed users to set up direct debits in Australian dollars (AUD), in order to settle bills and pay for subscriptions across Australia – which can now be done directly from users’ TransferWise accounts.
As confirmed by the money transfer service provider, AUD has joined the Euro and British pound (GBP) as the major currencies which may be used to pay for recurring bills from. The Fintech company notes that it won’t cost users “a cent (or penny)” to perform these transactions.
The TransferWise team states that when people subscribe to a new service, it’s easier to simply pay using direct debit, meaning service providers can just pull the money straight from users’ accounts, without them having to do much.
“So whether you’re living in Australia now or it’s where you called home once upon a time, you can still pay bills just like a local Aussie would. Phone bills, electricity bills… you name it — they can now be paid using Direct Debits from your TransferWise account.”
TransferWise account holders may check (via the app) which direct debits are currently active. They can also manage all direct debits from their accounts, and receive notifications about upcoming payments or low balances.
The company says that if a user’s balance is not sufficient, and a direct debit bounces back, then they won’t be charged for attempting to perform the transaction.
TransferWise was launched for people sending money abroad. The company has helped more than 7 million users with sending, holding and receiving funds in more than 50 different currencies.
The TransferWise debit card makes it easier to “live like a local,” the company claims. That’s because people are able to get the real or actual exchange rate “every time they spend abroad.”
However, the company said that it felt like something was still missing, which is why it launched direct debits.
The Fintech firm has also launched “Pay with TransferWise,” which is a local (GBP to GBP) bill payment solution “designed to give UK businesses a simple, fast and secure way to pay and manage bills with Xero.”
The company explained:
“Until now, there hadn’t been a standardized way for businesses to pay bills through UK banks. Bill-paying was manual, disjointed, time-consuming, and error-prone for small businesses.”
According to the money transfer company, Pay with TransferWise is a standardized way to pay for bills in the UK, “regardless of your bank.”
“No matter which UK bank you’re with, you can pay and reconcile multiple bills in just a few steps.”
Users will be able to check the status of their pending payments in Xero and they’ll also know whether their suppliers have received payments on time. The new service allows users to send an invoice to suppliers which shows them in detail what exactly they are paying for.
Xero will include the new service “at no additional cost, as part of Xero business edition subscriptions, until 31 July 2020.”
New Xero customers can also add Pay with TransferWise to their subscription. Standard or regular prices will begin on August 1, 2020.
More details are available here.