This week Transferwise, a Fintech and stealth bank, added automatic payments via direct debits for US account holders. Users may now connect a US Bank, brokerage account, credit card, PayPal etc. and automate payments. Transferwise claims these transfers are “absolutely, 100%, Totes McGotes free.”
The service is currently only available in the US but it is said to be available soon to everyone else in the Transferwise world.
I will predict that invoicing will be rolled in soon as another feature. It just makes sense.
Transferwise continues to roll out services and features around the world at a rapid pace. Today, Transferwise co-founder Kristo Käärmann provided an update on the Fintechs mission to make your financial existence border-free.
To quote Käärmann:
“A reminder on our mission – we want to make money move instantly, transparently, conveniently, and – eventually – for free. There are now more than 8 million of you using TransferWise, moving over 4 billion pounds a month. That includes more than 1 million of you who are using TransferWise debit cards and holding more than 2 billion pounds in your TransferWise accounts.”
The update said that some of the biggest improvements during the quarter came on the technical side. Currently, a good number of Transferwise transfers arrive in less than 20 seconds.
Perhaps one of the most exciting recent reveals coming out of Transferwise was the forthcoming savings accounts. Investment accounts are slated to debut in the UK later in 2020. At that point, will you really need a brick and mortar bank? No. And few people will miss the excessive fees needed to keep these bank branches open.