UK Fintech TransferWise enables Australian dollar direct debits, introduces “Pay with TransferWise” with Xero
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.
TransferWise noted: “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.”
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