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TransferWise offers Direct Debit to users in UK and EU

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TransferWise’s direct debit will work for GBP and EUR accounts

London-based TransferWise is launching borderless Direct Debit for customers with GBP and EUR account details, meaning they can set up payments in the UK and Europe without local bank accounts.

The direct debits will allow people living or working abroad to pay recurring subscriptions such as gym memberships, council tax or phone and energy bills.

Lars Trunin, Head of UK Product at TransferWise, said the company is on a mission to help people manage their money more conveniently and cheaply across borders, no matter where they live, and borderless direct debits was a natural next step.

“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.”

The direct debits are free to set up and are protected by the UK Direct Debit guarantee scheme. It also uses auto currency conversion.

“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.”

The feature update comes after the recent integration with GoCardless, which enhanced its business product offering with cheaper, more convenient recurring business payments.

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