TransferWise now allows UK and EU users to pay bills and subscriptions anywhere using its new direct debit service.

This means that it is no longer necessary to have a local bank account when setting up direct debit payments anywhere in the UK and Europe. The service will be free to set up and no subscription fees or additional fees will be applied.

A TransferWise account now allows users to check active direct debits, receive notifications for upcoming purchases, as well as when balances are low. An automatic conversion feature means you can pay direct debit in over 50 global currencies.

The system will also adapt to balance changes – and if a currency balance has low funds, the payment will be converted to the next cheapest currency at a mid-market rate.

Lars Trunin, UK Product Manager at TransferWise, said: “Our mission is to help people manage their money more easily and cheaply across borders, wherever they live. That’s why we’re so excited to be able to offer the convenience of borderless direct debits to our customers around the world who pay bills in the UK and EU.

“Direct debits have traditionally been a feature reserved for domestic banking services, with banking service providers notoriously charging customers for declined payments or, worse yet, issuing payments through unauthorized overdrafts, resulting in high interest charges for customers. customers.

“Now with the TransferWise account, international customers can enjoy the convenience of this local banking feature and if there isn’t enough money for a payment, we’ll let you know you need to add to your balance, so you never get caught. outside.”