FinTech Transferwise has announced it’s introducing direct debit options in Sterling and Euro.
In Brief:
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Users will be able to pay bills and subscriptions on TransferWise through Direct Debit.
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More than 50 currencies can be auto-converted to pay these.
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There will also be full visibility on active direct debits so users can manage them.
What does this mean?
Transferwise aims to help people pay bills “like a local” no matter where they are in Europe, from a single account, without having to worry about changing currencies. While it began helping people send, hold and receive money in different currencies, the FinTech has added more features to help users manage their money, such as a debit card. It will be interesting to see if these features come together to form a fully-fledged bank one day.
