Transferwise, one of the most successful Fintechs of all time, is now enabling European users to set up direct debits for users to pay their bills. Traditionally, this is a process that more mundane banks handle for their customers but Transferwise continues to operate more and more like a traditional bank.
Transferwise’s bill paying service is great for users that move between countries as it removes most of the fees, unlike traditional banks which tend to stick it to you when you pay in a different currency.
Transferwise explains:
“Whether you’re living in Europe now or it’s where you called home once upon a time, you can still pay bills just like a local would. That phone bill in France, electricity bill in England, or student loan in Spain can all be paid from your one TransferWise account — in just a few easy steps … What’s more useful is being able to manage your international lifestyle from one account. So there’s no need to open a foreign account just to pay those Direct Debits.”
Transferwise allows you to auto-convert from 50+ currencies to pay for a direct debit account. The service is also available for businesses.
Transferwise was originally created to lower the cost of moving money between different countries. So far, Transferwise has captured over 6 million users sending, receiving and holding money in dozens of different currencies. Transferwise continues to offer additional services overlapping into traditional bank services.
So what’s missing? Interest-bearing accounts. When Transferwise offers a sweep service with a decent interest rate this will be a crushing blow for fuddy-duddy banks.