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When international transfers met recurring payments — a match made in fintech heaven.
From mid-November, GoCardless customers will be able to collect recurring payments from overseas — at the real exchange rate. So businesses far and wide can get a fairer deal.
Until now, whether you run a gym or a newspaper, GoCardless customers could only collect recurring payments from overseas if they had a local bank account in that market. But soon this all changes. Powered by TransferWise for Business’ smart foreign exchange tech, businesses small and large will be able to collect recurring payments from over 30 countries without a local account.
This means businesses can soon receive payments at the real exchange rate in GBP, USD, EUR, SEK, DKK, CAD, AUD and NZD — converted to their home currency, without the crazy fees.
Why we made it happen
Back in 2011, both TransferWise and GoCardless were founded to solve a problem within finance — to make it fairer. For TransferWise, this meant exposing the banks’ hidden fees and bad exchange rates, offering an alternative way to send money abroad. And for GoCardless, this meant allowing businesses to collect payments effortlessly, with transparent pricing. Together we’re fixing old systems that just aren’t good enough any more.
But why partner now?
The subscription economy is booming, and so is the international nature of business. More and more companies need to collect and make payments overseas. But payments haven’t kept up. This is because global payment systems vary widely, with preferred payment methods changing from country to country. That’s something that TransferWise has been tackling.
Because we’re used to getting to grips with the nuances of different payment systems. From the UK to the US, international payments are what we do best.
So it made sense to power international recurring payments for GoCardless, who are already the first global payments network exclusively designed for recurring payments.
But why TransferWise?
Sure we’re great at offering the real exchange rate for hundreds of currency routes — but what else? We’re always transparent to our customers. This means we’re honest and our fees are fair and easy to understand — just like GoCardless.
So back to that bit about the real exchange rate. Banks make it pretty confusing to understand. Often they manipulate the exchange rate, taking an extra cut for themselves, or they’ll whack on an extortionate fee. And this goes against the transparency that both our companies feel so passionately about. Customers and businesses should know what they’re paying. And this is exactly why TransferWise and GoCardless have partnered — so doing business internationally doesn’t cost the earth.
What’s next?
From mid-November, GoCardless customers can receive recurring payments in GBP, USD, EUR, SEK, DKK, CAD, NZD, and AUD — excluding Australian business. But not long to wait down under, as Australian-based businesses will gain access to this new network in early 2020. So if your business is looking to collect payments effortlessly, take a look at how GoCardless could help your business get there faster.
From banks who use us to power international payments for their customers, to smaller businesses setting up batch payments — the TransferWise API is already powering businesses across the globe.
We’re thrilled to help GoCardless with their vision to let businesses of any size to collect payments from anywhere, to anywhere, in any currency.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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