EU – Baltic States, Financial Services, Fintech, Good for Business, Innovations, Internet, Technology

Customers using TransferWise's borderless account in pound sterling and euro can now set up direct debit payments also without a local UK or euro area bank account.

For people living and working abroad, monthly payments between various countries and currencies will become easier, more affordable and more convenient than before, whether it be gym subscription payments, loan installments or phone bills.

Lars Trunin, product manager at TransferWise, said that direct debit payments have traditionally been a service offered by local commercial banks which charge a service fee for a declined payment or, even worse, carries out the transaction even if the account has insufficient funds and later charges a high interest fee. "TransferWise's service user will be notified immediately if any funds should be added to the account -- we will not make the transfer before that. The direct debit feature makes life easier for anyone who needs to pay home-related bills or tuition fees abroad," he added.

Transferwise is an international fintech company founded in 2011 by Estonians Taavet Hinrikus and Kristo Kaarmann. TransferWise has 6 mln customers across the world and four billion British pounds' worth of payments are made via the company's platform every month.

By now, the company has raised altogether 689 mln US dollars from investors including Lead Edge, Lone Pine, Vitruvian, IVP, Merian Global Investors, Andreessen Horowitz, Richard Branson, Valar Ventures and Max Levchin from PayPal.