A recurring transfer is a really simple way to create a fixed-amount transfer that you need to send monthly. For example, if you need to send $100 to your family each month, you simply request the same transfer, on the same day, for a specific number of months.
When you use this service, you can set up a continuous payment authority (known as a CPA) which allows us to take a card payment from you on a recurring basis. This means that you don't need to create a new transfer each month; you simply give us your card details, how often payments are to be taken and for how long. We’ll then ensure this transfer gets sent automatically. By providing us with these details, you authorise us to take payments (from a bank card that you have saved with us) in accordance with the terms of the CPA.
- How do I set up a recurring transfer?
- What happens if my card details change?
- Why do I pay for the first recurring transfer now?
- What happens if I set my transfers for the 31st of each month?
- How much will I pay each month?
- What are the fees and fx rates?
- How do I know when the automated transfer has been successful?
- What happens if the automatic transfer fails?
- How do I cancel or change my recurring transfer?
- What are the other legal terms that I need to know?
How do I set up a recurring transfer?
Open our iOS app (Android and website coming soon!) and set up your transfer as normal. Once you’ve entered your recipient’s details, you’ll see the option to set a frequency for your transfer.
What happens if my card details change?
If the recurring transfer is taken from your card and that card is lost or is no longer valid for any reason, then we may not be able to take your next payment.We won’t be able to process your recurring transfer and you’d need to set up a new one using your new card details.
Why do I pay for the first recurring transfer now?
When you set up a recurring transfer, your first transfer will be paid for and created while you’re in the app. This is because we take security extremely seriously and want to protect you against fraud by making sure that we can authenticate you as the real owner of the payment card that’s being used.
What happens if I set my transfers for the 31st of each month?
We’ll automatically deduct payment for the transfer on the last day of each month.
How much will I pay each month?
When you set up a recurring payment, your recipient will receive a fixed amount each time. This means that the amount that you pay might fluctuate slightly with exchange rates, or if our fees change. To limit your exposure to changes in the fx rates, we’ll send you a notification setting out what the final payment will be 24 hours in advance of it being made.
What are the fees and fx rates?
We’ll send you an email at least 24 hours before each transfer, setting out the total fees and the applicable fx rate for your next recurring transfer.
How do I know when the automated transfer has been successful?
We’ll send you a notification 24 hours before your automated transfer to let you know that we’re creating your transfer and taking payment for it.
When your transfer has been created and we’ve successfully taken payment from your card, we’ll send you a transaction notification (the same as the ones you receive when you create a single transfer).
What happens if the automatic transfer fails?
We’ll send you an email notification to let you know it has failed. We won’t deduct payment and we’ll cancel the transfer on this occasion. We’ll then attempt to process your next automatic transfer in the following month.
If your transaction fails and you still need to send the remittance that month, then please log into our app or website and create a normal one-time transfer.
How do I cancel or change my recurring transfer?
We’ll send you a notification 24 hours before your automated transfer to let you know that we are creating your transfer and taking payment for it.
When your transfer has been created and we’ve successfully taken payment from your card, we’ll send you a transaction notification (the same as the ones that you receive when you create a single transfer)
You may cancel the recurring transfer by navigating to the 'My Transfers' tab in your app. You’ll be able to see an option to view the recurring transfers that you’ve scheduled. When you click on one of your recurring transfer cards, you’ll see an option to ‘delete’ (which deletes all future transfers) or ‘skip’ your next transfer (which cancels the next transfer only).
If you cancel your CPA through your card issuer you must immediately inform us of this cancellation. It may not be possible for us to cancel the next payment due under the CPA, if you don't give us enough notice of your decision to cancel. To avoid this, please ensure that any cancellations are completed through our app.
What are the other legal terms that I need to know?
Our website terms and conditions, found here, apply alongside these FAQs.