Have time to spare? Want to avoid extra payment fees? You may want to use a direct debit for your next money transfer.
July 16, 2021 — 3 min read
There are several ways to fund your money transfer with Xe. You can keep it simple and use a credit or debit card to pay, or you can transfer the funds from your bank account with a wire transfer.
However, if you have a little extra time to spare and want to send money with no extra fees…you may want to use a direct debit.
When you use a direct debit (sometimes referred to as a bank debit), you are authorising a one-time debit from your bank account to ours. Rather than sending the funds out from your account to ours, you are authorising the payee (us, in this case) to collect the funds directly from your account.
At this time, you can pay by direct debit if you’re sending money from:
Good news—you can send to all of our supported currencies with direct debit payments.
Direct debits can take a little extra time, but many people find them worth it for these reasons:
It’s free. Yes, you heard us. Direct debit (both ACH and EFT) is a free payment method. While you may need to pay a fee for your transfer, you won’t be charged any additional payment processing fees.
No other parties are involved. No intermediary institutions, no credit card companies. The payment will be handled between Xe, your bank and you.
However, due to the processing time involved in debiting your account, direct debits can take longer to clear than bank transfers or card payments; typically a few days. For this reason, it’s important to ensure that you have sufficient funds in your account for the payment to avoid further delays. If you are in a hurry, you may want to try another payment method.
As always, initiate your transfer as normal on Xe.com or in the Xe app.
Enter your currencies and the amount to get a quote for your transfer, including the exchange rate and any fees.
Provide your recipient’s banking information, or select them from your list of saved recipients if you’ve sent money to them before.
This is where it gets a little more complicated. The process will differ slightly depending on whether you’re on Xe.com or in the Xe app.
Select ‘ACH direct debit’ or ‘EFT direct debit’ (depending on your region) as your payment method.
Click ‘Add a new bank account’ if you’re on web, or select your bank from the list if you’re in the app.
Use your online banking credentials to connect to your bank account. If you’re on web, you’ll also be sent a text message with a code to complete the process.
Once you’re logged in and connected, select the account you wish to use. If you’re on web, you’ll need to enter your routing number.
Double-check all of your details and confirm your transfer.
Once you've confirmed your transfer, we'll begin the authorisation process to debit your account and handle your payment.
Need to make a payment? Give it a try now.