Make regular transfers with Recurring Payments
Recurring Payments (or 'Standing Orders') are a handy way to set up regular payments, of fixed amounts, to friends, family or service providers
By Karolina on November 16, 2018
You asked and we listened – we’re pleased to announce the arrival of our latest feature, Recurring Payments!
Recurring Payments are what our UK customers would call ‘Standing Orders’. It’s a handy way of setting up regular payments, of fixed amounts, to friends, family or service providers. They differ from Direct Debits (which are already available for our UK customers) – those allow you authorise an organisation to collect money directly from your account whenever a payment is due, and they can vary in frequency and amount.
Recurring payments are now available to all Monese customers with either UK or European accounts, regardless of pricing tier, and they’re completely free of charge!
Setting it all up
If you want to set up a recurring payment, simply head over to the ‘Pay’ section as you normally would. Once you’ve selected your payee and the amount, you’ll see a new option to set up a recurring payment (or ‘standing order’, depending on where you are). If you flip the switch, you can select the date you want to make the first payment on, and the frequency you want it to go out at.
You’ll also naturally be able to manage or cancel these at any time, and you’ll get an email confirmation about any such changes.
Keeping things in check
We think you should have as much oversight on your outgoings as possible, which is why we’ve integrated notifications too! So to help you make sure you keep your regular payments… well, regular, we’ll give you a heads-up in due course.
And if a payment does fail for whatever reason, we’ll also alert you to this and give you the chance to try again, straight from your transactions feed.
Regular as clockwork
We think that recurring payments will enable you to better control your finances, and we’re really excited to see how you will use it. It’s now available for all personal and business accounts, across the UK and Europe – just make sure you’ve downloaded the latest version of our app!