Show of hands: how many of you have at least one of your monthly bills set up to auto-pay? Odds are, it’s quite a few of you. Automated bill pay is a popular option for many reasons—it takes one task off your to-do list, and it ensures that you’ll never forget to make a bill payment.
But bills aren’t the only regular payments that you might need to make. What if you’re regularly making international money transfers? Can you automate those too?
Through our Regular Payments Abroad (RPA) feature, you can make regular, automated international money transfers, just like your automated bill payments. Over 7000 customers around the world use this system to streamline their regular transfers.
Interested in learning more? Let’s take a closer look at what the process is like and how it could benefit you.
When should I use RPA?
This feature is available to anyone who needs to make a regular series of money transfers. Typically, people like to use this option to make the following types of regular payments:
- Mortgage payments
- Paying salaries
- Child maintenance or child support
- Bills and maintenance for overseas properties
- Timeshare fees
- Court costs
- Credit card payments
- Medical bills
- Education fees
But these are far from the only use cases. Don’t think that you can’t set up RPA if you aren’t doing it to make one of the above payments. If you want to make any type of monthly or quarterly transfers, you could benefit from RPA.
Why should I use RPA?
Sure, you could just manually make your payments each month or quarter. But switching to an RPA will have the following benefits:
- Peace of mind. Life can get busy, and it’s easy for things to slip your mind. If you’ve set up RPA, you can rest easy and know that your transfers will always go out on time, even if you’ve been distracted with other things.
- Convenience. As we said above, you could just manually make the same transfer over and over again, but is that really how you want to spend your time? In addition to saving time, as long as you’ve entered all of the correct information you can ensure that you won’t ever make an error in one of your transfers.
- Protection from market fluctuation. When you set up your RPA, all of your transfers for the period will be made at the same rate. Rather than checking the rates constantly and trying to plan your budget around the fluctuating market, trust that you’ll have a secure rate.
How do I set up RPA?
If you’ve already sent a one-off transfer, the process for setting up an RPA won’t be too different. If you haven’t made any spot transfers yet, don’t worry—it’s a quick, simple process.
If you haven’t done so already, start by creating an account.
- Select your currencies and provide you and your recipient’s information. This is the basic information that you’ll provide for any money transfer. It lets us know what you’re transferring, where it’s going, and how you’ll be paying.
- Tell us how often you’ll be transferring. You can make your payments on a monthly or quarterly basis.
- Let us know how long you’ll be making regular transfers. Everyone’s needs are different, but typically RPAs are set to make regular transfers for a period of 6 to 24 months.
We hope this has answered some of your questions about RPAs. Even if you don’t have a need for regular transfers now, don’t forget that this option is available—it could be useful later on. Ready to get started? Contact us by phone or by email to learn more about how this service can work for you.
UK – +44 (0)1753 751768
APAC – +64 (0)9306 3700