Xero enhances payments with Transferwise

Clients using Xero can now benefit from a simpler way of managing their UK bills through a new optional add-on called TransferWise.

The feature is available to all UK users on Xero Starter, Standard or Premium plans, and offers a secure system for paying multiple bills and reconciling transactions seamlessly.

What are the benefits?

Whilst you can pay bills using batch payment files within Xero, the process can be manual and time consuming; requiring you to download a batch payment file from Xero and upload it to your bank separately, as well as checking the status of the payments in your account. Pay with TransferWise streamlines this process by allowing bills to be managed and paid in a more automated way.

How does it work?

Pay with Transferwise works with any UK bank account that can make money transfers and is the only end-to-end payment app with full integration to Xero.

Once you've submitted the payment details in Xero, they are sent to TransferWise and the bills are marked as paid in Xero automatically.
As soon as you’ve transferred your funds to TransferWise, the payments are processed to your suppliers' bank accounts.

It’s important to note that Pay for TransferWise only supports local UK transactions, so those making lots of payments overseas will need to consider a different system. A full range of payment apps for Xero can be found here: https://apps.xero.com/uk/function/payments

How much does it cost?

Xero is offering Pay with TransferWise for free up until 31 July 2020. From 1 August 2020, the monthly subscriptions are £3 for 10 transactions, £10 for 50 transactions and £20 for 100 transactions, with additional charges of £0.35-£0.20 for transactions outside the plans (excluding VAT).

How do I sign up?

To use Pay with TransferWise, you will need to to create or connect an existing TransferWise account within Xero and subscribe to a monthly payment plan. More detailed instructions can be found on the Xero website here: https://www.xero.com/uk/features-and-tools/accounting-software/pay-with-transferwise

Where can I get help?

For further advice, or if you have any questions, please call your usual Richardson Swift contact on 01225 325580.