Having your bills set up to be paid automatically is a great way of managing your finances and ensuring you never miss a payment.
In this article, we’ll cover:
How do I set one up?
To set up a regular payment, first sign in to your Xe account and then use the Message button at the bottom of this page. From there, select 'Setting up a regular payment, market order or forward' to ensure your message reaches the Client Services team.
A member of our team will then contact you to help you set up a recurring payment.
| Please note: we'll also require a deposit of 1 month upfront. |
When should I use Regular Payments Abroad?
If you regularly make international money transfers of at least £300 (or your currency equivalent), then you should consider automating this process.
Through our Regular Payments Abroad (RPA) product, you can make regular, automated international money transfers with fixed rates, just like your usual direct debits.
This feature is available to anyone who needs to make a regular series of money transfers. You might like to use this option to make the following types of regular payments:
- Mortgage payments
- Pensions
- 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 reasons for setting up an RPA.
If you want to make any type of monthly or quarterly transfers, you could benefit from an RPA. Let us know what you need one for and we'll help you arrange it.
What are the benefits of setting up an RPA?
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 and accuracy: In addition to saving you 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.
- Fixed rate: When you set up your RPA, all your transfers for the period will be made at the same rate for 6-24 months - meaning they are unaffected by changes to the market for that time period.