Your Pay with TransferWise questions answered

FAQs

Get to know more about the benefits of Pay with Transferwise, how it works, and where to get started with answers to our frequently asked questions.

Product updates

Changes to the bank account details when transferring funds to TransferWise

We’ve made some changes to the details of the bank account at TransferWise which you use to transfer funds in order to complete a  batch. Previously the payee name was “TransferWise”, however this will now display as the name of the profile that you entered when you set up your TransferWise account. 

If you have previously set up and saved “TransferWise” as a payee within your Internet Banking portal, you will need to login and and update the payee name as per the new details displayed on the funding screen in Xero. This is a one-time change. For all subsequent transfers the details should be stored by your bank and therefore only the amount to be transferred and reference needs to be entered.

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What will my supplier see on their bank statement when I make a payment using Pay with TransferWise?

In addition to the above change, for all payments processed using Pay with TransferWise, suppliers will now see the name of your TransferWise account (your business name) displayed on their bank statement, instead of just “TransferWise”. This change will ensure your suppliers know that you’ve made a payment to their account.

To ensure the right reference number is passed through to your supplier’s bank account for the bill payment, use the ‘Payee reference’ to enter the invoice/bill reference number provided by your supplier.

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FAQs - Overview

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Pricing

Using Pay with TransferWise

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General

*Pay with TransferWise offer terms: Add Pay with TransferWise by 31 March 2021 and get 50% off the price of your selected pricing plan (not including fees for additional transactions) for the first three months. Once this period has ended, standard pricing will apply. Offer subject to Xero's offer details and is not available with the Starter Business Edition pricing plan.

You will need a TransferWise account to use Pay with TransferWise. TransferWise only supports businesses that meet its acceptable use policy, and accepts sign-ups at its own discretion. Xero can't guarantee that all businesses signing up for a TransferWise account will be accepted. Read more about whether your business is eligible to use TransferWise here.

TransferWise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money.