When a Uk bank closes an account a number of key things are lost.
1). Receipt of funds (often pension) into a uk account, however most pension providers have arrangements allowing payment at competative rates into Euro accounts at zero cost.
2). Payment for online items in Sterling.
3). A conventional Euro debit card.
4). Payments into say private uk accounts (siblings).
5). Set up of direct debits to be paid in sterling from a Euro account.
It would seem that TransferWise can solve points 2,3,4. and now 5.
But has anybody set this up…or have an idea how it works?
I assume you have to have a “current account” (in uk terminology) with funds in it from which direct debit payment requests are honoured. Or is the TransferWise account linked back to another account (bit like PayPal) from which TransferWise draw funds when a payment are made.
Being able to set up DDs is a good option and if Transferwise can do all this then the issue of UK banks closing accounts become unimportant…who uses cheques!!