GoCardless, Wise create multi-currency direct debit network for Australia and New Zealand

By leveraging the global network and infrastructure Wise has built through Wise Platform, businesses will now be able to collect one-off or recurring payments from over 30 countries in eight currencies (GBP, USD, EUR, SEK, DKK, CAD, AUD, and NZD) at the mid-market rate with no exchange rate markups or hidden fees.

A YouGov survey commissioned by Wise of 4835 micro, small and medium businesses across 11 countries including Australia and New Zealand, revealed that complexity in managing multiple currencies and a lack of understanding on the true costs associated in cross-border payments, were the top deterrents for international expansion.

Only 24% of Australian businesses could correctly identify that an international payment is made up of an exchange rate markup and an upfront fee. Over half (56%) of Australian businesses surveyed with at least an interest in operating internationally, said that the cost and complexity of managing international payments scuttled their international expansion plans.

This product, which is already live in markets including the UK, EU, and the US, is expected to be well-received locally.