Hi!
Is possible to set up a direct debit from monzo to pay something in italy? Any fees / extra cost?
Monzo only do BACS Direct Debits (DD) not SEPA Direct Debits (SDD)
Not yet, but SEPA wire transfers are on the roadmap so there’s a chance direct debits will be as well (I am not even sure if you can offer outbound SEPA without also offering direct debits).
Yes banks can offer outbound SEPA Credit Transfers (SCT) without offering SEPA Direct Debits (SDD)
Hopefully when Monzo offer SCT they will offer the new faster SCTinst rather than the current SCT - some foreign banks have already upgraded but UK banks seem slower in doing so
Yes, any forward thinking bank should launch with instant SCT payments, the original service would be a letdown.
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