Pre-authorized debit payments are pre-approved and regular payments that are automatically withdrawn. At Continental, we offer international pre-authorized debit and deposit services. Unlike foreign money transfers, this is a regular and recurring payment (whether yearly, monthly or weekly – it’s whatever works for you!). Rather than sending money to pay a bill, the money is withdrawn by the approved company or person. You can use pre-authorized debit and deposit to pay different bills or services – from paying your dog walker to your golf club membership. Here are 8 examples of when you may want to use pre-authorized debit and deposit payments.
1. Own or Rent Foreign Property
Rent payments, mortgage payments, property taxes, maintenance and utility fees, and home/renters insurance are great reasons to use pre-authorized debit and deposit.
2. Education and Tuition Fees
If you (or your child) goes to school outside of Canada, regular tuition fees for university, private school, or even daycare fees would be made easier with pre-authorized debit and deposit.
3. Sending Money to Loved Ones
Pre-authorized debit and deposit makes sending money abroad to loved ones a breeze. You can even use it to contribute to an RSP account.
4. Pay Regular Bills and Membership Fees
Whether it’s a gym membership, phone bill, credit card bill, or utility bill, pre-authorized debit and deposit has it covered.
6. Make Regular Donations
If you regularly donate to a foreign charity, church, or organization, pre-authorized debit and deposit could be a great fit.
7. Make Regular Payments Abroad
If you receive any regular foreign currency charges or if you make consistent foreign purchases, pre-authorized debit and deposit can be a useful tool.
8. Conducting Business Abroad
If you have a business abroad, pre-authorized debit and deposit makes hiring staff, paying staff, and paying bills (like rent and electricity) for your business a breeze!
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