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8 reasons why you need to consider pre-authorized debit and deposit

In Business and Currency, Continental Connection by Continental StaffLeave a Comment

Pre-authorized debit payments are pre-approved and regular payments that are automatically withdrawn.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 Rather than sending money to pay a bill, the money is withdrawn by the approved company or person.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

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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

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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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