What is the easiest way to set up an automated recurring monthly payment to an individual? E.g. I borrowed x amount from a friend of mine and would like to pay him off in n months. Is any of the existing financial services (Paypal, Venmo, etc. ) offering a feature like this?
My banks offer a similar feature but each only to other people who use the same bank and it requires getting a sensitive account number or linking. It'd be ideal to be able to schedule a recurring payment or request in Venmo.
I'm in Australia so my recommendations are probably irrelevant. I just find it hard to believe that any bank wouldn't have it, it's a feature I was using 12 years ago.
Charles Schwab allows you to schedule recurring check payments - you just give them the person's name and address, and a check will show up in their mailbox.