Yes. They only do bank to bank. But there is definitely a business model here.
If you can offer subscription model and can do bank to bank transfer with 0.5% fees, you will disrupt the whole subscription industry relying on visa/Master card monopoly. Not only this, banks also charge very high currency conversion fees which you can disrupt.
You of course need to build lot of things from scratch but with most of the banking now a days going online with new APIs, it is possible.
Thanks, I don't doubt that, just wanted to know more wise.com or if I misunderstood something.
You're right also, I live in Germany since a couple years and and businesses taking money off your bank account is definitely a thing here, I don't know for how long. But mostly it's done by your electricity utility or by the tax man, various fees e.g. the fee for public tv etc. I don't know if there are costs to it, but probably yes.
A workaround to Stripe fees for FX card payments would be to have a set of Wise accounts to receive the money in the local currency (one account or wallet for each currency)
but then you'd still need to pay Wise conversion fees, once you want to gather the money from the different wallets into a master account
If you can offer subscription model and can do bank to bank transfer with 0.5% fees, you will disrupt the whole subscription industry relying on visa/Master card monopoly. Not only this, banks also charge very high currency conversion fees which you can disrupt.
You of course need to build lot of things from scratch but with most of the banking now a days going online with new APIs, it is possible.