Automatic transfers are rules that you can set on your World Account to automatically execute payments. For example, you can pay a specific payee a fixed amount on a fixed schedule. You can also set up a rule to withdraw funds to an external account once your balance reaches a certain threshold.
In your World Account,
- Click on “Payments” on the top navigation
- Click on “Automatic transfers” on the Payments page
- You’ll first select your payee, and then select the payout currency and the type of transfer in the next page
- If you choose “Fixed amount“, you’ll send a fixed amount to your payee at a specified recurring time
- If you select “Minimum amount“, you can also schedule a payment of your whole balance in a currency when a minimum amount has been reached (If, on the payment date, the minimum amount hasn’t been reached, the payment won’t be issued and will be checked again on the next payment date)
To create a fixed amount payout, you’ll simply need to enter the amount, the frequency at which the payments will be sent, and the start date of the cycles.
- After an Authy App or SMS verification, you’ll be shown a summary of your transation details. You can click “Confirm payment rule” to set up the rule
To create a minimum amount payout, you can designate the minimum balance of the selected currency at which a payment is initiated and the balance to be retained.
As an example, if you wish to have a minimum GBP balance of 5,000 GBP at all times, but you want to withdraw excess funds whenever the balance has reached 10,000 GBP, you can set the ‘minimum balance required to initiate a payment’ as 10,000 GBP and the retained balance as 5,000 GBP.
- In the next page, you can pick a start date and choose your payment frequency
- After an Authy App or SMS verification, you’ll be shown a summary of your transation details. You can click “Confirm payment” to set up the rule
