How convenient is it if Flow transfers the pocket money to your children weekly, pays the music teacher and donates money to a charity of your choice - completely automatically? We have good news: this is now possible.
We are introducing Flow Contacts. What does this mean? You can use Flow to automatically transfer money to other bank accounts and services, as long as they have an IBAN number. And that's handy, just think of your payments of the following:
- Pocket money money for your children
- The music teacher
- Charities of your choice
- Child care
- Your shared Netflix subscription
- Your investment account (e.g. Meesman, Brand New Day, Bitvavo, etc)
- Your own (savings) accounts that cannot (yet) be connected in Flow
What are Flow Contacts
Flow Contacts works the same as the address book of your phone. You can add and save new contacts. Create a contact for your favourite charity, your investment account and DUO. All that you need is the IBAN and the name of the account holder. Then you can build Flows and choose your saved contact as the destination of your money.
Where to find your Flow Contacts
Here's how to add a new contact, or money destination, in the Flow app:
- Go to your Profile
- Click on 'Manage contacts'
- Add a new contact. At 'Account holder name' fill in the official name of the account holder
- At 'Flow Contact' you fill in the name you want to use to distinguish and recognize the contact. For example, if you have a joint account in your name, you can call it 'Joint Account'. That way it's easy to keep an overview.
- IBAN account number - make sure you check that the IBAN is correct. There is no automatic check of name and account number, like in your banking app.
Set up Flows and transfer money to a Contact
Go to your Flows or create a new Flow in the Flow Builder. By selecting the option 'Choose account' you can then choose from either your Accounts or the Contacts you have saved. If you tap on the “Contacts” option, you can then choose the contact you want to transfer money to.
When flowing money to a Contact, you can still use the same actions as you would be able to for your own accounts, with a few exceptions. The most notable one being sending money until the account has a certain threshold. This is unavailable for Contacts, since there is no way of knowing the amount of money on an external IBAN.
A world of new possibilities
The examples above are just a small fraction of what Flow Contacts enable. We plan to continue improving this feature and making your money even easier to Flow. In the meantime, we’d be delighted to feedback from you. How do you plan to use Flow Contacts?