Set Recurring Transfers

What are recurring transfers? 

Recurring transfers are when you set up a transfer that is automated to send from 1 SpendAble to another wallet within your organisation. 

What are they useful for? 

Recurring transfers are good for automating the budgets you provide each week to the wallets in your organsiation. This is great for when you want to provide a petty cash budget of $200 each week or a grocery budget of $120 for each participant. 

How do they work? 

We have 2 ways that they work: 

1. You set a top-up amount where the amount is topped up to the limit you set. For example you need $120 for a participant each week, in the previous week they had $30 left over so this weeks recurring transfer will be $90 to top it up to the $120 amount.

2. You set up a transfer that is a set amount each week. For example, you transfer $120 to each participant each week regardless of how much balance they have remaining. 

How do you set these up? 

1. On the budget hub go to 'Recurring Transfers'

2. Press 'Create Recurring Transfer'

3. Select the: 

1. From Wallet: Wallet you want the money to come from
2. To wallet: Wallet you want the money to go to
3. Transfer Type: Whether you want the transfer to be a fixed amount or an amount to top-up to a budget amount
4. Amount: The amount you want to add each week (fixed) or the amount you want to top-up to
5. How often: When you want the transfer to happen. Daily, Weekly or Fortnightly or monthly
6. Start Date: The date where we can start this transfer

If you need to pause or stop a transfer

1. Locate the Pencil Edit (✏️) button for the transfer you want to stop

2. Click the 'status' and change it to 'Inactive'

3. Click 'Update'