A standing order is used to pay obligations or make payments from the account of the principal to the account of the user of the standing order. All clients of the Bank who have a current account can enter into a standing order with the Bank. We distinguish between two types of standing order: Standing order and Direct debit.
A standing order is a client’s order to the Bank to pay a certain fixed amount or up to a certain amount of funds in the account to the account of the named user of the standing order, with pre-defined payment intervals (eg every 10th of the month), within a specific time period. It is typically used to pay fixed expenses, transfer from account to account, increase savings, etc.
Direct debit is the client’s instruction to the Bank that it can debit the client’s account according to the amount submitted via file by the legal entity (user of the standing order), which amount is variable. It is typically used for variable bills such as credit card payments, overheads such as electricity, mobile and landline, etc.
A standing order is an order to the Bank to send money and only the orderer can change the amount. Direct debit is the authorization for the user of a standing order to request the payment of money, so that the user of a standing order can request the payment of different amounts in different periods, which makes direct debit more flexible compared to a standing order.
Active current account in BBI Bank
Completed and signed application form for opening a Standing Order
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