A standing order (or a standing instruction) is an instruction a bank account holder ("the payer") gives to his or her bank to pay a set amount at regular intervals to another's ("the payee's") account. The instruction is sometimes known as a banker's order.
They are typically used to pay rent, mortgage or any other fixed regular payments. Because the amounts paid are fixed, a standing order is not usually suitable for paying variable bills such as credit cards or gas and electricity bills.
Standing orders are available in the banking systems of a number of countries, including Germany, Bulgaria, the United Kingdom, Barbados, the Republic of Ireland, India, Netherlands, Russia, Pakistan, Malaysia, Ukraine and presumably many others. In the United States, and other countries where cheques are more popular than bank transfers, a similar service is available, in which the bank automatically mails a cheque to the specified payee.
A standing order (Dauerauftrag) can run for a set number of payments, a set period of time, or until cancelled.
Standing orders (periodieke overschrijvingen) are available for a set period of time or until cancelled, to any recipient in the SEPA space. They should not be confused with doorlopende machtigingen (periodic direct debits).
A standing order () runs until cancelled. They can be cancelled at the account holder's request
A standing order (?) runs until cancelled. They can be cancelled at the account holder's request. The bank charges fees (average 3000KRW) per transfer.
A standing order (adeudo por domiciliación) can be set up to run for a set period of time, not indefinitely. They can be cancelled at the account holder's request.
In Switzerland standing orders are available for a set period of time or until cancelled. They can be made to any recipient in the SEPA space.
A standing order can be set up to run for a set period of time, or indefinitely, and can be cancelled at the account holder's request. Standing orders are standardized by the trade body UK Payments Administration. In 2008 a number of banks began to introduce Faster Payments as the method of transfer for standing orders when available, in place of the slower BACS system; with this method payments reach the receiving account the same day, rather than after a delay of three days or more.
Standing orders are distinct from direct debits; both are methods of setting up repeated transfers of money from one account to another, but they operate in different ways. The fundamental difference is that standing orders send payments arranged by the payer, while direct debits are specified and collected by the payee.
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