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what_is_the_difference_between_debit_order_and_stop_order

What is the difference between debit order and standing order?

A standing order is a regular payment that you can set up from your own account to pay other people, organisations or transfer to other bank accounts. You can amend or cancel the standing order when you like. This type of transaction comes from you as the payee directly. A debit order can only be set up by the organisation to which you're making the payment.

In simpler terms a standing order is an instruction that you issue to your bank to make a series of future dated recurring payments, whereas a debit order is an instruction that you provide to a third party to pull the funds from your bank account.

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what_is_the_difference_between_debit_order_and_stop_order.txt · Last modified: 2019/06/12 07:08 by Jaco van Wyk