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- What is the difference between a SIPO payment, direct debit, and a standing order?
What is the difference between a SIPO payment, direct debit, and a standing order?
They all concern transfer of money from your account to another account. The payment submission process varies.
Direct debit
It is a permission to debit your account. You always define a limit, payment frequency, and counter-account for direct debits
SIPO
SIPO is a service provided by Česká pošta (Czech Post). It allows you to combine several regular direct debits into a single payment (e.g. rent, telephone, radio)
Standing order
It is intended for regular payments of a specific amount in CZK or foreign currency – at a fixed interval to a single payee
All three types of payments may be submitted, modified or cancelled at any time using your internet banking.