What is the difference between a SIPO payment, direct debit, and a standing order?

Quick
tip

They all concern transfer of money
from your account to another account. 

The payment submission process varies. 

HOW ARE THEY DIFFERENT?

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.

You might also like to know

All three types of payments may be submitted, modified or cancelled at any time using your internet banking. 


Updated: 03. 08. 2018