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

12 of you have marked this information as useful

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: 29. 11. 2018

12 of you have marked as useful

Was this answer helpful to you?