Payment order is a paper or electronic order (instruction to transfer money) from your account.
Payment order you should create when you buy anything in Internet or pay for something from your bank account.
There different types of payment orders:
- domestic or international – different data might be required for creating a domestic order or an international payment order. E.g, the time of execution is different, and fees that would be charged for these two types of payment orders are different too…
- in different currencies – in some countries you can create payment orders in different currencies, in other counties every domestic payment order should be in domestic currency only
- with different value date – it means that you can create payment order that can be executed in future.