Standing order is a payment order that should be repeated regularly by some rules.
If you must pay every week or every month the same amount to the same receiver, it will be easier to create standing order instead of creating payment orders every time.
In most banks, you can see all standing orders in your Internet bank account and all future payment orders related to your standing orders.
Be very careful then you create a standing order because:
- your bank can charge more expensive fee for every standing order than a regular payment order
- if you have no enough money in your bank account for the standing order, it can be executed in overdraft and you can pay additional fees or your bank can reject the execution of payment and your will pay additional fees and don’t pay your necessary payment.