Standing order (banking)

A standing order (or a standing instruction) is an instruction a bank account holder ("the payer") gives to his or her bank to pay a set amount at regular intervals to another's ("the payee's") account. The instruction is sometimes known as a banker's order.

They are typically used to pay rent, mortgage or any other fixed regular payments. Because the amounts paid are fixed, a standing order is not usually suitable for paying variable bills such as credit cards or gas and electricity bills.

Standing orders are available in the banking systems of a number of countries, including Germany, Bulgaria, the United Kingdom, Barbados, the Republic of Ireland, India, Netherlands, Russia, Pakistan, Malaysia, Ukraine and presumably many others. In the United States, and other countries where cheques are more popular than bank transfers, a similar service is available, in which the bank automatically mails a cheque to the specified payee.

A standing order (Dauerauftrag) can run for a set number of payments, a set period of time, or until cancelled.

Standing orders (periodieke overschrijvingen) are available for a set period of time or until cancelled, to any recipient in the SEPA space. They should not be confused with doorlopende machtigingen (periodic direct debits).

A standing order (口座自動振替) runs until cancelled. They can be cancelled at the account holder's request

A standing order (납부자자동이체) runs until cancelled. They can be cancelled at the account holder's request. The bank charges fees (average 3000KRW) per transfer.

A standing order can be set up to run for a set period of time, not indefinitely. They can be cancelled at the account holder's request.

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