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You can decide the amount you want to pay, the date, and the number of payments. It can be changed any time.
A standing order can be used to transfer money to your other bank accounts, such as savings. It can also be used to make regular payments to a company, landlord, friend, or family member.
A standing order is a financial instruction to your bank to make ongoing and regular payments on your behalf. It's created by the party making the payments, i.e. you, and not the party receiving the payments.
When you set up a standing order, you need to specify a fixed amount of money to be paid, and the frequency of the payments. This could be weekly, monthly, or when needed.
Fees may be applicable in the following scenarios:
Refer to our Schedule of services and tariffs for more information.
| Standing order | Direct Debit |
|---|---|
| Set up and controlled by you (the account holder) | Initiated by a company or organisation |
| You control the frequency and amount paid | Different amounts can be taken from the account |
| Good to manage predictable costs | Good for paying bills that vary |
| Standing order | Set up and controlled by you (the account holder) | Set up and controlled by you (the account holder) |
|---|---|---|
| Direct Debit | Initiated by a company or organisation | Initiated by a company or organisation |
| Standing order | You control the frequency and amount paid | You control the frequency and amount paid |
| Direct Debit | Different amounts can be taken from the account | Different amounts can be taken from the account |
| Standing order | Good to manage predictable costs | Good to manage predictable costs |
| Direct Debit | Good for paying bills that vary | Good for paying bills that vary |
Find out more: What is a Direct Debit?
If you're an HSBC customer, it’s quickest and easiest to set up a standing order using online banking. Follow these steps:
You’ll need to provide the recipient’s account details, the amount you want to transfer, the frequency of the payments, and when they should start and stop.
You can also visit a branch or phone us for help in setting up a standing order. Remember, you should set it up at least 2 working days before the first payment is due, to make sure it goes through on time. Payment times can vary according to the bank receiving the money.
If you want to cancel a standing order, it can be done using the same channels. Select the standing order and follow the options. There's no fee. It’s important to cancel a standing order well before the next payment date to avoid an unintended transfer.
Learn more: Ways to bank
Standing orders allow you to automate regular payments, saving you time and effort. Think about any regular manual payments you make from your account, and how much simpler it would be if you set up a standing order to take care of this.
You can control how much you pay and when, making cash flow management and budgeting easier.
The flip side is that you’ll need to manually change the standing order if the payment amount changes for some reason. A Direct Debit allows for variable payments. Remember to check you have enough funds in your account, otherwise the standing order could fail.
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