How to setup Standing order?

Theresonly1

opinions4u wrote: »

A standing order mandate is an instruction to your bank to make a regular payment to another account.

Traditionally the mandate is a pre-printed form supplied by either the recipient of the funds or the bank itself. Or a printed form populated by the bank when you give them verbal instructions to pay a standing order - they will often ask for your signature on it.

Equally, it could simply be a letter, typed or handwritten, from the account holder, mandating the bank to make the regular payment.

Those who use online banking can set up a standing order online don't need the piece of paper. They give their instructions electronically. You could reasonably argue that this is an electronic mandate.

It's no big deal what the mandate is. The key is paying the right amount at the right time out of the right account in to the right account.

Right?

Thanks for explaining it clearly. I now have a deeper understanding of it.