Differences between direct debit and transfering?

RobLondon1984

I read up on direct debit, and not sure what the differences is? Isn't it the same as transfering money from one account to another?

oldfella

DD are under the control of a 3rd party - they take a variable money from your account like a credit card bill. A transfer is done by you.

AnW'sMum

A DD is an agreement between you and a company whereby they claim £x from your account on a nominated date, the details of which can be varied provide notice is given.

A standing order is an instruction from you where you state how much, when, where to and how often.

masonic

One other difference between direct debit and a regular transfer is that with direct debit the money stays in your account until the day it is credited to the person you are paying. With a normal transfer it is taken straight away (or on the date you specify) and then not credited to the person you are paying for 3 working days. It's an important difference when the person you are paying is yourself (i.e. transfers to a savings account).