With your Arro Money account you are able to set up standing orders to go out of your account using the online dashboard in the same way that you would be able to with a high street bank account.
What is a standing order?
A standing order is an automated way of making payments, where you instruct us to pay another person or business a fixed amount of money at set times. You control the standing order – i.e. you set it up yourself and choose the amount and frequency.
How is a standing order different to a direct debit?
- A standing order means you can amend or cancel the standing order as and when you like. A Direct Debit can only be set up by the organisation to which you’re making the payment.
- With a standing order you have the control, with a direct debit you have to amend or cancel with the receiving company.
- The amount can vary with a direct debit whereas the amount on a standing order will always be the same.
How long does a standing order take to be sent?
Arro Money use faster payments, so the payment will go through to the receiving bank account or business on the same day that you’ve specified.
Can a standing order bounce?
If there is not enough money in your Arro Money account to meet the amount you have scheduled to send, the standing order will effectively ‘bounce.’ At Arro Money we don’t offer credit, which includes overdrafts, so you should not be able to go into negative balance.
What are the fees for standing orders?
There is no charge to set up a standing order, but some transactions incur charges depending on the account you hold with us and the number of transactions you make a month. You can see a full list of fees for your account by visiting our website and clicking the option ‘fees’ at the top of the page, and selecting the account that you hold.