Direct debits are payments where you have given permission to a business to take money from your account. The amounts taken can change depending on what you owe. Examples of common direct debits are:
- monthly mortgage repayments
- monthly or weekly loan repayments
- annual or monthly insurance payments for your car, home, health and gadgets
- utility bills
Only the business that receives the payment can change the direct debit. In some cases you can update your payment information through your online account.
If your new account is covered by the Central Bank Switching Code then you can ask your new bank for support to transfer your direct debits using their switching pack.
Top Tip
Irish businesses cannot refuse to accept a valid international IBAN from a bank account set up in any country within the Single Europe Payments Area (SEPA). If they do refuse to accept your SEPA IBAN, you can report it to the Central Bank if the direct debit is to a financial services provider, like a bank or insurance company. You can also report it to the Central Bank if your employer won’t pay your wages into your SEPA IBAN. For business to consumer transactions (for example a utility company, gym etc.) you can report it to the CCPC.
Standing orders are payments that you set up through your online banking or by completing a standing order form at your local branch. The amount is always the same. Examples of common standing orders are:
- rent
- savings
- annual golf memberships
- property maintenance payments
If your new account is covered by the Central Bank Switching Code then you can ask your new bank for support to transfer your standing orders using their switching pack.
Recurring card payments are payments that you set up using your debit card rather than your current account. Examples of common recurring card payments are:
- subscriptions to streaming services such as Netflix
- toll payments
- parking apps
- fitness app subscriptions
- health app subscriptions
Recurring card payments are not covered by the Central Bank Switching Code. You will need to contact or login to each service that has your debit card details and provide them with your new details.
You may use an online payment service or platform to make payments, for example, PayPal, Apple, Google. You may have multiple subscriptions set up on these platforms that you pay using your debit card details or IBAN.
Online payment platforms/services are not covered by the Central Bank Switching Code. You will need to contact or login to each platform that has your debit card details and provide them with your new details.
It can be easy to forget about annual payments that may be made from your bank account. It is important to check back on 12 months of bank statements to see what payments may be due. Examples of common annual payments are:
- anti-virus software
- magazine subscriptions
- insurance policies
- sport memberships
- professional qualification fees/memberships
