Different ways to pay


The way we pay for things might be the difference between incurring costs or saving money. It is important to consider your payment options to reduce your fees and charges as these fees can add up over time and make a dent in your savings.

Customers should be aware that apart from the framework contract which governs the relationship between banker and customer in relation to their payment account (such as savings or current accounts), other terms and conditions apply in respect of “payment instruments”.

The term “payment instrument” is applied to a diverse range of forms of payment (cheques, payment cards, payment orders, etc.). In the widest sense payment instruments are all means that allow you (the user or payer) to make a cashless transfer of funds or a cash withdrawal. There are paper or documentary payment instruments, and electronic instruments, which have been created on the basis of technological developments and advanced communications. The former include cheques, or money orders, while the electronic instruments include payment cards, electronic payment orders (such as direct debits or credit transfers) and electronic money.

Cash

Cash is a payment method composed of coins and notes. It is a universal payment method which acceptance is mandatory…

Bank transfers

A bank transfer is a way to pass the money from one bank account to another. It happens when you order your bank to send a certain amount to another account…

Cheques

A cheque is a written instruction to your bank to pay a specific amount of money in a specific currency from a bank account held in your name with that bank…

Continuous payment authority

A Continuous Payment Authority (CPA) is where you give a business permission to regularly take money from your debit or credit card whenever they think they’re owed money…

Direct debits

A Direct Debit is an agreement between you and a service provider (such as a telephone company) giving authority to the service provider to withdraw money from your bank account…

Standing orders

Standing Orders are a way of setting up a regular, fixed payment from your bank account.  You can set a payment to be taken at a certain frequency (for example, the 1st of each month; or every quarter etc.) for a fixed amount…

Debit and credit cards

Cards are payment instruments that allow its users to make many transactions, including withdrawing money, paying services and doing money transfers…

Money transfer services

As the name implies, money transfer services offer the facility to transfer money to another person or business which may be on the other side of the globe, usually within minutes…

Electronic money

Money has lost its physical characteristics to be able to travel fast through the web, but research is pushing even further ahead: special devices that scan fingerprints, eyes and face shape or voice recognition systems are able to offer new payment methods…