But because the SEPA Direct Debit Transfer works as a “pull-based” method of payment, it’s slightly different to other SEPA transfers-in this case, the roles are reversed and the recipient of the funds must request the money transfer from the sender.įirst, the recipient who will receive the funds must send a request to the sender to allow the money to be withdrawn (i.e. Similar to the other SEPA transfers, the SEPA Direct Debit Transfer also requires the IBAN- and occasionally the BIC-of both the sender and the recipient’s bank accounts. Some examples of recurring payments may include your monthly rent, internet or electricity bills, or regular loan repayment installments. If the request is sent later, you will have to wait until the following week to receive your payment.In contrast to the SEPA Credit Transfer and the SEPA Instant Credit Transfer, the SEPA Direct Debit Transfer is frequently used for recurring payments. Penguin charges $5 per transaction.Īll payments are made on Wednesdays (except for US Direct Deposit and CA Direct Deposit) so remember to submit your request no later than Tuesday at 23:59pm ET. The minimum PayOut must be $50 and the time to receive the payment is set at 1 business day. They provide fast, secure and fair monetization directly to your bank account with supporting documents.
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