European direct debit
Would you like to pay all your bills to companies throughout Europe, easily and via direct debit? This is the objective of the European direct debit (or SEPA direct debit).
Features of the European direct debit
- Currency: euro
- Obligatory use of an account number and bank code respectively in the IBAN and BIC formats, to identify the debtor and their bank
- Location of account holder: SEPA
- Location of creditor firm: SEPA
Advantages of the European direct debit
- You will be able to pay all your bills to companies in SEPA via direct debits from your ING Luxembourg account.
- You will also benefit from unconditional reimbursement for an 8 weeks period after a sum you dispute is debited.
- You will be able to contest an unauthorised transaction for up to 13 months after it is debited (invalid, non-existent or cancelled mandates).
A specific example for better understanding
You are a Belgian, French or German cross-border worker employed in Luxembourg.
You (the debtor) pay the bills to your Luxembourg telecom operator (the creditor) by direct debit from your ING Luxembourg account. You also have a bank account in your country of residence, using this to pay – for example – the bills to your energy supplier.
Thanks to the European direct debit, you will also be able to pay bills to your energy supplier from your ING Luxembourg account. As a result, you will only need one single account to manage your direct debits in SEPA.
ING Luxembourg S.A. uses trade names to designate some services linked to a payment account and invites consumers to refer to the glossary provided in the General Terms and Conditions of the Bank and in the Pricing Extract in order to identify the corresponding terms on the standardised list of services.
The queen of cards. There are many different types and they offer many possibilities other than cashless payment, from differed repayment to additional guarantees on purchases.
3D Secure is an internationally recognised security standard for online payments. The service is limited in Luxembourg to credit cards.
If it’s true that when we shop in a store and handover physical cash, the pain of paying finds the act prompts more awareness about spending, and parting with cash may even hurt a bit more than swiping a bank card.
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