A SEPA direct debit allows you to make payments to companies across the SEPA area, meaning Europe. Once you’ve authorized a SEPA direct debit mandate and provided your IBAN, the company can collect funds directly from your account on the agreed date and for the agreed amount.
Benefits of SEPA Direct Debit
Ideal for paying monthly bills, saving you time by automating payments. They can also be used for one-off payments.
Cancelling a SEPA direct debit mandate
You can cancel a direct debit mandate at any time by contacting customer service through the app.
Amending a SEPA direct debit
The direct debit amount is set by the company (beneficiary) and cannot be changed by you. If you want to change the account from which the direct debit is paid, you must inform the company directly.
Refunding a SEPA direct debit
You can request a direct debit refund within 8 weeks of the payment date. To initiate this request, please contact our customer service through the app.
What happens if a SEPA direct debit is unpaid
To ensure your direct debit is processed, make sure you have enough funds in your account on the payment date. If your account balance is insufficient, the direct debit will be rejected and marked as unpaid. Trade Republic will not charge you for an unpaid direct debit, but you will need to arrange payment directly with the beneficiary.