What is a 'Bank Giro Transfer'

A method of transferring money by instructing a bank to directly transfer funds from one bank account to another without the use of checks. Bank giro transfers are predominantly used in European countries such as Germany, Austria, the Netherlands and Sweden, where they are seen as an effective way for companies to receive payments from foreign customers.

Also known as a "Giro credit".

BREAKING DOWN 'Bank Giro Transfer'

The bank giro transfer was developed to help companies increase their ability to receive payments on the goods and services that they provide. Customers can pay using a giro transfer either through the mail or online. Giro transfers have become a more accepted payment method than checks because they provide security when lost or stolen, and they can be processed more quickly than a standard check.

RELATED TERMS
  1. Instructing Bank

    One of the banks that plays a role in a transfer of funds between ...
  2. Telegraphic Transfer - TT

    An electronic method of transferring funds. Telegraphic Transfers ...
  3. Email Money Transfer - EMT

    A retail banking service that allows users to transfer funds ...
  4. Current Transfers

    A current account transaction in which a resident entity in one ...
  5. Transfer

    A change in ownership of an asset, or a movement of funds and/or ...
  6. Direct Transfer

    A transfer of assets from one type of tax-deferred retirement ...
Related Articles
  1. Personal Finance

    8 Low-Cost Ways To Transfer Money

    If cost is your primary concern, there are several cheap(er) ways to move funds.
  2. Investing

    5 Money Transfer Tips For Foreign Workers

    If you are working in the U.S. as a foreign worker, here are some tips for sending money back home.
  3. Personal Finance

    How Credit Card Balance Transfers Work

    The pros and cons of credit card balance transfers.
  4. Investing

    Best Ways to Send Large Sums of Money Abroad

    Understand why it may be difficult to send large sums of money internationally. Learn about the top five ways to send large sums of money abroad.
  5. Investing

    What Does a Transfer Agent Do?

    Transfer agents maintain the records and documents related to shareholder accounts.
  6. Personal Finance

    Alternate Methods Of Online Payment

    Paying by credit is one of the most common methods of payment for online shopping in the U.S. However, there are many other options worth testing out.
  7. Small Business

    Moneygram Vs. PayPal Vs. Xoom: Who has the Lowest Fees?

    Learn about the different fees associated with leading transfer services PayPal, MoneyGram and Xoom and the types of services that each company provides.
  8. Personal Finance

    3 Best Credit Cards for Balance Transfers in 2016

    Find out which credit cards offer the best balance transfer opportunities in 2016, including the longest introductory periods and the lowest costs.
  9. Personal Finance

    Best Ways to Send Money to the Phillipines

    When you need to send funds to friends or family in Metro Manila or elsewhere in the Philippines, these four services make it fast and simple.
  10. Insurance

    Understanding The Insurance Transfer-For-Value Rule

    If you are banking on your life insurance payout being tax-free, you may be in for a surprise.
RELATED FAQS
  1. Are there any regulations on transfer pricing?

    Learn about transfer pricing, its role in intra-business calculations, and how the U.S. government regulates transfer pricing ... Read Answer >>
  2. How do you transfer common stock from one broker to another?

    Understand how common stock assets are transferred from broker to broker using the Automated Customer Account Transfer Service ... Read Answer >>
  3. How does transfer pricing help business?

    Explore several ways that transfer pricing helps businesses. Transfer pricing can often help streamline accounting and business ... Read Answer >>
  4. Can I get a balance transfer if I have bad credit?

    Transferring funds from one credit card to another is often possible with bad credit, but it will likely cost you in interest ... Read Answer >>
Trading Center