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((short description|Payment transfer from one bank account to another bank account and initiated by the payer))
((more citations needed|date=October 2007))
((Banking |transfer))

A '''giro transfer''', often shortened to '''giro''' (((IPAc-en|ˈ|dʒ|aɪ|r|oʊ|,_|ˈ|ʒ|ɪər|oʊ))),<ref name=":0">((Cite web|url=https://www.merriam-webster.com/dictionary/giro|title=Definition of GIRO|website=www.merriam-webster.com))</ref> is a payment transfer from one [[Transaction account|current bank account]] to another bank account and initiated by the payer, not the payee.<ref name="rbi">((cite web|url=http://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=28619 |title=RBI Committee suggests GIRO based Indian Bill Payment System |publisher=Reserve Bank of India |date=7 May 2013 |access-date=29 November 2014 |url-status=dead |archive-url=https://web.archive.org/web/20141206030651/http://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=28619 |archive-date=6 December 2014 ))</ref> The [[debit card]] has a similar model. Giros are primarily used in Europe; although electronic payment systems exist in the United States (e.g., the [[Automated Clearing House]]), it is not possible to perform third-party transfers with them. In the [[European Union]], the [[Single Euro Payments Area]] (SEPA) allows electronic giro or [[debit card]] payments in [[euro]]s to be executed to any euro bank account in the area.

== Name ==
((Wiktionary|giro))

The word "giro" is borrowed from [[Dutch language|Dutch]] ((Lang|nl|giro)) and/or [[German language|German]] ((Lang|de|giro)), which are both from the [[Italian language|Italian]] ((Lang|it|giro)) meaning "circulation of money".<ref>((Cite web|url=https://www.oed.com/view/Entry/78501|title=giro, n.2|publisher=Oxford University Press|via=Oxford English Dictionary))</ref> The Italian term comes via the [[Latin]] ((Lang|la|gyrus)) meaning "gyre"<ref name=":0" /> from the Greek ((Transliteration|grc|gyros)) meaning "circle".<ref>Glyn Davies, ''National Giro''</ref>

==History and concept==
Giro systems date back at least to [[Ptolemaic Egypt]] in the 4th century BCE. State granary deposits functioned as an early banking system, in which giro payments were accepted, with a central bank in [[Alexandria]].<ref>[http://www.ex.ac.uk/~RDavies/arian/amser/chrono1.html "A Comparative Chronology of Money"], Roy Davies & Glyn Davies, 1996 & 1999.</ref> Giro was a common method of [[payment|money transfer]] in [[History of banking|early banking]].

The first occurrences of book money are not known exactly. The giro system itself can be traced back to the "''bancherii''" in Northern Italy, especially on the [[Rialto]] (a financial centre, resembling the modern day Wall Street or the City of London). Originally these were [[money changer]]s sitting at their desk ("''bancus''" = bench) that customers could turn to. They offered an additional service to keep the money and to allow direct transfer from one money store to another by checking the accounts in their storage books. Literally they opened one book, withdrew an amount, and opened another book where the amount was added. This handling was naturally a very regional system but it allowed the money to circulate in the books. This led finally to the foundation of the "Banco del Giro" in 1619<ref>((cite web|url=http://terra-x.zdf.de/ZDFde/inhalt/28/0,1872,2112636,00.html|title=Terra X|last=Zweites Deutsches Fernsehen (ZDF)))</ref> (in [[Venetian language|Venetian]], "Banco del Ziro") which gave the blueprint for similar banking systems. The usage in German can be seen in the Banco del Giro founded in Vienna in 1703 (to extend the financing business that [[Samuel Oppenheimer]] had brought from Venice in 1670).

Postal giro or postgiro systems have a long history in European financial services. The basic concept is that of a banking system not based on cheques, but rather by direct transfer between accounts.  If the accounting office is [[centralised]], then transfers between accounts can happen simultaneously. Money could be paid in or withdrawn from the system at any post office, and later connections to the commercial banking systems were established, often simply by the local bank opening its own postgiro account.

By the middle of the 20th century, most countries in continental Europe had a postal giro service. The first postgiro system was established in [[Austria]] in the early 19th century. By the time the British postgiro was conceived,((when|date=June 2023)) the [[Netherlands|Dutch]] postgiro was very well established with virtually every adult having a postgiro account, and very large and well-used postgiro operations in most other countries in Europe. Banks also adopted the giro as a method of direct payment from remitter to receiver.

The term "[[bank]]" was not used initially to describe the service. The banks' main payment instrument was based on the cheque, which has a totally different remittance model from that of a giro.

==Model==

In the '''''banking model''''', '''cheques''' are written by the paying party and then handed or mailed to the payee, who must then visit a bank or mail the cheque to their bank. The cheque must then be [[Clearing (finance)|cleared]], a complex process by which cheques are sorted once, mailed to a central clearing location, sorted again, and then mailed back to the paying branch, which verifies that the funds are available and pays the payee's bank.

In the '''''postal giro model''''', the paying party sends a request to pay the payee (called a '''giro transfer''') to the giro centre, which verifies that the funds are available, debits the payer's accounts by the amount requested, and credits that amount to the payee's account. The giro centre then sends the giro transfer document to the recipient, and an updated account statement to both the payer and payee. In the case of large [[Public utility|utilities]] receiving thousands of payments per day, statements are sent electronically and incorporate a unique reference number for each payment for [[wiktionary:reconciliation|reconciliation]] purposes.

In the United States, the rise of [[Check 21 Act|electronic cheque clearing]] (and [[debit card]]s as preferred instruments of payment) has made this difference less important than it once was. In some stores in the [[United States]], checks are scanned at the cash register and handed back to the customer. The scanned information is forwarded to a payment processor, which transfers the money using the [[ACH Network]].

Unlike the banking model, the postal giro model allows an individual to transfer money directly into another individual's bank account, provided the sender has the recipient's account details. The recipient is not required to approve or acknowledge the transfer or visit the bank to claim it. As a result, cheques are rarely used in countries with extensive giro networks, such as [[Germany]], the [[Netherlands]], [[Belgium]] and the [[Nordic countries]].

Direct deposit systems such as those in common use in the United States, by contrast, require the recipient's explicit approval, typically provided by filling out a form. Transferring funds from one personal bank account to another typically requires either a physical check or a [[wire transfer]], which may incur a significant fee and require the paying party to visit the bank.

The [[credit risk]] with respect to the actual transfer of physical currency is assumed by the giro operators, such as banks, as interbank credit risk. For the payer and payee, giro does not involve credit, unlike cheques or credit cards. This is both an advantage and a disadvantage. The creditworthiness of the payer does not need to be evaluated, as he can initiate the transaction only if he already has sufficient funds. As such, the payer does not have the benefit of paying on credit. However, the disadvantage is that the transactions are unsecured. The payer lacks the sort of protections against dishonest payees that come with credit cards. Transactions cannot be recalled or disputed after the fact. Thus, committing fraud in e.g. interpersonal trade is relatively easy, and giro payments should be only made to known and trusted payees. Also, even though intra-bank transfer can be quick, interbank transfers can take several days, and they are often executed only on [[business day]]s, unless both parties are members of an instant transfer system such as the UK [[Faster Payments Service]] or Canada's [[Interac e-Transfer|Interac e-transfer]] service.

==Electronic bill payment==
Modern [[electronic bill payment]] is similar to the use of giro.

Advantages include:
* Instant access to the funds via an [[automatic teller machine|ATM]], [[debit card]] or [[cheque card]].
* There is no paper cheque that can be lost, stolen, or forgotten.
* Payments made electronically can be less expensive to the payer; typically electronic payments may cost around $0.25 (US) whereas it could cost up to $2 (US) to generate, print and mail a paper cheque. Banks may not even charge for the service at all; for example many banks in the [[European Union]] charge nothing for electronic payments inside the SEPA (Single Euro Payments Area), provided the proper [[ISO 9362|BIC]] and [[International Bank Account Number|IBAN]] account numbers are used.
* The payment error rates and subsequent reconciliation issues are significantly reduced.

In the [[United States]], the [[ACH Network]], regulated by [[NACHA]] and the [[Federal Reserve Bank]], handles all interbank transfers, including [[direct deposit]] and [[direct debit]].

In entirely electronic bill payment, the payer receives a bill—either physically by mail or electronically from a website ([[electronic billing]]). Then, the payer reads in the information from the bill, either manually or by using the barcode on the bill (ex: [[EPC QR code|EPC QR Code]] in the [[European Union]]), enters it to the form on the bank website, and submits the form. The payment is immediately deducted from the account balance. This is common in [[Sweden]] with giro invoices in the standard formats, which can be scanned by a mobile banking app, have their numbers manually typed in to a web form, or physically presented to a bank in the traditional manner.

==See also==
*[[Boleto]]
*[[Girobank]]
*[[Hawala]]
*[[Interac e-Transfer]], a similar service in Canada
*[[Money order]]
*[[Payroll#Paycheck|Paycheck]]
*[[Pay stub]]
*[[Remittance]]

==References==
((Reflist))

((Authority control))

[[Category:Banking]]
[[Category:Payment systems]]

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