Giros by Fito Páez

A giro (), or giro transfer, is a payment transfer from one bank account to another bank account and initiated by the payer, not the payee. The debit card has a similar model. Giros are primarily a European phenomenon; although electronic payment systems such as the Automated Clearing House exist in the United States and Canada, it is not possible to perform third party transfers with them. In the European Union, there is the Single Euro Payments Area (SEPA) which allows electronic giro or debit card payments in euros to be executed to any euro bank account in the area. In the United Kingdom and in other countries the term giro may refer to a specific system once operated by the post office. In the UK, the giro service was originally known as National Giro. In due course "giro" was adopted by the public and the press as a shorthand term for the girocheque, which was a cheque and not a credit transfer. Meanwhile, there were Bank Giro Credits, which were instructions to credit a particular bank account: these were not instructions to debit another account, so they had to be accompanied with cash or cheques, and they could be used both for bill payments and as paying-in slips; when used for paying bills they were often free-of-charge to the payer when used at the payer's or payee's bank but with an administration charge at other banks. The use of cheques and paper giros is now in decline in many countries in favour of electronic payments, which are thought to be faster, cheaper and safer due to the reduced risk of fraud. The word 'Giro' is also used in Investment Giro, where 'Giro' is used for a non-bank, administrative account on which investments and transactions are registered. The word Giro in this context has its origin in the Netherlands. Giro is used in names like: Investment Giro, Investor Giro, Securities Giro, and in Dutch for Beleggers giro, Beleggingsgiro and is used as synonymous for Investments or Investors administrations,Transfer Agents Services or for the Dutch 'Bewaarinstelling'. Read More Investment Giro