GIRO transfer in bank institution refers to a method where you instruct the bank to transfer funds directly without physical checks from an account to another.
This transfer funds method is commonly used in various European and Asian countries, especially Sweden, Austria, Germany, and Netherlands. Well, it is considered as effective way for a company or business to receive payments from their overseas clients or customers.
POSB Bank also provides GIRO service. In this bank, GIRO is a service for payment that’s done electronically and automatically.
The money will be deducted from your POSB Bank account automatically to the recipient (referred as Billing Organization or BO) by request.
Apply GIRO POSB
Here’s how to apply for GIRO POSB conveniently via digibank Online:
- Visit digibank Online official site and log in using your user ID and PIN
- Choose menu of ‘Pay’ then select ‘Add GIRO Arrangement’
- Input your iBanking PIN
- Select the recipient or Billing Organization (BO)
- Set the Payment Limit of your debit account that allowed to be sent to BO
- Choose the Account you use to make payment, then click ‘Next’
- Check your transaction details and comply the instructions of verification and authentication
- Last step on how to apply for GIRO POSB is to press ‘Submit’ to complete
How Long Does The Process of Giro Application Take?
After your application has approved by POSB bank, your fund will be instantly forwarded to the BO.
However, if you made submissions through the BO, the application process will take approximately 7 days before approved and completed.
How Can I Know If I Already Get Approval For My GIRO Application?
POSB Bank will send SMS to registered mobile numbers or e-mail to the holder of bank account after you applied for GIRO service.
The arrangements may be seen via iBanking. If you complete the application through BO, contact them to see the approval status.
Why My POSB GIRO Application Is Rejected?
Common reasons why your GIRO application is not approved included incomplete information details, different signature or finger print with POSB records (not verified), or there’s a proof of the use of correction over the GIRO form. You may reach the corresponding BO to verify the reason further.
Can I Arrange DBS/POSB Credit Card Bill Payment by Using GIRO Payment?
Yes, you can. However please not that application through digibank Online for credit card payment is allowed only if you perform full payment.
How Can I Set GIRO Payment for POSB/DBS Bill Payment?
- Visit official site of digibank Online and log into your account.
- Select ‘Pay’ menu, then ‘Add GIRO Arrangement’. You’d be asked to proceed with authentication.
- Then choose ‘Billing Organization’ to be ‘DBS/POSB Credit Card Bill Reference’.
- Input the credit card number and arrange the limit.
- Choose which account you want to deduct the GIRO from, then press ‘Next’ and ‘Submit’ to complete.
Is There Any Fee Charged to Set Up GIRO Application?
There is no fee applied for setting up or cancelling the account. However, it’s possible that you might be charged by your BO if you perform late payment according to their regulations.