GIRO
General Interbank Recurring Order
Just Tell Me
GIRO is a Singapore bank-payment arrangement commonly used to debit recurring bills automatically from a customer’s account after authorisation.
Also called: General Interbank Recurring Order
Explain Like I’m Five
GIRO lets a billing organisation ask your bank for an authorised payment when a bill is due. Once the arrangement is set up, you usually do not need to make the same transfer manually each billing cycle.
How It Works
The customer authorises a GIRO arrangement linking a biller and bank account. The biller submits the payment request, the bank processes it, and the debit appears in the account if the payment succeeds.
Where You’ll Run Into It
Utilities, taxes, insurance, school fees and other recurring bills may offer GIRO. A bill may state both the amount due and the date on which the GIRO deduction will be attempted.
Example
“My electricity bill is paid by GIRO every month.”
The customer has authorised recurring deductions instead of paying each bill separately.
Watch Out
GIRO does not mean a payment can never fail. Keep enough money in the linked account and check the biller’s instructions if a deduction is rejected.