GIRO transfers are a smart and innovative way of making recurring monthly payments. They are quick and accurate. Plus, they reduce the possibility of human error and give you valuable time to work on other important aspects of your business. If you are keen on switching to GIRO transfers for making monthly recurring payments, you are in the right place. This article will provide a list of instructions on how to sign up for GIRO transfers in Singapore.
Comprehensive Guide for business owners to sign up for GIRO transfers in Singapore:
Get the Form
First, you must visit the organization’s official website to find the GIRO application form. If you have any trouble finding the application form online, you can also contact them directly. The process is the same for sending and receiving money through GIRO transfers.
Fill Out the Form
After getting the form, read it carefully and fill out the required details. You must provide your business and bank details properly. If you make any errors, there will be problems in the transaction.
Send the filled form back to the organization.
Wait for Approval
After submitting, you have to wait till the other party reviews your application. If the details are right, your GIRO application will get approved within 14 working days after you’ve submitted it. You will then be notified by the ban operator about when they’ll make the first GIRO deduction.
After receiving the confirmation, check and ensure you have enough funds in your account on the deduction date.
Yes, the payments are automated, but as a responsible business owner, you must keep track of the bank statements to know how much is deducted each month.
Remember, at the moment, there are no additional fees and charges required to set up a GIRO arrangement. Also, Government entities (like Vendors@Gov) might not allow payments to third-party virtual accounts even if you’ve endorsed the GIRO Singapore DCA form.
What Happens When There Are Not Enough Funds for a GIRO Transaction?
We have already mentioned that you need to have enough funds in your account for the GIRO transactions to take place. This is what happens when there are not enough funds in your account for the GIRO transaction.
- The Billing Organizations (BO) will drop a message about the failure of the transaction. It will set a new due date for the transaction. Within this window, you must arrange the required funds.
- The BO can also ask for a different payment method to complete the transaction.
- There are a few banks that might charge an additional S$10 for each unsuccessful GIRO deduction in Singapore due to insufficient funds. This is why it is always wise to contact your bank and be clear about all the terms and conditions related to GIRO payments.
How Long Does a GIRO Transfer Take?
One of the biggest concerns about GIRO transfers in Singapore is the slow transfer speed, especially when processed in groups. Transfers done on a weekday are completed faster than the ones done during a holiday or the weekend. The speed also differs according to the banks.
Typically, transfers are done in up to two business days. To tackle this issue, the Association of Banks in Singapore, along with eight leading banks, have introduced eGIRO.
The eGIRO service is based on cloud technology, microservices, and APIs. With the help of these cutting-edge features, it provides a trouble-free experience for customers, banks, and billing organizations. Payments made through eGIRO are processed within seconds. You don’t have to wait anxiously around the screen to receive a confirmation.
Conclusion: The Bottom Line
GIRO is the only tool that you need to sort your bill payment worries at the end of each month. Follow the instructions given in the article to set up a GIRO transaction, and ensure you read the fine print before picking a bank for the transactions.
Adding to that, keep an eye on the account balance and ensure that there are enough funds to complete each transaction. Remember, some banks can charge a penalty for having insufficient funds. Choose your bank wisely, and also give eGIRO a try for fast transactions.