Bank / Giro Transfer Collection

With PacNet Services, there is no need to open new bank accounts, or negotiate agreements with multiple processors. PacNet provides everything you need in one place and at affordable rates! No matter where in the world your company does business, our global facilities work seamlessly together to offer your company the exact package of services you require.

What is a giro transfer?

A giro transfer, also known as a bank transfer, is a form of payment where the customer instructs his/her bank to transfer funds directly to the beneficiary's bank account. Businesses and consumers alike use giro transfer payments to pay invoices (for "Open Invoice" Billing) or to send payment in advance for products ordered.

Many companies enclose a convenient, pre-printed transfer form with their invoice or order form, which the customer can use to make the transfer with no mistakes. It is also possible to accept bank transfer payments by simply printing country-relevant bank account details on each invoice.

The Process

PacNet maintains a vast network of accounts around the world in which we collect bank transfer payments on behalf of our clients. Activity in these accounts is electronically monitored so that daily credits can be acknowledged and forwarded to our clients in whichever currency they prefer. A transaction statement is issued on each day that credits are received detailing all customer names and reference numbers for fulfillment and accounting purposes.

The Advantages

  • Giro transfers are more secure for both the customer and the banks. There are no checks to be lost or stolen. In addition, since the payment goes directly from the customer to the bank, there is no possibility of fraudulent alteration of the payment amount.
  • The customers’ accounts are debited almost immediately. This makes account reconciliation much simpler for them. Customers do not have to worry about uncashed personal checks being debited unexpectedly from their account months later.
  • Giro transfers involve less manual processing.
  • As giro transfers are credited directly, the payment process is much quicker than with checks, which must first be mailed by the customer. The promptness of bank transfers allows for an improved cash flow.
  • Any payment credited to the beneficiary's account is a cleared item. There is no possibility of the payment being charged back due to insufficient funds.

    • Set-Up and Fees

    To establish giro transfer collection accounts through PacNet, there is a one-time per country set-up fee. The set-up fee is determined by banking costs in the relevant country and will be quoted upon review of your application.

    PacNet's giro collection service is charged on a percentage commission basis. Our commission is based on the currency, volume and value of the transactions processed. We do not charge extra for wire transfers to your company's designated bank account for foreign exchange services.

    Depending on the currency, you may begin offering giro transfer as a payment option in one to twelve days after returning your Agreement to PacNet.

    For further information about offering giro transfer as a payment option, please call or email today. We will be pleased to advise you whether giro transfer is appropriate for your international campaigns.