GIRO

what is a giro payment

Upcoming changes to Interbank GIRO

  1. What is this infrastructure upgrade about?

The upgrade will consist of some key improvements:

• Easy set-up of payment instructions without the need for branch code (it will be replaced by Bank Identifier Code BIC)

• Increase in account number field to allow entry of full bank account number

• Provide clarity on transfers details in your bank statements

  • What do you mean by the full bank account number?

    The full bank account number will include the branch code followed by the existing account number. Please refer to examples below.

    • Current account (12-digit) 501123456001

    • Savings account (10-digit) 5011123456

  • When will I be required to enter the full bank account?

    With effect from 23 March 2015, you will be required to enter the full bank account number when you set-up FAST and GIRO instructions.

  • Do I need to remember the Bank's BIC for my Online Banking GIRO transaction after the implementation?

    You are not required to memorise the Bank's BIC as we will allow you to select the name of the bank that you wish to transfer to.

  • How does this impact me after GIRO has been upgraded?

    • Your existing interbank GIRO arrangements on your OCBC account(s) remain unchanged.

    • For new interbank GIRO arrangement(s) with OCBC Bank, you will be required to enter the full bank account number.

  • If I have set-up future dated and recurring fund transfers via GIRO on Online Banking, do I need to do anything?

    The future dated and recurring transactions after the actual implementation date will not be affected as we will ensure these transactions are updated as part of the GIRO infrastructure upgrade.

  • I noticed that there is transfer via FAST or GIRO in Online Banking now. What's the difference between the 2?

    FAST

    is a real-time service which allows you to transfer funds to the bank accounts of any 14 participating FAST banks almost instantly.

    If the beneficiary account that you are transferring to is not a FAST participating bank and you do not require the funds to be credited to the beneficiary account immediately, or you need to transfer an amount that is more than $50,000, you may use GIRO instead. In this case, the beneficiary will receive the funds 2 to 3 business days later.

  • There was message on Online Banking that tells me to reduce the transfer amount or use MEPS to make a funds transfer. Why do I need to do that?

    Funds transfer performed via FAST has a transaction limit of up to S$50,000. For amounts exceeding this limit, you may use GIRO or MEPS to transfer your funds.

  • When will this upgrade happen?

    The upgrade will be implemented on 23 March 2015.

    Set up GIRO payment with OCBC

    Login to online banking. Under "Payments & Transfers", click on "GIRO services", then select "Application".

    Change existing GIRO arrangement from another bank to OCBC

    You will need to continue making payment through your existing bank until your billing organisation informs you of the new OCBC GIRO payment arrangement. Then, inform the existing bank to terminate the current arrangement.

    Successful GIRO application

    The billing organisation will indicate the outcome in the next bill of the OCBC Bank account used for monthly deductions.

    Any new GIRO arrangements will take at least 21 days to take effect. If you do not receive any notification from your billing organisation on the new arrangement within 21 days, you may wish to contact your billing organisation to enquire about the status of your GIRO application.

    GIRO bank codes

    The ACH bank code, branch code and account number are key fields in the required information to be provided for Interbank GIRO transactions.

    Source: www.ocbc.com

    Category: Bank

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