Giropay
GiroPay is a German-based payment solution recognizable by its blue and white striped logo. Swift transactions and robust security protocols make it a popular transfer method with online traders. This review will explain how GiroPay works, with information on deposit limits, transaction definitions, fees and customer support.
Brokers in United States with Giropay
How GiroPay Works
GiroPay was launched in 2006 by Postbank (now Duetsche Postbank). Its headquarters are in Frankfurt, Germany and the brand is owned by GmbH. The digital solution lets customers make secure internet purchases with direct transfers from bank accounts. The payment system is similar to other transfer networks like MyBank, iDEAL, and Interac.
GiroPay grew quickly following its launch and by 2010, the company had processed over 5.8 million transactions while earning 70,000 new registrations each month. The firm’s market share expanded rapidly in line with improvements in technology and access to internet banking. This meant that individuals could quickly fund goods and services, like online trading accounts, without having to go to their local bank.
Today, GiroPay is used by over 17 million digital banking customers. Its transaction volumes also account for 16% of all online transfers in Germany. Alongside payments to both individuals and companies, the transfer solution can be used to set up recurring payment types. Customers can also make cross-border payments following the company’s 2014 integration with the EPS system used by banks in Austria.
GiroPay deposits are accepted by multiple trading brokers in Europe. And importantly, it is viewed as a safe and reliable payment method, with low fees and rapid processing.
Supported Countries
GiroPay is only available to customers with a German bank account. If you are from countries like the UK, USA, Australia, India, Indonesia or Canada, and you do not hold a German bank account, you will need to find an alternative. It is worth noting, however, that some countries near Germany also support the payment solution, including Austria.
GiroPay is less widely available at top trading brokers compared to competitors like Skrill, PayPal, WorldPay and Klarna (Sofort). Nonetheless, it is still supported by several top brands, including Plus500, IC Markets and Forex.com.
Banks
GiroPay is partnered with over 1,500 German banks. Virtually all domestic savings, cooperative and private banks have links with the company. In fact, its services reach 85% of the German banking market. Supported banking institutions include:
- Duetsche Kreditbank (DKB)
- GLS Gemeinschaftsbank
- Bankhaus Ellwanger
- Bankhaus Bauer
- Volksbanken
- Sparkasse
Software
Traders do not need to visit the official website and download software or a mobile app. Customers simply need a German bank account and access to an online banking facility. Importantly, no registration is required to make deposits, with funds transferred directly from a customer’s bank account to their trading account. Investors just need their banking login credentials.
API
GiroPay offers various API functions to improve the user experience. For example, customers can use an API to check their banking status. This confirms whether a particular bank supports the payment method. There are also APIs for the initialization of payments and notifications of transaction outcomes, among others.
Transaction Times
GiroPay is a real-time payment method. Funds are transferred directly from customer bank accounts, speeding up the payment process. As a result, deposits at many brokers are instant. Importantly, the brand also offers quicker deposit times than standard bank transfers, which can take to 1-2 business days. This means users can start trading forex, stocks and other assets promptly.
Withdrawals are a little different. They can take longer and timelines vary between brokers. Transaction times generally range from 24 hours to two business days. Plus500, for example, typically offers 24-hour withdrawals. Once processed, funds should appear in your bank account immediately.
Pricing Review
The GiroPay service can be used for free. The company itself does not charge any transaction fees. Brokers, however, may levy their own deposit and withdrawal fees. This could be a standard charge or a percentage related to the amount paid. Check each broker’s website for details.
Security
GiroPay uses strong encryption protocols to protect personal data and banking details. In addition, the company uses unique PIN/TAN codes. The firm also implements measures to limit fraud, such as session timeouts during various stages of the payment process. Importantly, sensitive data is only exchanged between the user and their bank, ensuring no third party can access or view personal information.
Customer Support
Customer support is on hand in case you need help applying for a refund or if the service has gone down at a critical moment. The team can be contacted via phone (+49 69 24 75 38 22 22) or by filling out a form on the company website.
Pros of GiroPay for Traders
Advantages of trading with GiroPay include:
- Partnered with 1,500 German banks
- No registration needed
- No software required
- Near-instant deposits
- No transaction fees
- Quick withdrawals
- Safe and secure
Cons of GiroPay for Traders
Our research did flag some potential drawbacks of trading with GiroPay:
- Only German bank account holders can use the service
- Only Euro payments are supported
- No buyer protection
How to Make GiroPay Deposits & Withdrawals
Follow this step-by-step guide to fund your trading account:
- Check the broker offers GiroPay as a payment option
- Select deposit in the cashier portal of your trading platform
- Choose GiroPay in the funding section and enter the amount you wish to deposit
- You should then be redirected to your bank’s login page
- Following sign-in, enter the PIN and TAN numbers to complete the verification process
- The transaction should then be complete and you will be redirected to the broker’s website
Verdict
GiroPay is a popular payment method. It’s secure, offers quick transactions and is usually free to use. Plus, with no need to download software or officially register, traders can get started instantly. On the downside, you must hold a German bank account to use the payment platform. If you qualify, start trading with GiroPay by following our guide.
FAQ
Is GiroPay Safe?
Yes, the payment solution is relatively secure. The firm uses encryption technology and various security features to protect customer data and bank details. With that said, customers should only deposit funds with regulated and reliable trading brokers.
Where Can I Use GiroPay?
GiroPay can only be used if you hold a German bank account, meaning if you are not based in Germany and do not hold a German bank account, you will need to use alternative systems like PayPal.
Is GiroPay Legit?
Yes, the payment platform is a legitimate company. The service has been operating for over 15 years and is trusted by more than 1,500 banks, merchants and online brokers.
Does GiroPay Offer A Demo Account?
No, GiroPay does not offer a demo or test account. Fortunately, there is still plenty of support on websites like YouTube, amongst others, to help you get started.
Which Currencies Can I Use With GiroPay?
GiroPay only accepts payments in Euros. However, this shouldn’t be a problem for most users as they will need a German bank account to access the service.